The Commoditization of Attention

How Memecoins Are Redefining Crypto Culture and the Attention Economy

I was one of the few females in the early days of cryptocurrency, and the culture was as wild and untamed as the markets themselves. VIP events catering to "whales," the term for big-money investors, often took place in strip clubs, where flashy displays of wealth were the norm. The focus was on speculation and excess, with an almost frenzied atmosphere fueled by the promise of quick riches. The notorious "strippers and Lambos" image became synonymous with crypto, painting a picture of a subculture obsessed with instant gratification and conspicuous consumption.

But as the cryptocurrency space has matured, so too has its culture. The rise of memecoins—digital tokens created initially as jokes or internet memes—has marked a significant shift, not just in how value is perceived and exchanged, but in the very ethos of the industry. While still a playground for speculative excess and troll humor, some tokens have migrated towards loftier goals and are now evolving into a platform for meaningful engagement and social change. The memecoin transformation into PolitiFi by more serious politically driven projects embodies a set of beliefs and ideals and attracts investors with those same beliefs and ideals.

Nowhere was this transformation more evident than at this year’s #Bitcoin2024, which I attended as official media. The exclusive invite-only event hosted by MAGAA (Make America Great Again Again) was the most surprising. Unlike the boisterous, male-dominated gatherings of the past, this event was held at a high-end rooftop bar, where the atmosphere was one of sophistication and purpose. Guests were treated to exquisite food, craft cocktails, and a lineup of exceptional speakers, from David Bailey, the founder of the Bitcoin Conference, Don Trump Jr, and Tucker Carlson, all reflecting crypto's new, more refined image and meme culture’s ability to attract and inspire and audience.

Perhaps most striking was the diversity of the attendees. Nearly half of the crowd were women—industry professionals shaping blockchain technology's future. Gone were the "booth babes" and escorts who once symbolized the male-centric culture of early crypto. In their place were leaders, innovators, and changemakers, contributing to discussions that ranged from the commoditization of attention via memecoins to the broader societal implications of blockchain, privacy, and regulation. Speaking with some of the largest MAGAA holders, a universal theme emerged: the desire to create an uncensorable mechanism to fuel grassroots activism.

This shift is emblematic of the changing narrative around cryptocurrency. The initial hype, driven by the allure of easy money and extravagant lifestyles, has given way to a more nuanced understanding of what blockchain technology can achieve. Memecoins, once dismissed as mere jokes, are now at the forefront of this new narrative. They represent a digital currency that thrives on attention, turning likes, shares, and viral content into tangible assets. But beyond their economic potential, memecoins are being harnessed for social good, funding political movements, and enabling grassroots activism in ways traditional financial systems cannot.  **This inspiring use case for memecoins is a testament to the potential of cryptocurrency to bring about positive change.

Mike Miglio, the co-founder of MAGAA, is one of the pioneers of this new wave. As a blockchain attorney, Miglio has witnessed the evolution of crypto culture firsthand. "The early days were about capturing attention at any cost, often in ways that were more about spectacle than substance," he says. "But now, we're seeing a shift. Attention is still the currency, but it's being used to create real value—value that can drive social change and empower communities."

The transition from strip clubs to rooftop bars is more than just a change of venue. It signifies a broader transformation in the industry's values and objectives. Where once the goal was to flaunt wealth, now it is to wield mainstream influence. Where the culture was once exclusive, catering to a select few, it is now inclusive, inviting diverse voices to the table. And where the focus was once on short-term gains, it is now on long-term impact through steady growth.

This evolution reflects the maturing of the crypto industry as it moves away from its hedonistic beginnings and toward a future where digital assets are not just financial tools but instruments for building a better world. Memecoins, with their unique ability to commoditize attention, are leading this charge, proving that in the digital age, we value not only money but also the ability to create change.

As the industry continues to grow, the stories we tell about it will evolve as well. The crypto narrative is no longer confined to the old tropes of wealth and excess. As blockchain technology penetrates more deeply into the mainstream, it is becoming a story about empowerment, innovation, and the redefinition of value itself. And in this new era, the currency of attention is proving to be as powerful as any financial asset.