Byte-Sized Beliefs: Memes as Social Mirror
Emile was on the edge of his seat, his leg bouncing up and down with anticipation. He was sure this pick would be a good one, and if he judged the peak right, he’d make a few hundred bucks. He distracted himself for a few minutes, checked the data again and figured now was the time to sell. A click. Done. Yes! He’d sold a meme for $400 and that put him over $3K for this month!
That is part of the meme economy. Where people can buy and sell memes, turning some into NFTs on platforms such as NASDANQ, a play on NASDAQ or MemeInvestor among others. The meme economy as it’s called is an example of how memes have become firmly embedded in our digital culture.
Memes can impact the real world of trading as well. It was a meme that kicked off the GameStop trading debacle in 2021. It had huge financial implications for hedge funds and losses for short sellers. Then there was the whole NFT craze where fortunes were made and lost.
Today, memes have come to play an important role in the historical record of modern societies, with implications to not just our digital lives, but our real world lives. In a way, memes create an augmented reality of cultures which is in part how they result in real world impacts.
There have even been several lawsuits as a result of memes. Perhaps two of the best known were the creator of Pepe the frog, who was offended in how the alt-right used his frog, especially Alex Jones’ InfoWars and he won a settlement. Then there was Grumpy Cat, where a coffee company exceeded their licensing rights. Grump Cat won and he wasn’t so grumpy anymore.
Memes are complex cultural artefacts, speaking to politics, emotions, generational issues and the spread of ideas and concepts. Memes are both good and bad as any information technology is.
The Dark Side of Memes
Let’s get the darker side of memes out of the way. Perhaps the most obvious is mis/disinformation, especially in politically charged environments. State and non-state actors have long used memes to sow discontent in another country as election interference.
Too, memes can simplify a complex issue, sometimes very well, but at other times they can miss nuances and bypass critical thinking on an issue, which hampers proper debate and discussion for critical issues.
Memes often reinforce existing biases, creating polarization and end up as bouncing balls in online echo chambers. Some are used for harassment and bullying. Others can violate copyright. Some suggest the constant stream of memes leads to information overload and hampers our ability to deal with longer form content.
The Lighter Side of Memes
Much like my last article on emoji’s, memes can be a useful way of intercultural exchange of ideas and concepts, leading to better and faster understanding between cultures. And that’s always a good thing. Often, a meme from one culture will be adapted by another, changing the context, but allowing an idea to spread.
Memes are also a great snapshot in time of modern society. They tend to have a lifespan. Some last and remain funny for years while others are relevant for just a short period of a few days or weeks, but still offer a historical record of events.
Consumers too, like it when brands make clever uses of memes, as was popular for major sporting events that brands sponsored. Done right, a brand can drive significantly more awareness than an advertisement.
At times, memes can also serve as a barometer for public opinion on key issues. Some political parties and governments take note pf memes to gain insight into what citizens may be thinking around certain issues.
They are generational markers as well, where different demographics prefer certain styles over others. Memes then serve as helpful insights into how different digital communities engage and interact. This makes memes a form of digital literacy where for many, one has to have a fairly good grasp of digital trends and current events.
The idea of the meme grew out of Richard Dawkins who coined the term in his 1976 book “The Selfish Gene”. It was an excellent explanation of how ideas spread through culture and digital memes are perhaps, the most powerful means of communicating ideas in our digital world.
Memes aren’t going away anytime soon and will no doubt continue as one of the primary means of cultural transmissions and will play a role in shaping modern culture. They may seem so simple, but are very complex in their interplay with societies. Important for marketers to understand as well as politics, economies, music, art and literature. That simple meme is anything but.
