How to Yield Farm for Rare NFTs by Defi Dad

NFTs (non-fungible tokens) have been buzzing in the DeFi community. For years, NFTs have already had a strong presence in the Ethereum community, thanks to the value of issuing scarce, unique tokens to empower use cases like digital art, digital playing cards, gaming collectibles, wearables in VR and lots more!  

A few months ago, NFTs had yet to play a major role in any yield farming scheme until Jordan Lyall came along. Quick reminder that yield farming can be loosely defined as DeFi liquidity providers lending liquidity to a permissionless DeFi protocol to earn multiple forms of returns, thanks to stacked symbiotic incentives. Jordan, a product lead at ConsenSys who’s very active in the DeFi community, created a clever joke of a product with a mockup for what he called the Degenerator--playing off all the trends in yield farming.

His idea was meant to allow the DeFi community to laugh at ourselves considering all the rampant yield farming programs with food related tokens. However his suggestion and mockup showing a 🍍 led to a small Telegram group and that led to discussions of an actual product to offer a new alternative to yield farming with NFTs, which led to the creation of MEME and a website dontbuymeme.com (which is itself a meme--which is very meta).

28,000 MEME tokens were airdropped to members of the Telegram group with some left over for Treasury purposes. The MEME project led to a very interesting product based on the idea to yield farm NFTs by staking the new MEME token! The concept was simple but designed to allow everyone to earn/mint rare digital memes (NFTs) by