MemeFarm, the self-described “first Non-Fungible Token Decentralized Autonomous Organization, or NFT DAO,” has launched a Crypto Farm that rewards artists for contributing to it, according to a press release from the group.
The release describes how it rewards creators, stating:
“Today, creators & artists have few choices in how they profit from their NFTs. They can either find buyers themselves or set up an auction through platforms like Rarible, where their success depends on how well they market their creations and how hard they work to establish a market price. MemeFarm simplifies this process with a novel system. First, creators submit their NFTs to the NFT DAO, then MemeFarm governance-token holders vote to accept or reject the NFT. When an NFT is accepted, its creator receives a share of the NFT DAO’s monthly rewards, and users compete to “mine” those NFTs.”
Speaking on the matter is the CEO of MemeFarm, Mark Berisha, who said:
“Our hope is that one day great artists like Banksy decide to produce exclusive NFTs and submit them to the NFT DAO, instead of a regular auction. This would mean you couldn’t bid on the artwork — you’d have to farm on MemeFarm for a chance to own the NFT. This model has the potential to expand in many ways, and we’re excited to share it with the crypto community.”
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