“But deep down aren’t we all just chill guys?” a TikTok influencer asks, trying to imbue philosophical meaning into the latest “Just a chill guy” meme coin trend. The character, a smug-looking dog somewhat resembling Arthur the aardvark, donned in jeans and a sweater, originated on X in late 2023 but skyrocketed to viral fame on TikTok and Instagram in late 2024. While many will chuckle and share the meme on social media, many will also invest in the meme coin, which has already reached a market cap of $405 million this week. This phenomenon exemplifies the financialization of culture—the process where cultural artifacts—memes, music, art—are transformed into financial assets. Culture and finance have long intersected, from merchandise sales to licensing rights. But meme coins mark a new evolution: speculative value is assigned to fleeting trends, where the worth of an idea or joke can skyrocket to millions.
Memes have long been a way to share humor, critique society, or foster a sense of community. Their origins predate the internet—consider “Kilroy Was Here,” a graffiti meme from World War II. The internet simply provided the place where memes could spread faster than ever. Early memes included TrollFace, LOLcats and stock photo images of "Conspiracy Keanu" and "Success Kid,” and all were captioned with social commentary. Absurdity often fuels the virality of memes, making them key elements of the internet zeitgeist. Communities on platforms like 4chan and Reddit thrived on these shared inside jokes, building collective identities. As memes gained mainstream appeal, brands saw their potential and everyone from Wendy’s to Netflix, began to leverage them for marketing, turning viral content into profit.
This commercialization has reached a new stage with meme coins. Dogecoin, created in 2013 as a joke, originated from the iconic "Doge" meme—a Shiba Inu dog with Comic Sans captions expressing internal monologue in broken English, like "such wow." The meme gained widespread popularity for its absurdity yet relatability and was the first to show how a cultural moment could turn into a financial phenomenon. Though Dogecoin’s underlying technology is unremarkable, its value stems from community support and endorsements, most notably from Elon Musk. Dubbed “The Dogefather,” Musk’s playful promotion propelled Dogecoin’s value. Now DOGE will potentially play a role in the hypothetical Trump-led government, with Musk leading the Department of Government Efficiency (“DOGE”).
https://x.com/elonmusk/status/1832319390940881133
Dogecoin’s success paved the way for other meme coins like Shiba Inu, showing how community enthusiasm can overshadow technological merit. Platforms like Solana’s pump.fun capitalize on this trend, enabling users to create meme coins, boosting network activity and total value locked (TVL). Similarly, Base and Tron have embraced meme culture, with Tron intending to shift its focus to celebrity-backed meme coins that merge fandom with speculative investment. These trends demonstrate that memes are no longer just jokes; they’re financial instruments with real-world impact. We’re now in a space where blockchain teams are led to believe meme coins are the key to mass Web3 adoption.
This rapid financialization of culture trend extends beyond memes. TikTok songs are crafted to be catchy soundtracks, while Instagram-friendly art dominates galleries. In a world where profitability drives cultural production, what happens to intrinsic value? Creators often find themselves sidelined. Phillip Banks, the creator of “Just a Chill Guy,” now fights for copyright protections to prevent unauthorized commercial use. Yet, is it even possible to control a viral meme? Who can Banks sue? Memes, like the Mona Lisa, often become public domain by sheer ubiquity. Blockchain technology, particularly NFTs, offers potential solutions. If Banks minted “Just a Chill Guy” as an NFT, he could potentially have retained control over some of its distribution and profits. But even with NFTs, the decentralized nature of memes ensures their wide circulation—with or without his consent.
https://x.com/PhillipBankss/status/1859480173965378010
This raises a larger ethical dilemma. Blockchain may empower creators, but it risks further reducing culture to commodities. When even the most organic moments, like viral memes, become speculative assets, what’s left of their original spirit? Returning to "Just a Chill Guy," we find a perfect case study: a cultural artifact turned speculative investment. Banks’ fight underscores the tension between creators’ rights and the decentralized nature of internet culture. Meme coins democratize access to financial opportunities but also commodify culture at an unprecedented rate. Whether through meme coins, TikTok hits, or NFT art, the financialization of culture forces us to question what we value—and why.