NFT Farming Craze MEME Sees Token Prices Top $1,000

The majority of recent DeFi food flavored tokens have been backed by very little, and consequently end up as just pump and dump schemes.

Today’s DeFi flavor is pineapple and the protocol is doing something a little different by enabling farmers to mine non-fungible tokens (NFTs) for crypto collectibles.

Non‑fungible tokens are a special type of token on the Ethereum network using the ERC-721 and ERC-1155 standards that create verifiable digital scarcity.

Farming Non-Fungibles

Meme enables users to stake tokens to farm limited edition NFTs, or crypto art, which can then be resold on the open market on platforms such as SuperRare or OpenSea. The first exclusive digital artist collaboration with Sven Eberwein was announced over the weekend and they’re proving to be very popular. Earlier today, the artist tweeted:

“With 500 editions it is the most common NFT from the series. Momentarily the MEME x SVEN Pool has $1.8M total value locked just to farm the works.”

Staking the minimum of one MEME will earn farmers one ‘Pineapple’ per day, and staking the maximum of five will return five per day. These Pineapple points can then be accrued and redeemed to claim a crypto collectible. Farming is done on the MEME genesis liquidity pool on Uniswap which currently has almost $3 million in liquidity according to Uniswap.info.

The experimental protocol is gaining traction today as these collectibles are selling out faster than hotcakes.

Well, the 100 Hayden rares sold out in minutes.

But the common cards are ready to harvest.

It’s @haydenzadams and @SBF_Alameda

“Giving them free money, and grab them back slowly – that’s how we grow as DEXs”$MEME @UniswapProtocol @FTX_Official @SushiSwap https://t.co/cSWrjVryXD pic.twitter.com/5gqqT7S7F9

— Meme ($MEME) 🍍🍍🍍 (@DontBuyMeme) September 21, 2020

Recent endorsement and tweeting by DeFi heavyweights such as Andre Cronje, Sam Bankman-Fried, and Hayden Adams, who feature in these latest collectibles, has further inflated the current hype.

MEME Price Surging

MEME is one of the hottest crypto tokens at the moment in terms of price action. Just over the past few hours, the token has surged to hit an all-time high of $1,123 according to Coingecko.

The move marks a gain of almost 50% in less than a day, and the token is up a whopping 830% since the same time last week.

With a total supply of 28,000, MEME aims to replicate the success of YFI which, with its similarly limited supply, surged to a peak of $44,000 on Sunday, September 16.