梗 originally meant the punchline or key twist in crosstalk comedy (相声). It evolved to encompass any viral joke, meme, or cultural reference on the Chinese internet. 玩梗 means to use memes/references, and 老梗 means an overused joke.
usage
Common phrases: 玩梗 (use a meme), 接梗 (get/catch a reference), 老梗 (stale meme), 烂梗 (bad/overused meme), 谐音梗 (pun-based meme).