Category: Non-fungible Token (NFT)

Yield farming is also referred to as “liquidity mining” and is one of the most popular methods to earn passive income. By using various decentralized finance (DeFi) protocols, users can lock-up i.e. stake their cryptocurrencies on the platform to earn the protocol’s native coins and tokens. These coins and tokens have various uses on the protocol, but their most lucrative feature is that it can be traded on cryptocurrency exchanges. This makes yield farming a great way for cryptocurrency traders to earn passive income.

Rarible ($RARI): The evolution of NFTs?
Rarible ($RARI) is a platform that allows users to create and sell their digital collectibles secured with blockchain technology.

Traditional ways of marketing your own work as an artist, selling high-value collectibles, or even just finding the opportunity to show your work to the rest of the world can be a difficult endeavor. Apart from the operational and financial costs that these objectives may incur, there are always intellectual property risks on an artist’s or collectible owner’s end. Rarible offers an innovative solution for those concerns—and more.

Through the blockchain, Rarible has created a platform that allows artists and owners to reach a wider audience and find interested investors. All of these goals are achievable through the platform without risking an artist’s ownership of a particular art, or an owner’s claim over a collectible. But how are they doing this, and how did it all begin?

Summary
- Rarible is a platform that allows users to create, sell and buy non-fungible tokens (NFTs).
- RARI is Rarible’s native utility token. Users can earn these tokens from various activities on the platform such as buying/selling artworks or collectables- known as “Marketplace liquidity mining”.
- The RARI token gives holders the right to decide on system updates on Rarible and to curate what content is marketed on the platform.
Background

Rarible was founded by Alex Salnikov and Alexei Falin in early 2020. Their vision is to be able to create a successful blockchain application with a focus on helping artists and owners of collectables.

The team behind Rarible came up with a blockchain-based online marketplace where artists can find prospective buyers for their content.

According to Salnikov, community participation in terms of making decisions for the platform can help a lot moving forward. Charging fees for the use of the platform is one example of a community concern that Salnikov believes could be discussed, hence, their decision to implement a governance token for the platform.

These features have given Rarible a share of the attention that decentralized finance (DeFi) platforms were getting in mid-2020.

What is Rarible?

Rarible is an Ethereum-based decentralized application (dapp) focused on creating a marketplace for NFTs. It also enables a feature for users to make their own NFTs, which means tokenizing their collectables.

Rarible Marketplace (Image credit: Rarible website)

A notable feature of the platform, which has also caught the attention of many, is its governance set-up. Through its native utility token, users can participate in protocol governance decisions through a voting mechanism. This is what is referred to by Rarible implementing a decentralized autonomous organization (DAO).

Such a feature does not exist in most NFT marketplaces in the crypto space.

What are NFTs?

NFTs are part of the many blockchain innovations that allow anyone to create a digital counterpart of a real-world asset being held. In essence, this gives real-world assets the potential not only to be marketed worldwide but also to have the capability to receive international investments as long as they are connected to the network.

NFTs also ensure that owners of artworks, or any kind of work, can be assured that their products cannot be duplicated via a feature that allows for authenticity checks.

Learn more about NFTs.

How Does Rarible use NFTs?

Anyone can create an NFT. An artist can easily go to the platform and create its digital counterpart. Whether or not they want to put their NFTs on sale is up to them.

The cost of transaction fees in purchasing a particular artwork can also be decided by the owner of an NFT. Through token transfer features, a collectible can be conveniently given to another person as a gift by just sending the NFT to the intended recipient.

If the owner of an artwork decides that they want to remove their work from the platform, they can freely do so. By “burning” the NFT, the artwork can be removed from the blockchain. Ultimately, every function that pertains to the ownership of a collectible is entirely under the control of the owners of NFTs.

The platform also implements a “royalty system,” which functions similarly to the traditional reward mechanism for an artwork’s original creator. Through this system, a creator is entitled to a certain percentage of the artwork’s selling price should it be sold again to others.

If users find that some artworks or collectibles were counterfeited, they can freely report them through the platform as well.

Rarible’s DAO

The future implementation of the DAO is included in Rarible’s roadmap. This is where its platform participants are given the right to participate in protocol governance. This means that they can propose platform upgrades and amend existing protocols as a community.

RARI is the token that backs the implementation of the DAO. But how can you get RARI?

$RARI Token

As already mentioned, RARI is Rarible’s native utility token. It cannot be bought from the platform and can only be earned by participating in platform activities, such as buying and selling artworks and other collectibles. This is called “Marketplace Liquidity Mining.”

$RARI Tokenomics (Image credit: ‘Introducing $RARI — the first governance token in the NFT space’ Medium article)

Marketplace Liquidity Mining started on 15 July 2020 and issuance of the token held every Sunday from 19 July 2020 for 200 weeks consecutively. Exactly 75,000 RARI is distributed to users weekly, proportional to the volume of their sales and purchases from the preceding week. Both buyers and sellers equally receive half of the distributed amount.

$RARI Marketplace Liquidity Mining – Token Distribution (Image credit: ‘Introducing $RARI — the first governance token in the NFT space’ Medium article)

Holding RARI entitles a user to certain rights. Apart from decisions on system updates, RARI holders can also be part of Rarible’s community-based platform moderation.

RARI is also used in helping curate the content marketed on the platform. The community can vote on which artwork belongs to its weekly pick, giving them an added boost in the reach that they need.

Rarible Weekly Picks (Image credit: Rarible website)

In the future, RARI will be rolling-out its NFT market index, which features a portfolio of the most sought-after NFTs that investors could be interested in supporting.

Other future implementations include:
- Price Discovery Mechanism
- Mobile App
- Social Features
- More Types of Content (AR+VR+Metaverse+3D)
- DeFi NFTs
- Fractional Ownership
Conclusion

Blockchain has unlocked the potential of the digital world, which would greatly benefit users. Traditionally, it is difficult to market an artwork without having to find middlemen to help you connect to a wider audience. The operational and financial costs of doing so are also a different discussion altogether.

And through blockchain, these may not be so much of a concern anymore. Rarible is one of the innovations that will ensure that collectible owners and artists can be completely independent in making decisions for their own assets.

Rarible also makes sure that the platform is as decentralized as it can be by leaving protocol governance decisions to the discretion of its community. With that in mind, the road ahead appears to be promising.

Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
October 18, 2020
REVV: Animoca Brands’ racing games go crypto
REVV is the currency of purchase, utility and action for Animoca Games‘ motorsports games. Animoca Games is a blockchain gaming firm and global game developer which leverages popular brands such as Power Rangers, Masterchef etc., together with gamification, AI, blockchain and mobile technology to create gaming apps.

Check out my debate with Co-Founder and CEO, Yat Siu where we debated whether Non-Fungible Tokens (NFTs) are the NEXT BIG THING, and I did NOT hold back playing Devil’s Advocate:

Background

Animoca Brands released its own utility token called REVV to power its blockchain-based gaming platform. The goal of the team is to build an ecosystem that will link the economies of their company’s games together.

Animoca believes that REVV’s presence in all its blockchain games will help attract more people to their platform and add value to the token for accessing a larger consumer base. REVV is designed to be the “currency of purchase, utility, and action” for the ecosystem’s gaming titles.

According to recent reports in July 2020, Animoca has already reached over $4 million in revenue, with $1.8 million from their assets kept in cryptocurrency holdings.

“Revv can be used right now for our time trial games and soon also to buy and trade our NFT and game assets,” said Yat Siu, co-founder of Animoca Brands.

Here’s our video on NFTs and what they can do for gaming.

Non-Fungible Tokens Explained (ERC 721, ERC 1155)

What is REVV?

REVV is a non-fungible cryptocurrency token based on the Ethereum blockchain. It is utilized as a medium of exchange for REVV’s ecosystem, as well as Animoca Brands’ gaming platforms like F1 Delta Time.

REVV is already available on Uniswap, one of the biggest exchanges in the DeFi space today. Trading began against ETH last September 4, with an initial token price of $0.00666.

REVV is one of the latest additions to projects aimed at improving the adoption of NFTs, which many consider to be a hundred million dollar market. A similar project named SAND, established under The Sandbox, a mobile gaming platform, was also recently listed on Binance.

REVV ecosystem

The REVV ecosystem is a collection of games whereby players can use the REVV token and the NFTs across their games. Their first games will be F1 Delta Time (an official product of the FIA Formula One World Championship) and its upcoming MotoGP title. F1 Delta Time is expected to be released in November 2020, whilst the MotoGP title will be released in Q4 2020. REVV is also planning a third blockchain game soon and it is expected to also be based on a global racing franchise.

Furthermore, with REVV’s partnership with Atari, Atari’s classic motorsport video games Night Driver and Fatal Run will also be joining the REVV ecosystem.

REVV token

REVV token acts both as a utility token as well as the in-game currency of the motorsports games produced by Animoca brands. There are two features of the REVV token:

Play Utility: REVV can be used by players to enter Grand Prix and Time Trial game modes. There is a set fee for the Time Trial, with the Grand Prix priced on a tier-basis. Higher tier games require more REVV, which also secures more rewards for the best performers.

The Tyre Durability systems also require REVV. To maintain the durability of a player’s tyres in the game, they have to pay in REVV for restorations depending on their condition.

Purchase Utility: REVV can be used to buy F1 Delta Time 2020 Collectibles.

REVV NFTs

REVV is already selling their NFTs for F1 Delta Time. On the F1 Delta Time NFT marketplace on OpenSea, there are already 11,427 items listed and 571 owners.

Some of the NFTs available on OpenSea

Once the F1 Delta Time game is launched, the NFTs will become usable in the game for example to upgrade their cars, drivers, racetracks etc. Once more games under REVV are released, it is expected that the NFTs can be used in these other games too. In addition, these NFTs have value as collectables since Animoca Brands holds the licenses to both Formula One and Motor GP brands.

REVV Pools

REVV keeps a pool of tokens created to support the F1 Delta Time ecosystem. The allocation in REVV pools, however, can still be changed in the future depending on the outcome for other titles.
- Reserve: 200,000,000 REVV is kept for future use as a back-up fund as the ecosystem continues growing.
- Game Operations: 273,980,000 REVV is allocated to the primary pool of the game. It will be used to support the reward mechanism of the platform.
- Staking: 6,020,000 REVV is allocated for its 2019 staking run, but the staking pool for 2020 can include REVV allocated in the Game Operations Pool, Reserve Pool, or both.
- Marketing and Promotions: 20,000,000 REVV is allocated from promotional airdrops.
Staking

Staking on Animoca Brand’s game, F1 Delta Time will be available from 15th September 2020 onwards. Users who stake their F1 Delta Time car NFTs will enable them to earn REVV tokens. How many tokens you would be entitled to is determined mainly by how rare the NFT is, with rarer items being able to generate greater returns.

30mil REVV tokens have been allocated to the staking pool for users to claim. From 15th September 2020 (HKT), the first round of staking will begin for 4 weeks. A total of 2.04mil REVV will be available for claim. After this, there will be a further 12 week period of staking where 10mil REVV is up for grabs.

More details on the staking feature are available here.

Rewards: how to earn REVV

There are two ways to receive REVV. One is by participating in its sale, another is by playing the game.

Promotional: Verified accounts on the F1 Delta Time will receive 50 REVV upon joining the game. Those who also participated in the game’s 2019 Crate Sale will be given REVV based on the category of the crate they are holding.

The cut-off period for this set of rewards is yet to be announced but will be published soon.

Play-to-Earn: REVV will also be given as a reward for players depending on their race car NFTs and other gaming features. Gaming modes such as Time Trial and Grand Prix also entitles players to some REVV rewards, especially those who are included in the game’s Leaderboards.

Another opportunity to earn comes in the form of dividends doled out to Track owners since these are also considered “ownable NFTs.” These owners will be given a proportion of their share in the total amount of REVV spent by players to race in that Track.

Recent Updates

From the time that they announced the sale of REVV on Uniswap, seven million tokens were sold out in just 20 minutes.

Included in their roadmap are plans on expanding their ecosystem to GAMEE and QUIDD, both of which are gaming and collectible companies that they have acquired in July this year and August last year, respectively.

Partnership with Atari

On 12th October 2020, REVV announced its partnership with iconic video gaming company Atari. Atari owns and/or manages a portfolio of over 200 games and franchises such as Asteroids, Pong and RollerCoaster Tycoon.

The partnership was in the way of a token swap whereby the 2 companies have agreed to swap USD$625,000 worth of each others’ tokens. Specifically, Animoca will provide 5mil REVV tokens at USD$0.025 per token, in exchange for 7,812,500 ATRI tokens, along with its other tokens it is in the process of being listed. 90% of REVV and ATRI will be locked for 18 months from the delivery date, whilst the remaining 10% will be unlocked on the first day the tokens list on an exchange.

Conclusion

It is definitely good to see that the expansion of use cases for the blockchain has already reached a lot of individuals. Real-life or digital activities tapping into the power of blockchain does not merely stimulate more innovation, but also help facilitate mass adoption.

The first step in mass adoption is to convince the public about the ease of transactions that can be made in crypto, as well as the capacity of these digital currencies to be used as a store of value.

And we have made enormous progress so far in the last decade. Innovations like REVV give people the opportunity to make crypto transactions with utmost convenience and security, which is exactly what blockchain has promised since its inception. It is also bringing cryptocurrency into the world of gaming, which most people have been hotly anticipating as the most likely route to mass adoption.

Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
October 13, 2020
8Hours Foundation (VIMworld) $EHrT: The Next Evolution of Gaming?
8Hours Foundation ($EHrT) aims to integrate the real world into the blockchain to create beneficial implications for the time we spend with our friends and family. In line with this vision, the foundation partnered up with PlayTable, the world’s first blockchain-enabled game console, to facilitate social gaming platforms. EHrT, is the native currency of the PlayTable ecosystem. It is used for anything and everything for the PlayTable. Toymakers and game developers have to buy EHrT from the open market to register their toys or assign data to their products.

Powered by VeChain’s blockchain technology, VIMworld is a smart NFT platform for collectables and digital characters. VIMs, or Virtually Integrated Metadata, are digital collectable tokens living on the VeChain Thor Blockchain. Each VIM can be seen as a digital character with unique properties and capabilities. They can be traded, collected, or used in PlayTable games.

Background

John Dempsey, the founder of the 8Hours Foundation, is both a gamer and a collector. These were exactly the same interests that allowed him to conceptualize the whole project and later be built together with his team and the community.

Dempsey felt the need to use technology to bring people together through the help of social activities, such as games.

He built the foundation to create a blockchain platform that encourages and rewards people when using it. The platform’s goal is to ensure that its participants can spend at least a minimum of eight hours per week being engaged in meaningful social interactions.

What is the 8Hours Foundation?

Eight Hours Foundation

8Hours Foundation is an organization put together to build a real-life community even in the blockchain space. The primary purpose of the team’s efforts, as already mentioned, is to create a platform where people are rewarded for interacting with other individuals.

The foundation collaborates with PlayTable, a blockchain-based gaming platform, to spearhead a program called ‘Toy Reality’. This way, they can build a virtual social network that emulates the real world through the tokenization of real-life assets on the blockchain.

https://www.youtube.com/watch?v=5yzyZa3dZ0w&feature=emb_title

A mixture of real-world and blockchain data storage technologies power the whole platform. Furthermore, RFID technology and tagging enable the creation of their verifiable blockchain counterpart. The same set-up supports ownership tracking, asset journey recording, and asset customization.

Eight Hours Token ($EHrT)

Eight Hours Token, or the EHrT, is the native token of the platform. It can be used as a medium of exchange, fees payment, staking, and voting. EHrT also has specific functions that help run the whole platform. Mainly, these are:
- Authentic Asset Certificates (AAC) – In making blockchain representations of real-life objects, users have to spend EHrT. The process allows for the creation of AAC, which act as proof of ownership on a blockchain-counterpart of real-life assets. Additionally, these belong to the non-fungible token (NFT) classification, the same kind that allows for the tokenization of assets in the real world. For users to be able to register and join the platform, AAC’s are required.
- In-Game Currencies (IGC) – Through EHrT, users can create in-game currencies. These are tokens that developers can create to back the economy of their games. Since these currencies can work cross-platform, other gaming systems on the 8Hours Foundation ecosystem can use them as well.
- Colored Tokens – These tokens function like marks or records on an AAC that display their digital journey. This means that colored tokens can be referred to in looking for the history of an AAC’s ownership, its authenticity, progress, and wealth, among others. Furthermore, only developers can create new colored tokens and deposit them on AAC.
$EHRT Token Mechanics (Image credit: 8hours Foundation Whitepaper)

Other uses for the EHrT involve other financial services such as staking and rewards. But generally, EHrT is held by users for:
- Staking – Through a grants system, users can make investments in the projects built within the 8Hours ecosystem. This entitles stakers to receive benefits from a platform in the event that they grow.
- Reward – Through a rewards system, the platform incentivizes its users to participate in network activities, especially those that involve platform developments or updates. These users receive a proportional amount of EHrTs for their participation.
- Support – Users who want to show their support on a platform that is currently being built, that can freely use EHrTs to fund a project.
8Hours backs its transaction system with the VeChainThor chain. This allows it to support a multi-party payment protocol without requiring gas fees that platforms usually charge whenever users perform these transactions.

What is the VIMworld?

VIMworld logo

Powered by EHrTs, the foundation has created VIMworld, a collaborative initiative between them and PlayTable, with the purpose of establishing a gaming platform built within its own ecosystem.

VIMworld refers to a virtual community that gathers a collection of all Virtually Integrated Metadata (VIM) that its participants have created on the platform. These are powered by AACs that help VIMs store and verify data, record transactional history, as well as the whole journey of virtual objects, among others.

VIM holders can then join any community activity with other users, or simply interact with them. These interactions are made possible by games that get people to perform certain tasks.

Features of VIMs

There are several features that help distinguish VIMs from the usual NFTs. These are:
- User-managed – Owners of VIMs can only grow in value if the owner attends to them by participating in VIMWorld activities. In addition, they can be customized based on their history.
- Asset-powered – VIMs require users to spend EHrTs from time to time if they want it to grow. This means that VIMs can hold actual value and grow at the same time.
- Digital Representation – It is one of the more innovative aspects of VIMs. VIMs allow real-life objects like toys and collectibles to increase in value through their blockchain representations.
As of late, the ecosystem behind VIMworld is already composed of more than 2,100 community members and 7,000 VIM collectibles. It is now considered one of the most adopted digital platforms, overtaking CryptoKitties’s record back in 2017.

Gaining VIMs and Growing their Value

VIMworld’s Characters (Image credit: Vimworld.com)

There are plenty of ways to gain VIMs, such as rewards when winning games from various platforms on the 8Hours Ecosystem, donations or incentives given out by the foundation, purchase from marketplaces, or acquisitions of toy packages.

Besides representing the ownership of a user on an item or a game, VIMs are also valued based on the amount of game data and progress they hold. They are classified into a variety of rarities and tiers, but can be easily upgraded by adding more EHrT in them. Furthermore, higher-tiered VIMs accrue bigger benefits for its holders.

VIM tiers (Image credit: VIMworld Whitepaper)

VIMs can soon be traded on the VIMExchange, the marketplace that 8Hours designed to support all NFTs in the ecosystem. When more partnerships are established, VIMs can be made available for trading on other VeChainThor-compatible marketplaces.

Conclusion

Creating real-world use cases for blockchain technology is one of the biggest drivers for its adoption. And since social interactions have been reduced in this modern and digital age, having platforms that help alleviate this problem could certainly have a real use case.

If VIMworld and 8Hours succeed in their goal, it can be a very interesting case study for the benefits that blockchain can bring. The project shows a promising potential to prove that the technology behind cryptocurrencies can be an effective instrument in bringing people together.

Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
October 6, 2020
MEME ($MEME): A DeFi Joke?
MEME ($MEME) is a hybrid between decentralised finance (DeFi) and non-fungible token (NFT) on the Ethereum blockchain. NFTs are tokens that represent unique digital items with verifiable scarcity. They can be used to represent digital ownership as with the case of rare cryptocurrency art. MEME allows users to stake tokens to farm limited edition NFT memes.
Table of Contents

Toggle
Background

What is MEME?

MEME’s Meteoric Rise

How to farm MEME?

MEME farming pools

Genesis pool

MEME Genesis LP pool

Governance

Conclusion
Background

MEME started out as a meme. Yes, it was a joke made by Jordan Lyall, the DeFi Product Lead at ConsenSys. Lyall’s Twitter post joked about an offering that could allow easy and fast (less than five minutes) creation of a DeFi platform.

A Twitter user took the joke seriously and created MEME coin. “I was commenting on the silliness of it all. But in doing that, I’ve created the very thing I sought to destroy,” Lyall commented after the coin went live.

The birth of memes dates back to 1976 when the word appeared on ‘The Selfish Gene’, a book by Richard Dawkins. In the book, memes are portrayed as ideas quickly spread from one person to another within a community. They have since found their way into our daily lives to refer to the viral spread of information on the internet.

What is MEME?

MEME is a decentralized project connecting the DeFi world with NFTs through yield farming or liquidity mining. The network stresses that it does not offer coins for sale but allows farming. The system was launched on August 14, 2020, and has since attracted a ton of attention from the crypto community.

MEME’s Meteoric Rise

The genesis of the project’s meteoric rise dates back to Lyall’s tweet, which garnered 1,200 likes and a high number of retweets within minutes. After its launch, it was listed on CoinGecko with a hard cap of 28,000 tokens.

It was followed by an exclusive Telegram airdrop that was done 30 minutes after launch. After launch, the protocol’s Telegram community grew to over 3,000 participants. In its first few days, MEME reached a 24-hour trading volume of $1.2 million with a single coin changing hands at $40.

MEME token (Image credit: Coingecko)

Roughly a month later, MEME was trading at $795, had a one-day trading volume of $8.8 million, and a market capitalization of $18.7 million. Also, the coin moved from position 610 in early September 2020, to 276 as of September 18, 2020, based on market cap.

By September 18, MEME token holders were roughly 1,400 while the NFT holders were about 700.

How to farm MEME?

Farming requires staking MEME and then receiving rare NFT versions. This increases liquidity mining opportunities for DeFi enthusiasts. As with other DeFi systems that support yield mining, farming MEME involves liquidity mining pools.

Note that the NFTs up for grabs are created by a select number of artists. The first digital artist listed is Sven Eberwein, a popular digital artist living in Los Angeles.

MEME Artist – Sven Eberwein (Image credit: dontbuymeme.com)

Eberwein combines internet culture with computer graphics. Sven “works of the internet, by the internet, for the internet.” The artist’s first MEME-themed collections are titled ‘Don’t buy MEME,’ ‘Volatile Pineapples,’ The MEME Shitcoin Cycle,’ and ‘Crashtest (Because it will).’

According to Eberwein, MEME’s uniqueness comes from being the first to capture the DeFi and meme worlds.

MEME farming pools

Genesis pool

MEME farming pool – Genesis (Image credit: dontbuymeme.com)

This accommodates the staking of MEME tokens.
- The first step is to access the pool from https://dontbuymeme.com/farms .
- Then the next step is to unlock your Web3 wallet. Note that Web3 wallets are just browser functionalities added to the standard self-custody wallets to allow access and usage of decentralized applications (Dapps). Wallets in the Web3 ecosystem include Metamask, imToken, Huobi, AlphaWallet, Enjin, infinito, Opera, Trust Wallet, Coinbase, Dexwallet, Ledger, exodus, Trezor, and Mist.
- Approve MEME
- Enter between a maximum of 5 and a minimum of 1 MEME token. Rewards from farming on the platform are called pineapples. For instance, staking 5 MEME results in five pineapples per 24 hours.
- Claim NFT. This can only be done when the required number of pineapples has been farmed.
MEME Genesis LP pool

MEME farming pool – Genesis LP (Image credit: dontbuymeme.com)

Here, Uniswap V2 liquidity pool (UNIV2-LP) tokens are staked to earn pineapples.
- To get the tokens, stake Ether (ETH) and MEME tokens on the Uniswap pool. However, to receive approximately 0.0002 UNIV2-LP tokens, one needs to stake roughly 50 MEME coins and ETH of equal value.
- Access https://dontbuymeme.com/farms to join the LP Genesis pool.
- Unlock your wallet.
- Approve the tokens from Uniswap and specify your stake amount. The pool supports a maximum of 0.0002 and a minimum of 0.00004 UNIV2-LP tokens. As with the previous pool, the minimum amount staked births one pineapple per day while the maximum stake results in five pineapples per 24 hours.
MEME Genesis Economics (Image credit: Don’t Buy $MEME Medium article)

A pineapple farmer can claim their NFT of choice when they have enough pineapples. Note that pineapples cannot be shared between pools and the amount staked must not exceed the set limits to avoid failed transactions.

NFTs earned from mining MEME can be sold on OpenSea, a marketplace for trading NFTs and virtual currency collectibles. OpenSea lists assets created using Ethereum’s ERC-721 and ERC-1155 standards.

MEME at OpenSea (Image credit: OpenSea)

Governance

As with other non-custodial financial systems, MEME handles governance issues through a decentralized autonomous organization called MemeDAO. To be a member, you have to hold a minimum of 100 MEME tokens. Towards the end of August 2020, $1.7 million worth of capital was locked in the DAO.

Conclusion

In the cryptocurrency community, memes are used as a universal language and MEME joins others like Doge and CoronaCoin that started as a joke but attracted interest from the crypto community.

MEME’s uniqueness comes from its connection with the DeFi and NFT world, which adds a new reward stream for yield farmers. However, it’s yet to be seen how long ‘a joke’ can be taken seriously.

Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. (https://colorreflections.com) Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
October 5, 2020