Web3 is changing the landscape of value and what value means. Have you heard of Ether Rocks selling for millions? Do they have intrinsic value? Do they generate cash flow? What about Shiba Inu? Is it better than big projects like Uniswap, Chainlink, Cosmos, or even Axie Infinity? The reason for its valuation is because it's not based on intrinsic value; it's based on "MEME value."
Belief systems and how we value stuff are changing rapidly with NFTs and Crypto assets. Belief in traditional models like a stock PE Ratio is being disrupted by new belief systems. Both are still based on what people think is valuable now, like fiat, for example. It just works because people believe in it, and it will stop working once people stop believing in it, as simple as that. So belief systems are the ones that determine where do we assign value to stuff, and we can see a big belief system being developing around the metaverse where PE Ratio no longer matters. At the same time, if people stop using older valuation models, they become irrelevant.
But why are memes valuable?
In the social media age, people have a short attention span, but they always remember and interact with memes for some reason. Since the inception of social media, memes have always transmitted different huge ideas around the world quickly. Do you know who loves memes a lot? Yes, Elon Musk, one of the most critical builders in the world. He knows its power, and he knows how to use it. Cybertruck design? Just another meme.
So to conclude this simple article, if you want your message to know and transmitted everywhere, it shall become a meme.
To expand your reading even more, you should check out CL's article on OPINION ON MEMES at eGirl Capital.