In an effort to support socialFi and creators’ economy, Binance Labs has invested in MEME, the native token of Memeland. The venture capital and incubation arm of the world’s largest exchange by trading volume made the disclosure today via an official blog post on Thursday.
More so, the investment in the token will further support the efforts of Memeland to connect creators and communities. As revealed, the MEME token and its NFTs are vital components of the Memeland ecosystem. The project is designed by independent Web3 venture studio of 9GAG and it leverages the meme internet culture to bring together creators and communities.
Before the investment from Binance Labs, the project had enjoyed a significant level of attention among web3 communities and creators. According to the blog post, it enjoys a monthly audience of 200 million users worldwide across its platforms. Also, Memeland enjoys the support of a team that has more than fifteen years of experience building community-based products.
It is worth mentioning that outside its MEME token and NFTs, the project offers a staking service that allows users to stake their digital collectibles. Similarly, it also has various social networks for community members to form a synergy. On the flip side, the support from Binance Labs will aid Memeland to further bring ownership to every community in the world.
Meanwhile, MEME is presently enduring somewhat of a price downturn that has seen it lose 16.10% of its value in the last thirty days. According to Coinmarketcap, the token is trading at $0.02703 as of press time. Consequently, holders of the token will be hopeful that the acquisition of the token by Binance Labs will aid the token in recording a significant price rally.
Side Note about Binance Labs
The recent investment in MEME surfaced shortly after the cryptocurrency exchange launched Sleepless, an AI gaming platform. Further, the platform combines both artificial intelligence and blockchain technology to offer users a unique gaming experience.
However, Binance Labs has continued from where it stopped last year with the recent investment in MEME. In November, the venture capital and incubation arm of Binance invested in $ARKM to support popular AI-powered blockchain, Arkham. According to a Binbits report, the investment surfaced in an effort to drive the growth of the blockchain sector.
Furthermore, the investment in $ARKM surfaced at a time when the network is enduring criticisms from a sector of the crypto community. Users complained about the heavy centralization of the blockchain. Nonetheless, the investment in the token underlines some of the reasons why Binance has continued to dominate the crypto landscape.