Bittime - What is MemeFi? This is a blockchain-based NFT (Non-Fungible Token) game that carries a hilarious meme theme. This game not only provides the excitement of playing, but also offers the opportunity to earn profits through crypto tokens.
MemeFi is specially designed for fans of meme coins, such as Dogecoin (DOGE) and Shiba Inu (SHIB). At MemeFi, you can "take sides" on your favorite meme coins and compete with other communities in various interesting and profitable activities.
Let's get to know MemeFi more deeply. Starting from what MemeFi is to MemeFi Tokenomics. Keep reading this article, OK!
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What is MemeFi?
MemeFi is a blockchain-based web game inspired by crypto meme culture. This game also offers a unique concept that complements the GameFi design in general.
Characters in the MemeFi game are equipped with items and NFT tokens as main features. Players will get rewards in the form of crypto tokens for every participation, completing missions and leveling up.
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In addition to standard GameFi features, MemeFi also introduces social technology into games. Characters in the game are represented by "key" tokens.
This key is what offers benefits to holders and players. Key holders can invest in players and profit from their winnings. Interestingly, this key can be bought and sold on the marketplace.
With the public testing phase underway, players can already experience playing MemeFi and benefit from the testnet program.
MemeFi Gameplay
MemeFi allows meme coin fans to "take sides" on their favorite meme coins and compete with other communities in a variety of fun and profitable activities.
MemeFi's gameplay includes battles, from clan raids to individual duels. On the PVE (Player vs. Environment) side, players and clans can fight bosses. By defeating bosses in raids, players can get loot and in-game treasures.
Your Favorite Meme Coin Clan
Many of the top meme coins have fanatical communities that talk endlessly about their beloved memes and coins. At MemeFi, you can fight for your favorite meme coin with the entire community. Well-known meme coins such as DOGE , SHIB, WIF, and Pepe are available now.
There is no information yet whether there will be new clan additions in the future. However, the clans available in the testing phase represent the majority of the top meme coin community.
Players can join their favorite clan by paying an entry fee. However, there is a limit to the number of members per clan. By joining a clan, players can participate in clan attacks, share resources and increase income.
The clan will get stronger with each new member that joins. Clans are led by "memelords" who win their leadership status. Memelords also have the authority to change clan values and requirements.
The overall strength of a community represents the individual strength of each member and is a major factor in a clan's chances of winning battles called "raids."
Clan Attacks (Raids)
In MemeFi, players can participate in boss raids and clan raids with their clan members.
Boss raids are PVE events, with new bosses respawning every day. Players can attack one boss per day, with difficulty based on the boss's power level.
Participating in boss raids and defeating them will earn loot for the player's clan, which is then divided among members based on their contributions.
In addition, there are also clan attacks that are reset every day and initiated by the clan leader against rival clans. Clan members can join the raid within the six-hour raid window after initiation.
The winning clan will get the resources taken from the losing clan, which loses power.
The clan's chances of winning will be greater if more members support the attack. Superior performance in raids allows players to advance their clan and develop their characters.
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Investing in Character Through Key
One of MemeFi's unique concepts is "investment" in characters through "keys". Keys are a key part of MemeFi's character tokenization system, which takes advantage of the unique social dynamics of revenue sharing.
Every character in MemeFi has a key. This allows holders to invest in players and profit from their winnings.
Multiple players can purchase keys for a particular player, and there is no limit to the number of keys a person can purchase. A player's performance will determine their key value and popularity, with key trading being one of the sources of profit on MemeFi.
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MemeFi Tokenomics
MemeFi uses a multi-token system, where each token has a specific function that supports the smooth operation of the game and the game economy. Three main tokens control the MemeFi game:
MEMEFY
MEMEFI doubles as the MemeFi project's governance token and primary utility token. MEMEFI token holders form a DAO (Decentralized Autonomous Organization) that controls gaming operations.
Each holder has political influence proportional to the number of tokens they hold. Token holders deliberate and vote on important technological and financial decisions related to the project through a governance portal.
MemeFi returns ownership of the project to gamers, giving them control over the direction of the games they play. MEMEFI is also used in the game - character keys, progression items and commissions for trading keys are paid in MEMEFI.
Approximately 12% of MemeFi's total supply is allocated to community development, with 8% dedicated to user and contributor incentives. 19% is allocated to MemeFi cash, while the project team holds 10% of the total supply.
Team allocation divested for 18 months with a 12 month cliff. Lastly, 26% of the total supply will be used to support the in-game economy.
PWR
PWR is the token for the core activity in the MemeFi game. These tokens control the gameplay. According to the project, the PWR value remains stable. PWR is a measure of character strength and determines the privileges and resources available to each character at any point in the game.
PWR is used for individual raids and entry into clan raids, and can be purchased in-game. Each character has a maximum amount of PWR that can be held.
The maximum power for each character is a fixed percentage of the maximum amount of PWR ever in their balance. PWR can also be used for other in-app purchases.
TOYBOX
MemeFi introduces a third token into gaming tokenomics. The TOYBOX token is an ERC-404 standard token designed to fit into gameplay and enable more capabilities for gamers.
The ERC-404 standard is a new token creation model that combines the capabilities of fungible and non-fungible token standards.
According to the project, the TOYBOX ERC-404 token will represent the MemeFi playable character and will be used in the game. Although game access will not be restricted with TOYBOX, players are advised to hold tokens.
TOYBOX supply is 8,888, with full plans for TOYBOX to be revealed and launched during testnet and beta phases.
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Conclusion
MemeFi combines GameFi and meme coin. By combining these two crypto fields, meme coin fans can now enjoy games that incentivize and pay tribute to their favorite meme tokens.
This also introduces conventional gamers to the world of meme coins. MemeFi also incorporates new technology into its games, from keys to TOYBOX ERC-404 tokens.
Nonetheless, MemeFi is powered by advanced computing protocols and relatively new technologies and concepts. It is important to understand each of them and how they relate to users.
The testnet phase is also an opportunity to gain a clearer understanding. This deals with gameplay and other features for casual players and investors.
Ahead of the public launch, interested gamers and meme coin fans can look forward to another project focused on bringing fun to this space and offering significant rewards at the same time.
MemeFi promises an interesting and profitable gaming experience. This game combines proven GameFi elements with new innovations and technologies.
With a growing community and huge potential, MemeFi is worth looking at for gamers and crypto investors looking for new opportunities in this dynamic space.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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