In a move that aims to disrupt the meme industry, entrepreneur Alex Taub has unveiled Meme Depot, a platform designed to revolutionize the way memes are organized and shared. With Taub's extensive background in technology startups, including successful exits, he believes that meme tech is primed for a major breakthrough.

Taub pointed out that while various industries like health tech, proptech, adtech, and fintech have seen significant innovation, the meme industry has been stagnant for over a decade. Despite the integral role memes play in online communication, there have been few companies willing to explore new possibilities.

Meme Depot seeks to fill this gap as a comprehensive archive for memes. Taub envisions the platform resembling Pinterest, with visually appealing collections that users can easily navigate through. Whether users are looking for a SpongeBob meme or a Kim Kardashian meme, collections cater to specific categories that mirror subreddits.

However, the business model behind Meme Depot takes an unconventional turn – it revolves around cryptocurrency. Inspired by platforms like Friend.tech, Meme Depot introduces a feature called meme party, which transforms specific meme categories into communities. Users can purchase depot passes using cryptocurrency to join these meme parties, engaging in ephemeral, cursor-based chats. Early pass holders in a meme collection can even earn money as more people join.

Taub acknowledges the potential controversy surrounding the monetization of memes. Who should benefit from the financial aspects – the meme creator or the person depicted in the meme? By introducing this new model, Meme Depot opens up room for discussion on these issues, encouraging people to contemplate the evolving meme landscape.

The phenomenon of monetizing viral memes, as seen during the NFT boom of 2021, is not lost on Taub. Memes like Scumbag Steve and Disaster Girl found value in their iconic images as NFTs. Similarly, memes like Pepe the Frog demonstrated how an image could evolve and become detached from its original creator, potentially belonging more to the public than its originator.

Meme Depot is part of Truth Arts, which relies on a mix of venture funding, royalties from the Goblintown NFT collection, and proceeds from previous ventures like SocialRank, a social media analytics company. Taub explains that memes are an essential part of our culture, which is fundamentally connected to entertainment.

With Meme Depot's launch, Taub aims to reimagine meme technology and provide a platform where enthusiasts can enjoy and engage with all manner of memes. Whether this crypto-based model becomes a widely accepted trend or not, Taub has sparked a conversation that highlights the significance of memes in contemporary culture.

Update: As of May 29, 2024, 1:20 p.m. ET, Meme Depot's funding has been clarified as a combination of venture funding, royalties, and previous business proceeds.