Introducing VIRAL: Mint, Sell, and Buy Limited Edition Meme NFTs on the Hive Blockchain

VIRAL meme NFTs can now be created using https://www.hiveme.me/nfts/

Thanks to the Hive-Engine team communities such as @memehive can now create a token to store the NFTs users create. The NFT token @memehive has created is VIRAL (as in "viral meme"). VIRAL was chosen as the token symbol because the word best represents the rapid spreading of culture through memes. VIRAL allows users on the Hive platform to mint, buy, sell, and transfer ownership of meme NFTs on the Hive blockchain.

NFT (non-fungible token) is a digital token that represents a digital asset; in the case of VIRAL each token represents each unique edition of a meme issued. When a VIRAL meme is created through hiveme.me the creator specifies the number of editions which will be issued for the meme being tokenized and pays a fee in MEME. The more editions issued the higher the fee. If a user tokenizes their meme and issues 10 editions each individual edition is numbered. Part of the value is the built-in artificial scarcity.

How to Create a VIRAL meme NFT

First before creating a VIRAL meme NFT a user needs to be whitelisted on hiveme.me. Whitelisting is a manual process so please allow at least 1-2 days for approval. If after 48 hours you haven't been approved please feel free to reply below and remind @memehive to check the applications in the site's dashboard.

Please note: If you have a negative reputation score on the Hive platform due to plagiarism or spamming there's a very good chance your request to be whitelisted will be rejected.

To apply for whitelisting simply read the terms you are agreeing to, check the box, click on the blue Apply button and fill out the profile information.

VIRAL-create1.jpg
Image Source: hiveme.me

After your account is whitelisted to mint VIRAL meme NFTs you'll need to have enough cryptocurrency in your wallet to cover the cost of minting. At the time of this posting the only Hive-Engine token accepted is MEME. MEME tokens can be purchased through https://hive-engine.com/?p=market&t=MEME or https://tribaldex.com/trade/MEME.

The minting fee is based on this formula:

fee = base fee + ((fee per edition) x (number of editions))

The base fee is 500 MEME. Each edition costs 100 MEME to issue.

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Image Source: hiveme.me

Once you are whitelisted and have enough MEME to mint the number of desired editions of your VIRAL meme NFT you can create your VIRAL NFT meme.

Your meme's NFTs can be in the form of audio, image or video.

  • Audio thumbnail: PNG, JPG, or GIF format. Maximum size 1MB.

  • Audio file: MP3 or WAV format. Maximum size 30 MB.

  • Image thumbnail: PNG, JPG, or GIF format. Maximum size 1MB.

  • Image file: PNG, JPG, or GIF format. Maximum size 30 MB.

  • Video thumbnail: MP4 format. Maximum size 5 MB.

  • Video file: MP4 format. Maximum size 100 MB.

VIRAL-create3.jpg
Image Source: hiveme.me

For an example I am using a meme I created based on a photo I took back in 2016.

Thumbnail

tesla-dog-thumbnail.png

Meme PNG file

dog-take-my-picture.png

Make sure when uploading that both the thumbnail window and the file window have a blue status bar under them. A red text warning indicates something went wrong with the upload.

VIRAL-create4.jpg
Image Source: hiveme.me

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Image Source: hiveme.me

For the nest step certain information needs to be filled in. The name is the title of the meme being tokenized. I used alliteration when I titled my meme "Puppy Photography Patience".

For collection name you can add a new collection or use the drop down menu box to chose an already existing collection for the meme.

Description is where you describe the meme and give information. A good honest description might make your meme more sellable. If your meme is partly based on someone else's work and you need to give proper attribution this is where to put that if not in the meme itself.

Be very certain which rights you want to assign to the VIRAL NFT you are creating. "Private" allows you to retain all the exclusive rights to the meme you are tokenizing. Just like the author of a book nobody who buys an NFT edition of your meme can make other copies to sell or adapt your meme into another media without your permission. "Limited Reproduction Rights" is effectively a Creative Commons CC BY license.

In this example even though the meme is 100% my own work I selected Private because I didn't want to give a complete stranger the legal right to commercially exploit the memory of my furry friend who has passed away since the time the picture was taken by me.

IF YOUR MEME IS PARTLY BASED ON SOMEONE ELSE's WORK WHICH IS NOT IN THE PUBLIC DOMAIN OR USED UNDER A CREATIVE COMMONS LICENSE YOU MUST SELECT "PRIVATE" AND KEEP THE NUMBER OF EDITIONS DOWN TO A REASONABLE AMOUNT ALONG WITH A REASONABLE PRICE. @memehive reserves the right to remove a meme labeled as "Limited Reproduction Rights" and not refund the cost of minting if the user issuing the meme as an NFT does not have the legal authority to grant certain rights to the users buying the editions.

When in doubt select "Private". If it's your own unique creative work "Private" allows you to retain exclusive commercial use of your meme. You are free to waive those rights in the future if you want to. If you select "Limited Reproduction Rights" and someone buys an edition under that license you can't unring that bell by claiming it is "Private" later.

Remember to set the number of editions in the box on the right hand side of the screen.

VIRAL-create6.jpg
Image Source: hiveme.me

If your meme is "not safe for worK' toggle the switch to YES. Do I really need to go into as much detail about that as I already did with "Private" versus "Limited Reproduction Rights"? I really don't want to have to.

Tags for VIRAL meme NFTs are just like tags for blog posts.

I was planning on making a "Dos and Don'ts" list but the people who made OUTPOST did a great job with that through all the boxes that need to be checked at the end.

VIRAL-create7.jpg
Image Source: hiveme.me

How to Sell a Viral meme NFT

You got whitelisted on hiveme.me. You created and tokenized a great meme that followed the guidelines. Unless you just want those meme NFTs to be a sort of time capsule you need to sell or transfer ownership of the tokens.

Go to your collection https://www.hiveme.me/@yourusername/collection and click on your NFT to go to the collection page of that NFT.

VIRAL-create9.jpg
Image Source: hiveme.me

In my example https://www.hiveme.me/@holovision/collection/holovision_holovisions-memes_puppy-photography-patience you'll see a list of all available editions of my VIRAL meme NFT. For your list of editions click the shopping cart with the plus sign button to the right of the editions. Notice as you click each edition the shopping basket button near the top right corner of the screen increases by a number.

VIRAL-create10.jpg
Image Source: hiveme.me

Once you've clicked on all the editions you want to either burn, sell, or transfer click on the shopping basket button near the top right corner with a number above it representing the selected editions.

VIRAL-create10.png
Image Source: hiveme.me

If you select Sell you can enter the sell price in MEME for the editions. Click the Sell button to confirm the transaction using Hive Keychain. If you select Transfer enter the Hive username of the VIRAL meme NFT recipient and click the Transfer button to confirm the transaction using Hive Keychain.

VIRAL-create11.jpg
Image Source: hiveme.me

VIRAL-create12.jpg
Image Source: hiveme.me

VIRAL-create13.png
Image Source: hiveme.me

For my example when setting the sell price I split the editions into groups and set the price of the lower numbered editions higher than the higer number editions. Even though all 100 editions were created at the same time I want to create the psychological affect that a lower number edition is a more desirable collectible. NFT means a #17 edition of my meme is not the #89 edition of my meme so why price them to sell like they are the same?

Editions #3 - #20 are 10000 MEME
Editions #21 - #30 are 7000 MEME
Editions #31 - #50 are 5000 MEME
Editions #51 - #69 are 4000 MEME
Editions #70 - #75 are 3500 MEME

I reserved #1 edition for myself and #2 was sent to @antisocialist as a gift. Editions #76-100 purpose will be revealed in a later post.

Please note that for selling VIRAL meme NFTs there is a 10% market fee deducted from the seller as a commission for running the market. @meme.nft pays issuance fees for the market and the commission is used to maintain a positive amount of BEE tokens to cover the issuance fees @meme.nft pays out.

Also be aware that there is no revenue sharing for secondary sales.

Buying VIRAL meme NFTs

The buying process for other users' memes is similar to the selling process except instead of going through your personal collection page you go through the public market page at https://www.hiveme.me/nfts/market.

VIRAL-create14.png
Image Source: hiveme.me

Note: Special thanks to @reazuliqbal for helping me to understand the process.



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The first post that is promoted and didn't get downvoted .. at least this content is worth having in the promotion section that spams my feed on @ecency I am likely going to be downvoting alot more because I just found out I can't get rid if the sponsored section in the ecency feed.

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"Private" allows you to retain all the exclusive rights to the meme you are tokenizing.

The purpose of the NFTs is to declare the ownership of that thing. What is the point of buying an NFT, if the original author will keep the ownership of it. Then what are people buying?

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Yes, if you buy an NFT that is "private" you get the ownership of that particular thing (copy) but not the right for you to make copies. You are buying a copy of the meme to own but not the exclusive rights to make other copies that you yourself can sell because "private" means the owner of the original meme reserves exclusive rights to reproduce the meme. "Limited Reproduction Rights" means when you buy the NFT of that meme you own the copy of that meme and the artist grants you as the owner of that NFT full commercial rights for the meme to be used or recreated by you in commerce, but does not give away the creator's copyright.

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