What started as a joke is now an innovation
Like peanut butter and jelly, chocolate, and cheese. The tastiest things are generally mash-ups.
And that’s certainly the case for Meme.
It takes the hottest two trends in blockchain – yield farming and NFTs – mashing them together in a highly innovative manner.
Indeed, you’d wonder what the developers were smoking to come up with the concept in the first place. But – in the first place – the project started out as a joke in a Telegram group and then quickly gained momentum when everyone realized it was a great idea.
The process works like this.
Users buy at least one MEME token (unfortunately they now cost around $650).
They then stake those MEME tokens via the website and start earning Pineapples.
(You can also stake Uniswap LP tokens from the ETH/MEME pool.)
Users can then spend their Pineapples to mint limited-edition art NFTs onto the Ethereum blockchain, which can then be sold on marketplaces such as OpenSea.
These NFTs range from art cards of famous blockchain personalities such as Vitalik Buterin and Andre Cronje to weird pineapple-inspired animations. After all, the project is called Meme.
In the future, the developers hope to continue in this way, using Meme as a distribution channel for cool NFT art.
As ever, it’s worth stressing that such activity is highly experimental and best left to whales with crypto to burn. Never put any value into dapps if you can afford – financially or emotionally – to lose.