The rise of memecoins in the cryptocurrency world is gaining attention as they are being compared to NFTs for their media business potential. Despite the perception of having 'no underlying value,' meme coin creators are investing in making their projects unique, although it is considered a risky venture. Memecoins are seen as a way to engage with digital assets and culture, attracting a broader audience than traditional fine art. Some believe that memecoins are essential for the crypto industry to tap into the lucrative gambling sector, but caution is advised to distinguish between memecoins and other projects.