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Oct 10, 2020

5 min read

MemeFarm.io Introduces “NFT DAO”

A new way for makers and artists to get paid.

  • They can submit their NFTs to the NFT DAO. MemeFarm token holders vote to accept or reject submitted NFTs.
  • 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?

  • Farming pools work like normal — except all rewards go to the NFT DAO first.
  • 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?