Memecoins, or as they are often derogatorily called, Shitcoins, have dominated the 2024 crypto rally. While many dismiss them as just another Ponzi scheme, Qiao Wang sees them as potentially unlocking new incentives that founders can leverage in specialized industries.
The term “Memecoin” itself carries negative connotations that lead many to underestimate its significance. Qiao suggests a redefinition: “call it intersubjective token or IST,” a term he picked up from Yuval Noah Harari’s book, Sapiens.
In Sapiens, Yuval discusses intersubjectivity as a consensus on meanings shared among people. This encompasses laws, religions, nationalities, and even the accepted value of money—intersubjective truths shaped by societal agreement, a narrative that resonates within a community.
This is what Memecoins represent: truths endorsed by people rather than by nature. They could be a funny internet meme, a song, or anything else that a community values.
All the stories that we tell ourselves are intersubjective. This doesn’t diminish their importance or weight, if anything, it is even more important that we uphold them.
Qiao beautifully articulates this concept by stating, “People love connecting with each other over a story,” and it’s this connection that Intersubjective Tokens can accelerate. Each token guards a narrative that people can rally around, with the financial upside acting as a reward.
Imran and Qiao discuss how founders could develop specialized versions of platforms like Pump across various domains such as music, videos, subreddits, Farcaster channels, and more. Consider the memetic value of Trends on platforms like X and TikTok dances or Instagram posts.
In essence, intersubjective tokens enable us to tokenize attention onlinechain. Let’s move beyond the label of Memecoins and give these tokens the brand recognition they deserve.
If you want to jump right to the quotes above go to 35:36
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