Q1) Can you describe in simple words what MemeFarm does?
Meme Farm is an exciting new protocol that combines DeFi yield-farming and rare non-fungible tokens (NFTs). You can stake tokens to earn MFRM, like most yield-farming platforms.
Then, at the end of each week, the top 20 holders receive NFTs or non-fungible tokens. Every week, the top 3 holders receive Crypto Girlfriends. These are essentially collectible anime art pieces that are digitally scarce because there is only 1 of each character in existence. Farming will be live for 6 weeks total, and there will also be a special-edition NFT set along with a few other surprises.
Q2) We would love to hear a bit more about the team and their backgrounds
The team is a group of friends who happen to be crypto enthusiasts.
Most of the team have been around since 2013 and have seen multiple bull and bear cycles. They believe the next big wave in crypto will be NFTs, and there has always been a big fascination in crypto with anime characters so that naturally led to Crypto Girlfriends.
They decided to launch this project together because they happen to have different yet important skill sets such as marketing, graphic design, and programming.
Q3) The team behind MemeFarm is anonymous. Why did you choose to be anonymous and are there plans to reveal your identity at some point?
To us, remaining anonymous is in the spirit of crypto and decentralization. No one knows who Satoshi is, yet Bitcoin has a market cap in the billions. It’s because people should trust the code rather than the team and Meme Farm is no different. We are getting our contracts formally audited and will be releasing the report prior to launch.
Q4) You are associated with APEcoin. Could you tell us a bit more about your collaboration please.
APE is an ERC-20 token, celebrating the “ape” crypto meme in all its glory. APE explores different aspects of crypto through building a fun, experimental ecosystem around the token.
The APE ecosystem includes the following platforms built around APEcoin token: the Meme Farm yield farming dapp, the Crypto Girlfriends limited edition NFT series, and the GO APE! browser game.
Q5) Tell us something about the style of your NFTs and why you think they are appealing to crypto people?
The NFTs are custom anime characters commissioned by various artists. Each Crypto Girlfriend character is 100% custom and only 1 of each will exist.
Our NFTs are appealing for a few reasons. First of all, everyone loves NFTs during a bull market, which is what we’re in right now. A few years ago, we saw the explosion of Crypto Kitties and this year, we want it to be Crypto Girlfriends.
And secondly, each Crypto Girlfriend has a particular “personality” which makes them more fun and encourages people to collect the entire set. For example, there’s a model girlfriend, rocker girlfriend, a cheerleader girlfriend, and so on. There are 18 girlfriends in total with a special edition set of 3.
Q6) Why did you combine DeFi Yield farm with NFT girlfriends and where do you see the strengths of this concept?
We saw a big issue with yield farming as it currently stands because there typically isn’t enough buy pressure for the farmed token. Usually these farmed tokens have 0 utility besides being a “governance token” which most farmers don’t care about. They’re just in it for the quick profits.
By combining yield farming with NFTs, the farmed token has utility because holders get something tangible (and digitally scarce) in return.
Q7) Are there any projects, which you would see as a competitor and how do you stand out compared to them?
$MEME is doing something similar and although they are a competitor, their success is actually great for Meme Farm because it validates market demand for the idea of farming + NFTs. What we didn’t like about their style of NFTs was they only featured crypto personalities which has been overdone in our opinion.
Female anime characters, on the other hand, have a lot more viral potential and we have proof of this from the early success of the Waifu ($WAIF) project.
Q8) We witnessed multiple farming projects going under due to bugs in the code. Is your code getting audited?
Yes we originally planned to launch on October 5th, but due to the recent exploits such as the Eminence hack, we decided it would be best to get the code audited and delay the launch. The full details of the audit report will be released prior to launch, and of course, if there are any vulnerabilities we will fix them before the launch.
Q9) What are your mid - and - long term plans, and where would you like to see MemeFarm in a year from now?
After the initial farming phase, we plan to continue development of the APE ecosystem. For example, we are discussing building an NFT market place, and using NFTs as a trading game on the blockchain - sort of like Pokemon cards. Users can continue to farm to get more NFTs, with the Crypto Girlfriends being the rarest edition - the “Charizards” of the set.
Q10) Since we don't have the audience with us, do you have anything you would like to add?
We’ve been very busy with development and have not done much marketing yet. Most of our growth has been organic from community members sharing the project, and we want to encourage more of that.
For example, a community member asked the influencer CryptoMessiah to look over Meme Farm during his live stream. He did and commented “this is legit”, and that helped us grow our community. Also members of our community reached out to Twitter personalities like chainlinkjunie and cryptomocho who reviewed the project and tweeted about it.
So we encourage everyone who likes this idea to come check out our project (our Discord is a great place to start), and engage in our awesome community to help grow Meme Farm.
Meme Farm Website: https://memefarm.io/
APE Website: https://apecoin.dev/