Pump.fun, a platform for creating meme coins on the Solana network, has introduced an exciting new feature that allows users to tokenize videos directly on its platform.
This latest addition has sparked enthusiasm from various users, though it has also prompted numerous inquiries.
What Could Video Tokenization on Pump.fun Mean?
Per the platform’s introductory video, users can easily create a token associated with a video in just a few straightforward steps. After creation, the video will be visible in the token trading interface. The platform showcased this capability using a clip from the debate between Donald Trump and Kamala Harris.
Users quickly recognized that this feature could be utilized to enhance token prices by taking advantage of viral video content. However, Pump.fun has not yet provided any clarity on potential copyright concerns regarding the videos used.
From a technical standpoint, Pump.fun claims that the videos linked to this feature are not stored on-chain. It remains uncertain whether this method of tokenization is distinct from NFTs or if it merely generates meme coins associated with a video.
“It’s an intriguing debate – is tokenizing the video on-chain in NFT form more legitimate than making it a meme coin? It’s all vague, particularly in this evolving AI landscape,” NFT analyst TylerD remarked.
Read more: How to Buy Solana Meme Coins: A Step-By-Step Guide
Pump.fun Has Sold $70 Million in Solana Since Launch
Dune data indicates that over 2.6 million tokens have been generated by users on the platform so far.
In October, Pump.fun experienced a revenue boom, averaging $1.6 million per day, and total revenue has now surpassed $143 million. The platform’s financial achievements are a result of capitalizing on the current market’s interest in meme coins.
“Approaching $200 million in less than a year. Impressive product/market alignment. Clearly designed for opportunists,” Investor Sibel observed.
On-chain analysis by Investor Kook revealed that Pump.fun has transacted $70 million in Solana since its launch.
“pump.fun has achieved around $70 million in SOL sales since its start. This dapp likely represents the most significant value extraction from any L1 chain in crypto history… I’m not critical; I admire it; this is arguably the best business model in crypto history,” Kook commented.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Furthermore, Pump.fun has recently announced plans to launch its own token, leading the community to eagerly anticipate an airdrop related to this development.
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