iFarm Manor — the Project that combines Yield Farming, NFTs and Blockchain gaming.
The unprecedented interest for DeFi projects, coupled with the incredible explosive increase in value of crypto markets, gave rise to a multitude of interesting and new promising projects. iFarm Manor, is one of these projects, it aims to combine the concepts of yield farming, non-fungible tokens (NFTs) and blockchain gaming.
The “whys” and “hows” of iFarm Manor
The team behind the project designed an ecosystem centered around the iFarm token. The token can be used for staking, generating various rewards, in the form of other tokens or other assets, such as the rare and exclusive NFTs from the MemeCa$h collection. The NFTs can be traded on the marketplace platform developed specifically for the project. These non-fungible tokens can be sold in an auction format, opened to all those who are interested.
To incentivize and stimulate community and public interest, NFTs can be earned and used throughout the Manor Farm gaming experience. Thus, the project provides an aspect of relaxation and fun, creating a much needed opposite contrast to the boring and monotonous world of token farming.
An interesting aspect of the project is that fact that it uses two blockchains. iFarm tokens and NFTs being issued on Ethereum blockchain, while the marketplace and the game are being developed taking advantage of the Polkadot framework, resulting in lower-cost and faster transactions. Therefore, iFarm Manor aims to take advantage of technological developments in both blockchain ecosystems, whilst connecting users from both communities.
Economics and governance
The main advantage of cryptocurrencies is that they are generally issued in limited quantities. A general rule of economics states that when an assets’s scarcity increases, it’s value will also increase over time. The iFarm Manor project takes the concept of limited offer one step further though. Through the deflationary system, a percentage of the profits from the sale of NFTs on the marketplace is automatically burned. As a result, the number of iFarm tokens decreases over time, thus favoring their increase in value.
A key aspect is the implementation of a user based system of governance (DAO) placing the power into the hands of the crypto community, allowing token holders to take part in the decision making, regarding the future evolution of the ecosystem.
The iFarm Manor project was came into being in December 2020 and launched a Private Sale of iFarm tokens starting January 4th, 2021.
500,000 iFarm tokens have been issued on the Ethereum blockchain, of which 200,000 will be available in private sale. The price of a token is $3.5, with a 20% bonus. The Public Sale of iFarm tokens will take place at the end of January 2021, the price of tokens increasing to $4.2.
Although it is still in its inception, the concepts behind the iFarm Manor project arise and generate interest. In addition, the collaboration with MemeCa$h for NFTs, holds the potential to support a rapid development of a user-community. However, it remains to be seen whether they will be able to attract enough funds in order to develop all the aspects of the project as set out in the roadmap.