Pump.fun, a meme coin creation platform on Solana, has just launched a new feature that allows users to tokenize videos on its platform.
While this new feature has been met with enthusiasm from many users, it has also raised several questions.
What Could Video Tokenization on Pump.fun Mean?
According to the platform’s introductory video, users can quickly create a token linked to a video with just a few simple steps. Once created, the video will appear in the token trading interface. The platform demonstrated this feature with a clip of the debate between Donald Trump and Kamala Harris.
Users quickly realized that this feature could be leveraged to boost token prices by capitalizing on viral videos. However, Pump.fun has not provided any guidelines regarding the copyright issues of the videos being used.
Technically, Pump.fun asserts that the videos associated with this feature are not stored on-chain. It remains unclear whether this tokenization method differs from NFTs or if it simply creates meme coins tied to a video.
“An interesting debate actually – is tokenizing the video on-chain in NFT form more ‘tokenization’ than making it a meme coin? It’s all murky, especially in this new AI meta,” NFT analyst TylerD commented.
Read more: How to Buy Solana Meme Coins: A Step-By-Step Guide
Pump.fun Has Sold $70 Million in Solana Since Launch
According to Dune data, users have created over 2.6 million tokens on the platform to date.
In October, Pump.fun’s revenue surged, reaching an average of $1.6 million per day, with total revenue now surpassing $143 million. The platform’s financial success stems from tapping into the current market fascination with meme coins.
“Almost $200 million in less than a year. Great product/market fit. Exactly built for scammers,” Investor Sibel remarked.
Investor Kook’s on-chain analysis revealed that Pump.fun has sold $70 million in Solana since its inception.
“pump.fun has sold about $70 million worth of SOL since inception. This dapp is probably the single biggest value extractor from an L1 chain in crypto history… I’m not hating, I love it; this is the best business in crypto history to be honest,” Kook commented.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Additionally, Pump.fun recently revealed plans to launch its own token. Hence, the community is eagerly anticipating an airdrop from this initiative.
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