- The meme image representing Dogecoin has sold as an NFT for $4 million.
- Know Your Meme, the internet meme database, has verified the authenticity of the NFT.
- The name of the photogenic Shiba Inu, seen in doge memes, is Kabosu
- The value of NFTs have circumvented traditional art and ownership patterns by utilizing blockchain technology.
NFTs are a digital avenue for artists and collectors to retain or exchange ownership of unique digital assets. The popularity of an NFT is dictated by demand from end-users, similar to how Beeple’s single digital artwork has grown to be worth over $69 million.
Data on the value of NFT transactions indicates a sharp decline, yet societal and community digital artwork can always turn the tide. Kabosu, the Shiba Inu image found on the popular meme coin ‘Dogecoin,’ has been auctioned off as an NFT.
Memecoin NFT Sets a New Record
Kabosu, the name of the evergreen Shiba Inu appearing in the much beloved meme, which was awarded the “Meme of the Decade” award in 2019 by Know Your Meme, has been auctioned off on the Zora marketplace. The NFT, or ‘Non-Fungible Token,’ sold to @pleasrdao for $4 million, or the equivalent of 1,696.9 ETH tokens.
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The legitimacy of the NFT was verified by Know Your Meme, a meme database. As Don Caldwell, chief editor officer at Know Your Meme, stated: “Doge is indisputably one of the most beloved and iconic memes in internet history,” adding that they had verified Atsuko’s identity before the auction.
In 2010, the already famous image of Kabosu was first posted online and quickly made the rounds on Reddit and Tumblr. Atsuko, Kabosu’s owner, ran the auction for three days before it successfully sold to the highest bidder. The last increments of the bidding took place between @twodollahotdoge and @pleasrdao, and portions of the sales revenue, according to NBC, will go to charities such as the Japanese Red Cross Society and the World Food Programme.
Doge, the Image of the Millennial Generation
Doge has become a predominant character in the cryptocurrency space as the 2021 bull run tapped into a new market of retail investors. Fueled by social media and the ease with which Gen Z and Millennials can access trading platforms, meme coins have surged in popularity. Elon Musk, whose antics in a DOGE hype campaign, aided the coin in reaching an all-time high of $0.68, made a stir in the crypto community.
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Investors and analysts have argued that Dogecoin is a “vehicle for speculation,” denoting Dogecoin’s shaky use cases. Still, reports have emerged of Dogecoin millionaires being similar to Bitcoin millionaires of the past. Elon Musk’s appraisal for Dogecoin turned sour when he flopped during his SNL appearance, sending the coin plunging down by nearly 30%.
On the Flipside
- The doge meme was popularized long before Dogecoin generated hype around the cryptocurrency.
- NFTs are speculative assets with their own associated risks attached.
- A meme coin broke into the Top 10 of coins by market capitalization, emphasizing the impact communities can have on cryptocurrencies.
An Allure for Meme Coins
Since Dogecoin made headlines, meme coins have surged in popularity. Shiba Inu coin, the self-proclaimed DOGE killer, has had a comparable impact on the market. Like DOGE, Shiba Inu has been listed on exchanges such as Binance, while DOGE entered further mainstream adoption by receiving listings on eToro and Coinbase.
Meme coins depend on the efforts of their community to generate enough hype. This was very much highlighted by eToro’s CEO, who stated that DOGE was added due to the demands of its “fanbase,” entailing that a meme coin is valuable as long as its community has enough resources to make it work.
Doge, or Kabosu, is not the only meme NFT on the market, however, it does hold the record for the highest sale price. According to HuffPost, meme NFTs are becoming popular, with “Disaster Girl” and “Overly Attached Girlfriend,” selling for 180 and 200 ETH tokens respectively.
