2024 has marked the emergence of a memecoin supercycle, with token demands reaching unprecedented levels. Memes have turned into a $141 billion industry, comprising 11% of the total crypto market while excluding bitcoin and ether.

Ray Chan, CEO of Memeland, has positioned himself as a significant player in this trend, merging humor with blockchain technology to carry forward the culture of memes from Web2 to Web3.

In 2008, during the Web2 boom, Chan established 9GAG, a platform that became synonymous with online humor and the memes that define internet culture.

In 2024, he launched Memeland, crafting a model that utilizes NFTs and GameFi to rejuvenate the internet by marrying culture with community engagement. Unlike other projects, Memeland stands apart by prioritizing community and creativity over speculation.

Redefining the Fan-Creator Interaction

Chan’s initiative focuses on making blockchain technology accessible, enjoyable, and social, bridging the gap between Web2 and Web3. Unlike complex decentralized financial systems, memes offer simple humorous images that connect individuals.

In Chan's vision, Web3 serves as an avenue to reinvent interactions between fans and creators through a system of ownership, a dynamic not possible in the earlier Web2 setting. He emphasizes the need for transforming consumers into participants:

“We don’t need more investors in Web3. We need more customers.”

This pivotal shift in ownership dynamics is crucial for onboarding a wider audience, as highlighted during his appearance at Taipei Blockchain Week in 2023.