This drop includes 4 new exclusive fine art collectibles with multiple levels of supply.
— Meme ($MEME) 🍍🍍🍍 (@DontBuyMeme) September 18, 2020
Four limited-edition digital artworks will be made available to Meme Protocol stakers, in varying quantities and rarities. Users stake a maximum of 5 MEME to earn pineapple points which can be redeemed to mint a Sven Eberwein collectible artwork.
Sven Eberwein is a digital artist based in Los Angeles, who has recently found himself at the center of a cryptocurrency non-fungible token (NFT) craze. One of his recent pieces sold for more than 3.5 ETH on the NFT marketplace, SuperRare.
The Origins of MEME
The story of Meme Protocol’s inception is just about as wild as the concept itself, all beginning with a simple tweet about the idea in mid-August:
Introducing The Degenerator.
— Jordan Lyall 🍍 (@JordanLyall) August 15, 2020
The idea didn’t remain just a tweet for long, however, as it quickly went semi-viral and came to life within an impressive 30 minutes – complete with contract deployment, airdrop, and liquidity locked into Uniswap.
Despite its comedic value, the project is a fully-functional combination between the two hottest topics in cryptocurrency at the moment: Decentralized finance (DeFi) and non-fungible tokens (NFTs).
Whereas other DeFi protocols encourage the staking of tokens in exchange for platform fees or governance tokens, MEME instead rewards users with points to mint limited edition NFTs. These artworks – primarily consisting of cryptocurrency meme content – can be held, exchanged, or sold on the open market.
Rapidly gaining steam, the project was even noticed by YFI founder Andre Cronje, who ended up purchasing a “legendary” NFT from the platform, which featured a humorous rendition of himself.
@JordanLyall and I spoke when he did his satire post on thedegenerator, seeing how it transformed from a joke to a real tangible NFT product and constantly growing is really something to behold.
Sometimes the coolest products can come from a tongue in cheek meme. https://t.co/7cjdH7gkJf
— Andre Cronje (@AndreCronjeTech) September 10, 2020
The platform already has a rapidly growing community, with more than 200ETH of volume on its NFTs via OpenSea.
As of today, MEME boasts a $10 million market cap – not bad for a crypto mash-up that started as a tweet!
Moving forward, MEME will be rolling out a suite of new features, including more utility for the NFT’s minted on the platform, more artist commissions, and of course, more memes.
To stay up with Meme Protocol, follow them on Twitter.