You can learn all the details about NFT, and even methods of creating your own token, from our other article. I highly recommend checking it out- it’s a good read. But if you don’t have the time to read the article, don’t worry, I’ll briefly summarise everything you need to know about NFT’s. . An NFT/Non-Fungible Token/Token, or whatever you want to call it, is a proof of originality assigned to a digital asset. It acts as proof of ownership (separate from copyright) in the form of a unit of data stored in the blockchain.
NFT memes - funny but expensive images
NFT is a relatively young phenomenon on the cryptocurrency market, but also very quickly growing in value. Specialists speculate that it may be another speculative bubble, like BitCoin or Etherum, but I do not know that much, so I will not comment. In any case, the undeniable fact is that some NFT in the form of e.g. collector’s cards, or graphics and paintings can reach values of hundreds of thousands of dollars and sometimes even more.Investing in such digital assets seems fairly reasonable, as physical equivalents of such goods often have even greater collector value.
Somewhat less comprehensible, however, may be the value that NFTs attributed to Internet memes can achieve. Currently, the most expensive internet meme has been sold for 1,696 ETH (nearly $5 million). This isn’t a joke. Someone paid that much money for this Doge photo and it’s not even like he’s the only one who can use it now. By posting this picture here I am not breaking anyone’s copyright. The way the NFT works is that the owner has ownership rights to the original, but copying that original is perfectly allowed. It works a bit like having an autographed photo.
The most expensive memes
The above-mentioned example does not stand out, when it comes to the dizzying amounts of money someone has paid to own the property rights for funny pictures. In fact there are more such cases than you might think. Below I gathered the highest valued meme-related NFTs.
Chris Torres’ 2010 10th anniversary GIF has been revised by the author and auctioned off as NFT. The auction started at 15 ETH and closed at 300 ETH, which means that in terms of the current currency exchange rate, a funny gif of a Pop-Tart cat is worth more than $883,000. You could say that creating this meme paid off, after only 10 years of waiting.
Photo of a girl who sat her own house on fire became popular in 2008, because it won the ‘Emotion Capture’ contest in ‘JPG’ magazine. I don’t know what kind of contest it was, nor what kind of magazine it was, because I found it all out from wikipedia, but in any case, this picture also waited a few years, turned into thousands of different memes and earned a huge amount of money after being turned into an NFT. The amount the photo went for was 180 ETH, or almost $610,000.
Bad Luck Brian
Memes with a photo of Brian, or actually Kyle, because that’s his real name, may be a bit cringe-worthy, but someone was willing to pay a lot for that photo. 9 years after its release (because the meme is from 2012) it was made into an NFT and sold at auction for 20 ethereum, or almost $59,000 at today’s exchange rate.
One more cat on today’s list. Since 2012, the picture of the disgruntled cat was not only the basis of a very large number of memes, but the image of the cat itself was heavily commercialized and it can’t be said that it didn’t earn money on its popularity. As if that wasn’t enough, it was eventually auctioned off as an NFT and sold for 44.2 ETH, which gives us a value of almost $150,000 in conversion.
The boss-baby is also a pretty famous figure on the internet. The photo appeared in 2007 and since then I don’t even know how many memes have been created with him, but certainly more than I can count. Success Kid NFT was put up for auction and eventually sold for 15 ETH which is about 50,000 USD at today’s exchange rate.
The total value of the several memes mentioned is 559 ETH, or just under $2,000,000 as of today. I’m not even including the whole Piese thing anymore, which alone costs more than 2 times as much. Even some 10/15 years ago, nobody would have even thought that internet memes could reach such huge values. What’s the moral of all this? The Ethereum blockchain is a modern and innovative technology that gives us many interesting possibilities. NFT tokens are just a part of the functionality it enables.
Author: Adam Gałęcki
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