Participants of the Token2049 conference examined trends in consumer web3 applications, noting the growing role of meme coins. 
During the Emerging Trends in Consumer web3 Apps panel at <a href="https://crypto.news/live/token2049-dubai-2024/" target="_blank" rel="">Token2049</a> in <a href="https://crypto.news/tag/Dubai/" target="_blank" rel="">Dubai</a>, speakers discussed tokenizing user attention and the role of meme coins in this development. 
Imran Khan from AllianceDAO noted that a new direction is emerging in the <a href="https://crypto.news/tag/blockchain/" target="_blank" rel="">blockchain</a> industry today —attention <a href="https://crypto.news/tag/tokenization/" target="_blank" rel="">tokenization</a>, which also applies to the meme coin industry. Many projects launched over the past few years are using memes to increase their audience, with Khan adding that people are incentivized based on a token similar to what they think. 
 You might also like: <a href="https://crypto.news/what-are-meme-coins/" rel=""> What are meme coins? </a> 
Backpack founder Tristan Yver also expressed that all the attention is now focused on meme coins. With this token type, new user onboarding is happening in the crypto industry. 
Investor Santiago Roel Santos agreed, noting that attention tokenization also applies to meme coins, which have taken over the crypto industry in recent months despite having a short half-life. According to him, the crypto industry may underestimate the power of meme coins, calling them “not real”. In reality, <a href="https://crypto.news/tag/meme-coin/" target="_blank" rel="">meme coins</a> are very “powerful”. 
<blockquote class="wp-block-quote"> 
 “They’ve been around since humans have walked on Earth, so they’re very important instruments.” <cite>Santiago Roel Santos, investor</cite>
</blockquote> 
However, the panelists disagreed on whether meme coins are vital in consumer <a href="https://crypto.news/tag/Web3/" target="_blank" rel="">web3</a> applications and attention tokenization. At the same time, the speakers noted their critical role in the cryptocurrency industry. 
Meanwhile, meme coins continue to set records. As noted in a <a href="https://crypto.news/tag/CoinGecko/" target="_blank" rel="">CoinGecko</a> report,&nbsp;the tokens significantly <a href="https://crypto.news/meme-coin-narratives-q1-2024/" target="_blank" rel="">outperformed</a> all other sectors of the crypto market in the first quarter of 2024, delivering an average return of 1,313% across the top ten tokens. 
Compared to other sectors, such as real-world assets (<a href="https://crypto.news/tag/RWA/" target="_blank" rel="">RWA</a>) and <a href="https://crypto.news/tag/AI/" target="_blank" rel="">AI</a>-based tokens, <a href="https://crypto.news/tag/meme-coin/" target="_blank" rel="">meme coins</a> have maintained a dominant lead in profitability and highlighted the dynamic and speculative nature of the current cryptocurrency market landscape. 
 You might also like: <a href="https://crypto.news/memecoins-are-transforming-digital-marketing-opinion/" rel=""> Memecoins are transforming digital marketing | Opinion </a>

Token2049 panelists discuss meme coins’ role in crypto industry development

crypto.news

Other articles published on Apr 18, 2024

Circle of Games secures $1 million of strategic funding from Nazara Technologies and The Hashgrap...

Exploring the Diverse Predictions for Bitcoin’s Upcoming Halving

Bitcoin’s Funding Rate Declines 1 Day Ahead Of The Halving

Crypto vs SEC : What if the SEC Wins? The Potential Ripple Effects on Crypto Markets

BlackRock ETF close to overtaking Grayscale, despite second-lowest daily inflows

JUST IN! Coinbase Announces It Will List A New Altcoin – Omni Network (OMNI)

Join our free newsletter for daily crypto updates!