The ‘Doge’ meme, which features an image of a Shiba Inu with an odd smirk, broke the record for the most expensive nonfungible token (NFT) when it sold for $4 million.
‘Doge,’ widely considered one of the internet’s most iconic and renown memes, sold on auction site Zora Friday to @pleasrdao, who placed a winning bid of 1,696.9 of the cryptocurrency Ethereum, worth approximately $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 broke out between users @twodollahotdoge and @pleasrdao Friday afternoon, driving up the price until @pleasrdao prevailed with the winning bid, NBC reported.
‘We’re so happy to be a part of this milestone in internet history. If any meme deserved to be the new meme NFT record holder, it’s Doge,’ Don Caldwell, editor-in-chief of the internet meme database Know Your Meme, said.
Caldwell certified Doge ahead of the auction to ensure that the meme was being 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 13th, 2010
Dogecoin represents only a fraction of Bitcoin’s $1 trillion value but it can likewise be traded on crypto exchanges and popular mainstream trading apps
What are NFTs?
What is a NFT?
A Non-Fungible Token (NFT) is a unique digital token encrypted with an artist’s signature and which verifies its ownership and authenticity and is permanently attached to the piece.
What do they look like?
Most NFTs include some kind digital artwork, such as photos, videos, GIFs, and music. Theoretically, anything digital could be turned into a NFT.
Where do you buy them?
At the moment, NFTs are most commonly sold in so-called ‘drops’, timed online sales by blockchain-backed marketplaces like Nifty Gateway, Opensea and Rarible.
Why would I want to own one?
There’s an array of reasons why someone may want to buy a NFT. For some, the reason may be emotional value, because NFTs are seen as collectors items. For others, they are seen as an investment opportunity similar to cryptocurrencies, because the value could increase.
When were NFTs created?
Writer and podcaster Andrew Steinwold traced the origins of NFTs back to 2012, with the creation of the Colored Coins cryptocurrency. But NFTs didn’t move into the mainstream until five years later, when the blockchain game CryptoKitties began 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 pictures of her rescue-adopted dog to her personal blog alongside a series of other famous images under the title ‘Taking a walk with Kabosu-chan’
‘Unbeknownst to her, one of these seemingly insignificant photographs of Kabosu, with her head slightly turned to the side, legs crossed and a slight smirk, would soon transcend into 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 toward several charities, including the Japanese Red Cross Society and the World Food Programme, 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 – like viral memes and tweets – to be sold as if they were physical pieces of art.
The high-profile digital assets to go up for sale as NFTs include Twitter CEO Jack Dorsey’s first tweet, which fetched $2.9 million, as well as the classic viral video ‘Charlie bit my finger’ which brought in $761,000.
They exploded in popularity in February and March. A single NFT by the digital artist Beeple fetched $69.3 million at Christie’s, in the first sale by a major auction house of artwork with no physical form.
The tokens are similar to cryptocurrencies like 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 that one cannot be exchanged for another. The digital assets have collectors value, and can represent items including still images, GIFs, videos, music and more.
Doge has recently come back into the spotlight due 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 posted her dog online the ‘Doge’ meme spread online, with overlaid Comic Sans text meant to convey the dog’s thoughts, and grammatically incorrect phrases such as ‘much feels,’ or ‘many happy.’
Doge recently came back into the spotlight due to Dogecoin, whose logo features the famous Shiba Inu dog.
Dogecoin represents only a fraction of Bitcoin’s $1 trillion value but it can likewise be traded on crypto exchanges and popular mainstream trading apps.
While the cryptocurrency has been around for several years, it spiked in popularity after Tesla CEO Elon Musk endorsed it on social media in April.
Dogecoin hit an all-time high after being fueled by social media hashtags promoting ‘DogeDay,’ a holiday celebrating the coin timed to coincide with the April 20 date that commemorates marijuana use.