A dogecoin-inspired non-fungible token (NFT) was put up for purchase for 45 ETH on the cryptocurrency art platform Foundation. It is approximately worth about $69000 in the market space.
What are NFTs?
NFTs are a type of digital asset that is gradually gaining ground these days. These digital assets give proof of an artwork’s scarcity through different digital identifiers that are on top of Ethereum and other blockchains.
NFTs can be art. It can be music, collectibles, real estate, sports, fantasy football, gaming, internet ephemera and just about everything shy of thoughts.
The Nyan Dogecoin NFT is a piece of art with design by Chris Torres. He is the same artist who brought about the Nyan Cat NFT. Torres started its auction journey after first being minted in late February. Nyan Cat was put on the market and given out for an eye-popping 300 ETH (roughly $600,000 at purchase) on Feb. 19. (That same 300 ETH is now worth $451,000.)
Torres was communicating with a crypto news outlet, CoinDesk through his email. He says that his inspiration behind the Dogecoin NFT was founded on the theme of “Luck.”
“I wanted a bright and shiny coin for the piece, then decided to incorporate my style into the work,” Torres said. “I also chose a drop date with as many lucky numbers as possible, even timed down to the drop (3:33 pm).”
The Dogecoin NFT was successfully sold and handed over to the buyer Mondo. He is someone who owns and has an interest in cryptocurrency. This can be seen in his bio on Foundation that states,
“I’ve received 5000 ETH as a gift from my father back in early 2016 and then it all started…”
Torres sees Non-Fungible Token as a way to help meme lords and owners to place much value on their work. He is encouraging meme lords to monetize their memes for the value it is worth.
“Memes have always held great power,” Torres continued. “Some specific memes have been shared around the world millions of times and have become a part of our culture.”
Are NFTs artworks now a trend?
The Nyan Dogecoin sale is a part of a growing trend of NFT artwork that sells on different market platforms or art displays. Most of these artworks are generating millions.
Meme artist Ryder Ripps speaks on this trend saying,
‘Anything is worth what someone is willing to pay’.
Ripps is known as the creator of the popular 2010 meme graphic “deal with it.”
According to Foundation data, Ripps’ rights for the “deal with it” artwork went out to a buyer for 15 ETH (roughly $22,500) some days back. The artist, in an interview, states that NFTs are similar to barcodes such as those on soda bottles used to identify the item at checkout.