Justin Jin, a nineteen-year-old former Minecraft YouTuber, has raised $1,234,567 in funding for his new social media and prediction market app, Giggles. The platform, which he co-founded with Edwin Wang, merges short-form video content with a system for users to invest in the potential virality of memes. The funding round was led by venture capital firm 1k(x).

Jin described Giggles as “putting a trading app and TikTok together.” The app is currently in an invite-only beta phase but has already attracted a waitlist of 450,000 users. Initially, users trade with virtual "aura points," but the company plans to integrate real cryptocurrency investments in the future.

From Viral Joke to Funded Startup

The concept for Giggles originated as a meme on TikTok in 2023. Jin created a fake landing page for the non-existent app, which garnered 100,000 visits in a single day. This unexpected traction prompted him to contact his friend, Edwin Wang, to develop the idea into a real product. The pair previously collaborated on a monetised Minecraft marketplace that was later shut down for violating platform rules.

“The goal for us is to be the first crypto app where people spend more than, like, 30 minutes a day on it,” Jin told TechCrunch. He believes the app’s design capitalises on “people’s dopamine cycles” to ensure high user retention.

Addressing a Bot-Infested Landscape

Jin positions Giggles as a potential solution to the proliferation of bots and AI-generated content on social media. He argues that a financial incentive for accurate predictions could help organise information online. “I think people trading and guessing on what’s being viral creates this downstream effect of actually organising information,” he said.

The founder acknowledges the app's resemblance to meme-based cryptocurrencies, or memecoins, which are often criticised as speculative and valueless. “A lot of people say meme coins are kind of zero-sum, and right now, honestly, maybe they kind of are,” Jin stated. However, he believes such platforms can provide entertainment and curate cultural trends.

Navigating Scepticism and 'Brainrot' Culture

The unusual origin story and specific fundraising amount initially fuelled scepticism about the venture's legitimacy. Investigations confirmed the participation of lead investor 1k(x). Giggles currently employs eight people, with Jin as the youngest team member at nineteen.

Jin connects the app’s ethos to a generational shift in online humour, often termed “brainrot” – a nihilistic, absurdist style of content. He suggests this reflects a broader unease. “Honestly, I think a lot of young people are kind of freaking out. The world is so weird right now,” he said.

While comparing startup founding to gambling, Jin distinguishes Giggles from games of pure chance. “I would not consider it gambling. I think lottery tickets are gambling. I think pure chance things are gambling. Those are pretty extractive,” he explained.