Is it possible to sell rare versions of digital art for a decent amount? After today, the answer would be a resounding yes. Chris Torres sold his Nyan Cat art, or to be more specific, a unique cryptographic hash of it, for 300.00 ETH (about $569,427 USD currently) in a blockchain-powered NFT auction. This was the artist’s first experiment with nonfungible tokens (NFTs), a type of digital asset that are both scarce and uniquely identifiable. Read more for a video explaining NFTs and additional information.
Before NFT, creators of memes would often see little or no compensation for their work, other than internet notoriety. Some of the more fortunate creators managed to score book deals, while others sold t-shirts and merchandise. An ultra rare Crypto Punk variant recently sold for 605 ETH ($1.1 million), which makes the NFT-based art market now worth over $100 million, thanks to the success of cryptocurrencies.
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Going once, going twice, sold! 🌈
Thank you to @PRguitarman for bringing us along for the historic ride. 🌐 @NyanCat forever. 💖
Rewatch the auction live stream → https://t.co/XJQI2O0Ula pic.twitter.com/ywpgglnGiw
— Foundation (@withFND) February 19, 2021
I am still relatively new to crypto in general, but I see its full potential. I’m very surprised with the success, but I think I’m most glad knowing that I’ve basically opened the door to a whole new meme economy in the crypto world, said Torres said.