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 staking a minimum of 1 MEME and a maximum of 5 MEME. Each MEME would earn you 1 🍍 credits per day, so a maximum of 5 🍍 credits per day per pool. The credit of 🍍 could not be combined to mint NFTs so even multiple wallets staking to earn these 🍍 as credits cannot game the system. It becomes a game of patience amongst MEME community members to earn enough 🍍 to mint an NFT.
So let’s show you how to join one of the most fun DeFi projects yet, where yield farming leaves you with rare digital art in the form of clever crypto memes like you see here!
How to Farm NFTs with MEME
1 – The most risky step involved in farming NFTs with MEME is the exposure to MEME the token. MEME is an ERC20 that trades on Uniswap. There are only 28,000 tokens and it’s been a volatile market. One needs a minimum of 1 MEME to farm. The MEME community playfully says everywhere on the website, DO NOT BUY MEME but the truth is one must have 1 MEME. This community never dreamed MEME would reach such prices months ago but it has. You can buy MEME here on Uniswap. MEME has traded from under $100 up to $1962.
2 – Go to dontbuymeme.com
3 – Choose one of 3 pools (Genesis, Event Series, Artist Series), each with unique, limited NFTs, assigned different prices of 1 to 150 🍍 credits. Remember, you can stake a minimum of 1 🍍, a maximum of 5 🍍, and you cannot combine credits across pools or wallets. You can earn a maximum of 5 🍍 per pool per day.
4 – Once you’re into the Pool, you must Approve spending your MEME.
5 – Then Stake 1-5 MEME in the pool.
6 – Wait patiently as you accrue 🍍 and when you have enough 🍍 to mint (Redeem) with a piece of art, click Redeem and it’ll cost you 1 transaction!
I minted…
Hi! My name is Lark Davis!
I’m a cryptocurrency investor with years of experience and I’ve been making consistent profits in the crypto space.
I’m passionate about helping others do the same, so I run multiple educational channels on crypto investing.
