The ‘Doge’ meme, which depicts a Shiba Inu with a strange grin, broke the record for most expensive non-fungible token (NFT) when it sold for $4 million.
‘Doge’, widely regarded as one of the internet’s most iconic and well-known memes, sold on an auction site Zora Friday to @pleasrdao, who placed a winning bid of 1,696.9 on the cryptocurrency Ethereum, worth about $4 million, NBC News reported.
The image was put on the block Tuesday and was listed as ‘the original image that started it all’
A bidding war for the meme erupted Friday afternoon between users @twodollahotdoge and @pleasrdao, pushing the price up until @pleasrdao triumphed with the winning bid, NBC reported.
“We are so happy to be a part of this milestone in Internet history. If there’s one meme that deserves to be the new NFT meme record holder, it’s Doge,” said Don Caldwell, editor-in-chief of the internet meme database Know Your Meme.
Caldwell certified Doge ahead of the auction to ensure the meme was sold by its rightful owner, NBC reported.
The photo of the Shiba Inu named Kabosu (pictured) was taken by her owner, a Japanese kindergarten teacher named Atsuko Sato on February 13, 2010
Dogecoin represents only a fraction of Bitcoin’s $1 trillion value, but it can also be traded on crypto exchanges and popular mainstream trading apps
What are NFTs?
What is an NFT?
A Non-Fungible Token (NFT) is a unique digital token encrypted with an artist’s signature that verifies its ownership and authenticity and is permanently attached to the piece.
How do they look like?
Most NFTs contain some sort of digital artwork, such as photos, videos, GIFs, and music. In theory, anything digital could be converted into an NFT.
Where do you buy them?
Currently, NFTs are most commonly sold in so-called “drops,” timed online sales by blockchain-powered marketplaces such as Nifty Gateway, Opensea, and Rarible.
Why would I want to own one?
There are a variety of reasons why someone would want to buy an NFT. For some, the reason may be emotional value, as NFTs are seen as collectibles. For others, they are seen as an investment opportunity similar to cryptocurrencies, as the value could rise.
When were NFTs created?
Writer and podcaster Andrew Steinwold traced the origins of NFTs to 2012, with the creation of the cryptocurrency Colored Coins. But NFTs didn’t become mainstream until five years later, when the blockchain game CryptoKitties started selling virtual cats in 2017.
The photo of the Shiba Inu named Kabosu was taken by her owner, a Japanese kindergarten teacher named Atsuko Sato on February 13, 2010.
Sato shared the photos of her adopted dog on her personal blog, along with a series of other famous photos under the caption ‘Taking a walk with Kabosu-chan’
“Unbeknownst to her, one of these seemingly insignificant photos of Kabosu, with her head turned slightly to the side, legs crossed and a slight grin, would soon enter the halls of internet meme mythos,” the Doge NFT auction site, aptly titled very.auction said.
A portion of the proceeds from the sale of the NFT will go to various charities, including the Japanese Red Cross and the World Food Program, NBC reported.
An NFT is a unique digital token encrypted with an artist’s signature, which verifies its ownership and authenticity and is permanently attached to the piece.
It allows ‘original’ versions of popular online content – such as viral memes and tweets – to be sold as if they were physical works of art.
The high-profile digital assets listed for sale as NFTs include Twitter CEO Jack Dorsey’s first tweet, which raised $2.9 million, as well as the classic viral video “Charlie bit my finger” that raised $761,000.
They exploded in popularity in February and March. A single NFT of digital artist Beeple raised $69.3 million at Christie’s, in the first sale by a major auction house of works of art without physical form.
The tokens are similar to cryptocurrencies such as Bitcoin and Ethereum in that they live on blockchain networks – a decentralized, distributed ledger that records transactions of digital assets.
But unlike traditional cryptocurrencies, NFTs are non-fungible, meaning one cannot be exchanged for another. The digital assets have collectible value and can represent items including still images, GIFs, videos, music and more.
Doge has recently come back into the spotlight thanks to Dogecoin, whose logo features the famous Shiba Inu dog
The term “Doge” stems from a 2005 episode of the Flash cartoon “Homestar Runner”
Three years after Sato put her dog online, the “Doge” meme spread online, with overlapping Comic Sans text intended to convey the dog’s thoughts, and grammatically incorrect phrases like ‘feels a lot’ or ‘happy a lot’.
Doge recently came back into the spotlight because of Dogecoin, whose logo features the famous Shiba Inu dog.
Dogecoin represents only a fraction of Bitcoin’s $1 trillion value, but it can also be traded on crypto exchanges and popular mainstream trading apps.
Although the cryptocurrency has been around for a number of years, it soared in popularity after Tesla CEO Elon Musk endorsed it on social media in April.
Dogecoin hit an all-time high after it was sparked by social media hashtags promoting “DogeDay,” a holiday the coin celebrates coinciding with the April 20 date that commemorates marijuana use.