$MEEM - stake tokens to earn NFTs (instant utility for bridged ERC20)

Problem: There isn’t much utility for ERC20 tokens brought to NEAR via the Rainbow Bridge. For the rest of this post I’ll refer to bridged ERC20s with the conventional nERC20 shorthand.

Solution:

  • Build a dApp to provide instant utility. Stake any nERC20 to earn $MEEM, which can then be redeemed for NFTs.
  • dApp will be owned by MEEM DAO which will vote on art commissions and dApp enhancements.

Competitive Analysis:

  • Inspired by DontBuyMeme (DBM) which had the same basic mechanic (stake a token, earn game points, redeem for NFTs). Many projects have copped this mechanic.
  • $MEEM generated by staking nERC20 will be a tradable NEP-141. This solves a common complaint: “pineapples” earned in DBM staking pools are non transferable.

Business Model:

  • Use DeFi TokeNEARmics™ to generate value with the locked nERC20 owned by the DAO.
  • Charge a small fee in $NEAR when minting NFTs.
  • With each artist drop of 3 pieces available for $MEEM (in edition of 10/50/100), auction a single edition artworks for $NEAR.

MVP:

  • If all of this sounds a bit much, I’d love to find a partner to build out a simple POC for a single nERC20 like $WAIF. The dev team and community have expressed interest in adding value with bridging after they conduct a token swap. Deck for that.
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