What’s Meme and how does it work
Let’s discover MemeCoin, a very interesting project in the NFT field.
In the latest period in the crypto world, a project that is underestimated or considered a scam but with enormous potential has been making its way. It’s called MemeCoin and it’s a project born in the explosion of Yield Farming and developed by a developer of ConsenSys. His token, $Meme, managed to make people talk about itself after it exploded, reaching 100% in 24 hours. In addition to the name, even the slogan used for the marketing of the Meme token is certainly particular: “don’t buy MEME” or “don’t Farm”. In short, it’s a sui generis project that could set off a very interesting trend in the crypto world.
Meme: farm limited edition NFT
Meme is a very young and interesting project, because it contains in its protocol some of the most important features of DeFi and Crypto Collectibles. The platform token as specified above is called $MEME and is an ERC-20 fungible token with a total supply of 28000 (very similar in concept to yearn.finance’s YFI token). With such a limited supply, in a very short time and with moderate interest from the public, the MEME token was worth $1750 each. In fact, some of the users who received the platform’s first AirDrop would now have a profit of $ 600,000! The operation of the protocol is relatively simple but requires knowledge of concepts such as Yield Farming and NFT. By staking the $MEME token, you receive reward points. These points are earned every day and are calculated based on how many tokens are staking. When the user has enough reward points, he can request a non-fungible ERC-721 token (NFT) which represents a sort of digital artwork.
NFT and OpenSea: buy sale of non-fungible tokens
NFTs are special types of tokens in the Ethereum network that are used to create scarce and verifiable digital items. Being scarce, they have an intrinsic value that represents their possession and the exclusive right of ownership. The most interesting areas regarding this type of token are currently CryptoArt and Gaming, but certainly in the future there will be the possibility of adapting them to many other areas. While the MEME token is an ERC-20, the NFTs created are ERC-721 and can be sold and bought on purpose-built marketplaces, the most famous being OpenSea. This platform was created specifically for peer-to-peer trading of scarce digital items. In fact, it is possible to buy, sell and create auctions for the 12 million digital assets with a volume transacted, since January 2018, of almost 90,000 ETH.
Meme’s NFTs are generally divided into rarities and collections that will be updated and added over time. As for the rarity we have: Relic, Common, Rare and Legendary. For each token of the various rarities you need points (called PineApple) which are currently earned in two ways:
- staking MEME directly,
- giving liquidity to the ETH / MEME pool and staking the LP tokens given by Uniswap.
The interesting thing is that there is no automatic minting of NFTs. When the user has collected enough pineapples, they must return to the site, select your NFT and make the redeem transaction.
Regardless of the name of the project and the marketing used, the MEME project is certainly an interesting idea that will be explored by crypto investors over time. The world of non-fungible tokens is a trend only in power compared to DeFi and ICOs in 2017. Time is still premature but the potential of NFTs and absolute digital scarcity is potentially infinite.
What do you think about MemeCoin? Let me know in the comments!
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