YIP: Farmer's Market (NFTs)

YIP FARMER’S MARKET: A 3 POINT PLAN TO CREATE SECONDARY VALUE FOR HOLDING YAM

SUMMARY
YAM is in the unique position of being the original food farming token. We have tremendous first mover advantage and brand value that can be utilized to further support the stability of the YAM token and fortify our community standing. I am introducing a three phase plan to create value to increase our greater community awareness, build into the hot NFT market, and return higher value to YAM holders.

PHASE I: MEME & ART CONTEST
Bear with me. I propose we allocate 1000 yUSD from the treasury to support a community organized meme contest. This contest will run for a period of one week, where community members will create original YAM meme and artwork. They do not strictly have to be humor based. After one week, the YAM community can vote for the ten best selections which the creators will be rewarded 100 yUSD each and the artwork shall be tokenized into an NFT for the Farmer’s Market.

PHASE II: STAKING YAM FOR SEEDS
A new section will be added to the Farm tab, where users can stake YAM to generate tickets. Staking YAM will slowly accrue a new ERC-20 called SEED. I suggest using a quadratic accrual system to reward YAM stakers based on the balanceOfUnderlying deposited. Holding one pre-rebase YAM for a blocktime equivalent of one month should reward one full SEED token. The token is free to be speculated and traded on the greater market.

PHASE III: THE FARMER’S MARKET
I propose we create a market contract that will hold the limited edition NFTs minted from the meme and art contest. These NFTs can be given various levels of rarity and further enhancements such as signed by the artist or Ethereum and YAM community members. The market contract will exchange NFTs for a fixed number of SEED based on the desirability of the NFT. When a user exchanges SEED for their desired NFT, the contract will burn 90% of the SEED and convert the remaining 10% into stablecoin to reward the original creator of the artwork.

  • 1 SEED = COMMON NFT (500 PCS * 10 SELECTIONS) NO BORDER
  • 2 SEED = UNCOMMON NFT (250 PCS * 10 " ") GOLD BORDER
  • 10 SEED = RARE NFT ( 50 PCS * 10 " ") HOLOGRAM BORDER
  • 25 SEED = SPECIAL NFT ( SIGNED BY ARTIST/COMMUNITY, special effect, GIF etc)

MOTIVATION
This proposal will utilize our advantage as a first mover in this space and bring YAM into NFTs, enhance community awareness, and deliver value to YAM holders.

SPECIFICATION

  1. A voting page will need to be setup for YAM artwork submission. YAM holders will vote and the top 10 selections will be tokenized into NFT.
  2. An ERC20 will be created and rewarded over time to YAM stakers in a separate section than the Farm tab. Holders in the LP pool cannot participate in both.
  3. The farmer’s market contract must be made to hold the tokenized NFTs. The market will follow above rough specification with regard to SEED and NFT distribution. Original artist further rewarded in stablecoin based on popularity of their piece.

All values are open to discussion and change. I strongly advise the community works to refine economically sustainable redemption values especially with regard to SEED tokenomics.

4 Likes

It’s interesting. YAM meme will be powerful. Let we try it

1 Like

I like this idea. NFT is kind of culture which Yam should be part of it.

1 Like

I think for the time this could be implemented the NFT memes would fade away.

1 Like

Yeah no one will care about NFTs in a month

This should not be a priority. It would be better to wait

希望可以让yam更加强大

:smile:

We can refer to DEGO’s design ideas. This coin has many advanced ideas。

NFT’s hot spots soon dissipated, just like MANA’s hot and cold

it would be a good way to engage with yam holders and promote positive social media opportunities

it is a very good starting point as an initial idea

This is the kind of thing we could fund with the YAM Factory. The idea may be worth doing but we don’t internally have the time to do it. The proposer can come up with the idea and submit and we can give feedback, or they can get a team together and propose to start building it. We could provide funding to help pay for that time in return for housing it under the YAM umbrella.