MemeFarm Launches Phase 1 of the First NFT DAO, Supporting Creators and Collectors of Digital Artwork

FLORIDA, USADec 29 2020Blockchain Wire

MemeFarm (https://www.memefarm.io/) today announced the launch of the first Crypto Farm which shares rewards with artists. MemeFarm’s innovation lies in Non-Fungible Token Decentralized Autonomous Organization, or the NFT DAO. The initial farming is the bootstrapping of the MFRM token. The beginning of the MFRM token was a fair launch, with an announcement ahead of the start to community channels, and giving an equal chance to participate. There was no pre-mine, except a small amount to be burned to start the liquidity pool. We are committed to transparent, fair, and open processes and communication for an organic community. We’ve also got integration with Binance Smart Chain on our roadmap. MemeFarm’s concept is a new way for creators & artists to commercialize their work via NFTs, and for the global blockchain community to support digital artwork while participating in the “yield farming” craze popularized by DeFi projects like Sushi and Yam.

Today, creators & artists have few choices in how they profit from their NFTs. They can either find buyers themselves or set up an auction through platforms like Rarible, where their success depends on how well they market their creations and how hard they work to establish a market price. MemeFarm simplifies this process with a novel system. First, creators submit their NFTs to the NFT DAO, then MemeFarm governance-token holders vote to accept or reject the NFT. When an NFT is accepted, its creator receives a share of the NFT DAO’s monthly rewards, and users compete to “mine” those NFTs.

In the NFT DAO solution design, 25 percent of all farming rewards go to creators to establish a competitive marketplace. Farming pools work like normal, but all rewards go to the NFT DAO first. The DAO then splits farming rewards 75/25, with farmers getting 75 percent and the opportunity to mine an NFT. Anyone can submit NFTs to the DAO through a simple, user-friendly interface.

“Our hope is that one day great artists like Banksy decide to produce exclusive NFTs and submit them to the NFT DAO, instead of a regular auction,” said Mark Berisha, CEO at MemeFarm. “This would mean you couldn’t bid on the artwork -- you’d have to farm on MemeFarm for a chance to own the NFT. This model has the potential to expand in many ways, and we’re excited to share it with the crypto community.”

MemeFarm plans to expand its reach beyond artwork to audio NFTs, 3D-printed schematics, and other valuable, digital-only goods. To learn more about the project, and participate in initial farming please visit https://www.memefarm.io/.

ABOUT MEMEFARM

MemeFarm (https://www.memefarm.io/) is the first Non-Fungible Token Decentralized Autonomous Organization, or NFT DAO. MemeFarm is a new way for creators to commercialize their NFTs, and for the global blockchain community to support digital artwork. Anyone can submit NFTs to the DAO through MemeFarm’s simple, user-friendly interface.

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