MemeFarm.io Introduces “NFT DAO”

A new way for makers and artists to get paid.

  • The artists of the accepted NFTs then receive their share of NFT DAO’s monthly rewards. And the farmers compete to ‘mine’ those NFTs.

How does NFT DAO work?

Regular farming can be boring — users provide liquidity in assets like BNB to receive LP rewards. Instead of just getting a APY via LP tokens, farmers also ‘mine’ NFTs.

  • The DAO then splits the farming rewards 75/25 — Farmers get 75% and the opportunity to mine an NFT.
  • The DAO distributes the remaining 25% of the farming rewards to the artists who successfully have their NFTs accepted by the NFT DAO.
  • Anybody can submit NFTs to the DAO. A simple interface will be built to make this easy.
  • MemeFarm governance token holders ($MFRM) vote on which NFTs are accepted.
  • The DAO will start with a maximum of 15 NFT’s accepted by the DAO every cycle (monthly — moving to weekly once on BSC).
  • The accepted NFT’s are held in trust by the DAO until ‘farmed’ during each monthly farming period.
  • The Artists of those accepted NFT’s receive 25% of all farming rewards for that month.
  • NFT’s are not fractional — in the example that the maximum 15 NFT’s are accepted in any given month, 2/3rds of those — 10 NFT’s will be awarded to the top 10 farmers by rank.
  • It is random which exact NFT winning farmers get.
  • And to make it fair for smaller farmers, 1/3rd of the approved NFT’s (5 in this example) will go randomly to farmers with less than 10 BNB

When Launch, Sir?

Farming is LIVE! — As of 6th March 2021.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store