Meme Factory So Far

A data-driven retrospective of our latest district

Meme Factory launched on May 16th, and since then we’ve seen quite a bit of traction building across the platform and social media. With one submission contest complete, one in progress, and several more being planned, there has been an accelerated rate of submissions since launch. Across submissions from creators, votes and challenges in the registry from curators, and marketplace activity from collectors, we’ve got some exciting data share. With the help of scout.cool as a visualization tool, we can now display these totals publicly.

The Dank Registry

Starting with submissions, we’ve so far seen 343 pieces of art submitted to the registry. Of these, 208 now exist in the registry as permanent fixtures of Meme Factory. At the time of writing, one additional meme remains in the voting phase. The end result, as shown on scout.cool, is that 166 challenges have been made, and 165 have been completed. So of all memes submitted, roughly 48% are challenged, the other 52% passing into the registry without challenge. These numbers are likely slightly skewed by the initial upload set (which couldn’t be challenged by the public) but challenge rates appear to be stabilizing through time.

The breakdown of those challenges is a bit more interesting. Of challenges raised, only 31 submissions managed to attain a “DANK” vote result, and pass on into the registry upon challenge completion. On the flip side, 134 challenges result in a “STANK” result. This breaks down to 18.8% pass rate, with a 81.2% fail rate across all challenged submissions. In total, about 60.6% of submissions make it into the registry, whether they are challenged or not.

From our perspective, this is reflective of a relatively high quality bar set initially that many of the most successful artists on Meme Factory have since upheld. It also implies that when one person in the community take issue with a meme, it tends to find unanimity with the rest of the community.

As for DANK earnings on these challenges, we’ve seen quite a bit of participation on the vote side as well. According to scout.cool, the average amount of DANK earned per winning vote is about 4.6 with over 100 million DANK being submitted for active votes historically. Because the reward amounts are currently fixed (50 for the winning challenger, and the remainder for the winning voters), we can use this amount to deduce that on average, about a dozen people participate in a given vote, with rewards becoming *more* evenly distributed over time as regular voters acquire more DANK.

Browsing our curators leaderboard, we can see the top curators have earned well in excess of 1000 DANK, with the most successful to date having earned 3873 DANK. Again, we expect any increase in submission rate to result in significant upticks in curator payouts.

The Marketplace

Stats for marketplace activity are even warmer. When including our initial meme uploads, we’ve seen several times more auctions started than memes in the registry, which is expected as any submission can be auctioned multiple times. In total, scout.cool tells us we’ve seen 469 auctions bought, which is a number we are ecstatic with, especially when accounting for just how many of these came from unique user-submitted content, and not our original meme set.

The Dankest meme as of July 4, 2019

One of our original visions for Meme Factory was a place where independent digital artists from the far-flung corners of the world could draw and distribute a unique brand of content specific to their sliver of the internet, and earn a fair part time living for doing so. In the first month and a half since launch, 15 creators have earned more than $100 on our platform, and 8 have earned more than 1 ETH total, with the top performing address having raked in just over 5 ETH across only 9 successful submissions.

In total, creators have earned 26.339 ETH on Meme Factory. This is a small start, but is exactly the kind of foundation we need to build in order to grow organically. Knowing we’ve kickstarted a following that has earned anonymous users money for art is the highlight of our most recent quarter as an organization.

We’ve got a ton of planned updates coming to Meme Factory to assist in growth hacking, and hope to have more fun stats to share in future updates. A special thanks to the scout.cool team for making it all possible.