Cryptocurrency investors and digital assets collectors have now been able to obtain new digital collectibles by staking their MEME tokens. Something that started as a joke, actually got build and is now taking the scene by storm. In the past seven days Meme Ltd generated over 58 thousand dollars in trading volume according to data from Opensea.
It has just been one month ago when Jordan Lyall, developer at Consensys, made a joke about the current state of decentralized finance. Someone else then turned his joke into an actual product, and now MEME is actually a thing. Many of the collectibles have already sold out.
Players, collectors, or investors (I am not sure how to name them) need to buy some MEME tokens from Uniswap. After that, these tokens need to be staked. Based on the amount of staking, players will earn pineapples. These pineapples can then be used to buy digital collectibles. These collectibles refer to several people from the crypto space, including Craig S. Wright, Changpeng Zhao and Sergey Nazarov.
Even though the project started as a joke, It has now become something very real. However, MEME hasn’t be properly audited yet. Users can stake a maximum of 5 MEME, which would currently be close to one thousand dollars. In the past 24 hours the value of MEME increased 63 percent. The token launched for 16 dollars one month ago.
One of the legendary card of the Sergey Nazarov sold for 7.7 ETH, after which it was relisted and sold for 77 ETH. That’s 29 thousand dollars. The seller than donated 68 ETH to the MEME DAO. He asked to send 7.7 ETH to Gitcoin and 7.7 ETH to the artist who created the card.
Decentralized finance changed forever
One year ago we hardly spoke about decentralized finance. Nowadays news developments are popping up on a regular basis. After staking cryptocurrencies and earning YAM, SUSHI or whatever other food, now users can earn non-fungible tokens. This changes everything. These are developments many projects with a native tokens will be looking at. Having users stake their tokens, creates rarity on the market. This heavily influences the price, development funds and of course brings media attention.
Imagine when Rarible would incorporate a similar system onto their platform. Collectors would be staking RARI to gain purchasing power which would give them exclusive access to very limited edition artworks. However, these artworks are limited in supply and once purchased the user’s power is back to zero. It’s a way of adding gamification to the concept of putting money on the bank.
What about gaming?
This concept can also be used inside games. It actually makes a lot of sense to allow gamers to do more with their tokens. Locking away certain tokens, being rewarded, and then being able to obtain perks from spending those rewards. In League of Kingdoms landowners would be able to sign up their land to the government, and earn rewards based on the load. In Neon District players could show support to their syndicate leader (or overthrow them).
Gods Unchained already has plans to allow players to generate new cards, based on existing cards in their portfolio. This would also be a way to generate rarity. However, these cards will be burned and never come back. What’s so brilliant about the MEME token is that you can stop staking your MEME, sell the tokens and keep the digital collectibles.
Robert Hoogendoorn is a gamer and blockchain enthusiast. He got in touch with crypto in 2014, but the fire really lit in 2017. Professionally he’s a content optimization expert and worked for press agencies and video production companies, always with a focus on the video games & tech industry. He’s a content manager and creator at heart, working on Play to Earn and for a variety of third party magazines and websites.