9gag’s Ray Chan made memes mainstream. Can he do the same for Web3?

After graduating with a law degree from the University of Hong Kong in 2006, Chan worked briefly at a local bank and a television station; two roles he found too tedious and repetitive. So he joined an internet startup. “My boss was quite young. If he could start a company, why couldn’t I?” Chan says. Together with his younger brother and a few friends, they began testing different ideas.

One project they had always been running was 9gag, a website for sharing funny pictures and videos, but they had sidelined it. Meme culture was not mainstream yet, so they mainly shared rage comics and image macros. “9gag was totally useless. We were not crazy enough to think we could make a living by sharing some funny pictures and videos,” he recalls. But they could—and the product could even transform global digital culture.

In 2011, when Chan and his team were accepted into the 500 Global accelerator programme to develop a photo-sharing app, one mentor pointed out the potential of 9gag, which already had 500,000 daily site visitors. This led them to abandon all their other projects and focus solely on building it to enable netizens to share memes with a broader audience more easily.

In 2012, they were incubated by the startup accelerator Y Combinator and raised US$2.8 million from multiple backers, including Freestyle Capital and True Ventures. By then, 9gag’s site was attracting 70 million monthly visitors.

Their Silicon Valley experience embodied the scrappy startup ethos. “We were Asian. We were very cheap,” Chan says. They booked a US$50-a-night motel for the three co-founders who made the trip, even sharing one bed to save money later at an Airbnb home. “Finding your co-founder is like getting married, and we were actually sleeping together. I think that is as real as it can be.”

They also brought a rice cooker from home to avoid eating out, a detail that amused their Western counterparts. “They knew that Asians love rice.”

Today, 9gag is more than just a website; it is also running a vibrant network of social media channels that shares memes with millions of audiences worldwide. They have expanded into creating other brands, such as Meowed and Barked for cat and dog lovers and Voyaged for travel enthusiasts. The company also collaborates with brands, such as TikTok, Netflix and Paramount Pictures, to create custom content together.

Read more: Meme to reality: meet the Loewe Tomato clutch

In 2020, Chan began using Ethereum and found the experience “mind-blowing”. Unlike with fiat currencies and conventional banks, which require personal details and can take days for cross-border transactions, he could settle transfers within seconds using cryptocurrency. Driven by curiosity, he started exploring Web3, initially by buying non-fungible tokens (NFTs). 

He soon noticed a fundamental disconnect in this emerging space. “Web3 builders always talk about community, but they don’t understand what community really is,” he says. “At 9gag, we’ve been building communities for over a decade. We brought memes from online forums to the mainstream. This time, we could perhaps bridge the niche of Web3 to Web2 as well.” This led to the launch of Memeland in 2022, a Web3 venture studio connecting creators and communities. 

Memeland launches NFT collections infused with meme culture to encourage community building, such as You The Real MVP, which grants holders access to a private membership club. Another collection, The Potatoz, references a 9gag tradition where users who completed a long thread were rewarded with an image of a potato. The studio also introduced Meme, a community token available for purchase on the cryptocurrency exchange platform Binance.

“It’s funny because meme coin doesn’t promise any utility, it doesn’t promise anything,” Chan says. In early January, US President Donald Trump launched his meme coin, $Trump, “so no one can say that meme coin is irrelevant”. It also showed that cryptocurrency is becoming more mainstream.

On the one hand, Chan believes the subsequent slump in the coin’s value—nearly an 89 per cent drop as of April—also indicates insufficient liquidity in the market, because when one asset rises, others tend to decline. “[Investors] will also lose hope and faith in this industry.”

So, what are Chan’s 101 tips for investing in meme stocks? Ironically, it is not to invest in them. “It’s good to start with buying like Bitcoin, Ether or Solana,” Chan says. “Understand why crypto is important, why decentralisation is interesting and why blockchain is useful. Experiencing that will set you on the right path.” He also suggests joining a community and remembering not to invest money you cannot afford to lose.

Read more: Decentralising trust: how blockchain, AI and Web3 are reshaping Asian economies

In April this year, Chan took a bold strategic step by acquiring a controlling stake in Hong Kong-listed Howking Technology International Holdings Limited for over HK$140 million (US$17,838,837). “We will continue to develop what the company has—some tech and hardware in the 5G space,” he says. “I also believe having a public vehicle is important for introducing trust and liquidity into the Web3 market.”

The business now provides advisory services for digital asset projects, invests in and collaborates with enterprises involved in digital transformation, and manages a treasury focused on cryptocurrency and other high-growth digital assets. Following the acquisition announcement, the company made its debut as the sponsor of the Hong Kong Film Awards, and two months later, it was officially renamed MemeStrategy. Since then, the company has acquired 2,400 units of Solana for HK$2.9 million (US$369,518).

Although Chan has never issued a formal roadmap, he remains dedicated to popularising memes and building the Web3 ecosystem. “There’s a lot of drama in Web3, and people love to see drama more than products. As a builder, that is both interesting and very challenging,” Chan reflects. “It’s very important to find someone who shares our vision. No matter how small the number is, those are the people we want to work hard for. That’s why I always tell our team we’re doing this not to prove people wrong; we want to prove the people right.” 

Read more: Meet Chill Guy, the character in the viral meme who is all about leading a ‘chill’ life

As a founder, Chan considers himself a positive person who can solve seemingly impossible problems daily. But five years ago, he faced something he couldn’t fix: his first son passed away at three months old after catching the flu. “It was the darkest time [in my life],” he recalls.

With the support of loved ones, he and his wife gradually found strength and faith, sensing reassurance that their late son would be taken care of. Chan also processed the tragic event by immersing himself in books about grief, death and healing. “One common theme I learned was that it’s okay to be sad, but it’s not okay to indulge yourself in all the sadness,” he says.

Chan chose to transform his pain into purpose and now shares his experience openly. He has also taken action: becoming an honorary adviser to the Christian humanitarian organisation World Vision Hong Kong and a board member of the Hong Kong Genome Institute, which aims to bring genomic medicine to the broader population.

He also revamped health insurance benefits at 9gag and Memeland, offering life insurance to every team member. “I hope I can set an example because everyone will face the loss of a loved one. How can we turn this negative into a positive?” he says. “You can bounce back because you have people who love you. This is not the end of the world, even though it feels like it.”

“I mean, I’m rich enough before Web3. I may get a few more zeros added to my net wealth, but those are not the things I care about the most, because we all die one day. But how we can contribute to the world while we are here is very important to me.”

You made my day. pic.twitter.com/7aXdzLjgxB

— 9GAGCEO (@9gagceo) May 18, 2023

Now 40, Chan remains as committed as ever to building his Web3 vision, along with his 3Fs: family, fitness and faith. With his second son, Neo, who is nearly three, he cherishes every moment: watching him walk, talk and cry. Chan says he wants to live a longer life for the sake of his son, wife and parents, while exploring ways to contribute more to his religion. 

He also approaches challenges more calmly than he did when he was younger. “At the moment of challenge, it feels like the end of the world. But when you zoom out, it’s just a hiccup in your life. If you die early, it doesn’t even matter. If you live a long life, it also doesn’t matter.”

Seventeen years after launching an empire on funny content, one might ask: what’s the best joke the meme mogul can tell? “I’m not funny,” Chan says. “Most of the time, I’m just being honest. But in this crazy world, when you’re saying honest opinions, people find that funny.” Honesty, perhaps, is the best policy for creating a great meme, building a business and living a purposeful life.

Read more: Decentralising trust: how blockchain, AI and Web3 are reshaping Asian economies

Chan answers a round of rapid-fire questions about his most-used meme and more. 

What is the meme you use the most? 

RC: I use two a lot. Hide the Pain Harold and Roll Safe, which is the guy who is kind of pointing the finger at his head. 

What’s a non-negotiable for your business? 

RC: Integrity. We say no [to deals] we don’t think are [ethically] good. There are so many ways to make money and impact. We want to do things that can make us sleep well at night. 

If you could solve one of the world’s biggest mysteries, what would it be? 

RC: I want to know who started the first meme. People say Richard Dawkins coined the word “meme”, but what was the first meme? 

Now, meet the Gen.T Leaders of Tomorrow 2025 who are shaping Asia’s future. 

NOW READ

Iqbal Ameer talks blockchain innovations and AI’s role in the experience economy

‘If we can beat Covid, there’s no reason why we can’t beat cancer’: Mirxes’ Zhou Lihan on the science and tech behind saving lives

What if your toothbrush could help fight poverty and grow a forest?