A non-fungible token (NFT) inspired by dogecoin was sold for 45 ETH, about $ 69,000 in purchase, on the cryptocurrency art platform Foundation.
NFTs are a type of digital asset that causes great excitement today. They provide evidence of the scarcity of a work of art through unique digital identifiers built on Ethereum and other block chains.
Chris Torres’ Nyan Dogecoin NFT, the same artist who created the Nyan Cat NFT, began its auction journey after it was first coined in late February. Nyan Cat was sold for eye-popping 300 ETH (about $ 600,000 in purchase) on February 19. (That same 300 ETH is now worth $ 451,000.)
Torres told CoinDesk via email that his inspiration for Dogecoin NFT was based on the “Luck” theme.
“I wanted a shiny and shiny coin for the piece, so I decided to incorporate my style into the work,” said Torres. “I also chose a delivery date with as many lucky numbers as possible, even timed until delivery (15:33).”
Dogecoin NFT ended up finding a home with buyer Mondo, whose biography at the Foundation states: “I received 5000 ETH as a gift from my father in early 2016 and then it all started …”
“Memes have always had great power,” said Torres. “Some specific memes have been shared around the world millions of times and have become part of our culture.”
Torres sees NFTs as a way for memelords to monetize their creations more fairly.
The sale of Nyan Dogecoin joins a growing trend of NFT art being sold in a variety of markets, with some pieces reaching millions.
“Anything is worth what someone is willing to pay,” meme artist Ryder Ripps told CoinDesk. Ripps is the self-declared creator of the popular 2010 meme graphic “deal with it”.
According to data from the Foundation, Ripps’ rights to the “deal with it” artwork were sold for 15 ETH (about $ 22,500) on Thursday. The artist, however, compared NFTs to barcodes, such as those on soda bottles used to identify the item on the box.
“I don’t think you should buy something just because it has a barcode,” said Ripps before admitting that Torres’ Nyan Cat was worth a lot.
“These things are very culturally relevant,” added Ripps.