A digital cat that has just been sold for an ungodly amount of cryptocurrency.
Arguably the hottest cat meme of 2011, Nyan Cat is back in the news this week after a digital replica of the artwork sold for 300 airwaves. At the time of the Friday sale, that was worth just under $ 600,000.
Welcome to the wild world of non-fungible tokens (NFTs), unique digital items that are authenticated on the blockchain and sell for over hundreds of thousands of dollars. Artists sell NFTs through digital marketplaces like Rarible and Foundation. In the latter case, the creator of Nyan Cat sold the latest version of his legendary cat.
I just opened the floodgates for the future of the meme economy in the crypto universe, no big deal ~
But seriously, thank you for believing in Nyan Cat all these years. I hope this inspires future artists to step into the #NFT universe so that they can get proper recognition for their work! pic.twitter.com/JX7UU9VSPb
– ☆ Chris ☆ (@PRguitarman) February 19, 2021
There’s a reason this all sounds so familiar. In 2017, a different breed of digital cat took the cryptocurrency world by storm.
Cryptokitties, as the name suggests, were cats on the Ethereum blockchain. At one point, the game of breeding, buying, selling, and hodeling the cats was so popular that it actually blocked the entire Ethereum network.
But that was it then.
These days even the famous auction house Christie’s is there. A company-sponsored NFT auction is slated to take place less than a week after Nyan Cat was sold.
In particular, people mint and sell all kinds of NFTs – such as the “E. Honda Gif,” which New York contributor and CoinTalk podcast co-host Jay Caspian Kang recently sold for over $ 500 airwaves.
Yes, you read that right. Someone paid the equivalent of more than $ 500 to prove via the blockchain that they owned the “original” GIF of a Street Fighter character who hit an ass.
SEE ALSO: Someone paid $ 2.6 million in fees to move $ 134 worth of crypto and oops
There is definitely no cryptocurrency bubble to be seen here.