In a groundbreaking turn of events in the realm of digital art, a new record was established with the sale of an Ethereum-based Non-Fungible Token (NFT) featuring the famous Dogwifhat meme. The staggering amount of $4.3 million worth of ETH was exchanged for this coveted digital collectible, setting a new milestone in the NFT market.
The highly sought-after NFT was auctioned on the renowned digital art platform Foundation, attracting a flurry of eager bidders vying for the chance to own a piece of internet history. Amidst a competitive bidding war, GCR, a notable pseudonymous crypto trader, emerged victorious with a final bid of 1,210.759 ETH, equivalent to $4,311,234 at the time.
The Dogwifhat meme features a charming Shiba Inu puppy named Achi donning a knit beanie, originally captured in a photograph by its owners in South Korea back in 2018. Over the years, this meme has gained immense popularity, being shared and recreated countless times across various social media platforms, solidifying its status as an internet sensation.
What sets this record-breaking sale apart is that the entirety of the proceeds, approximately $4.1 million, will directly benefit Achi’s owners. This move by Foundation deviates from the norm of NFT creators receiving a percentage of the sale price, underscoring their dedication to supporting and rewarding the original creators of the meme.
The sale of the Dogwifhat meme NFT not only set a new record but also had a ripple effect on connected markets. WIF, a meme coin inspired by Dogwifhat and operating on the Solana blockchain, witnessed a surge in market success, reaching a $3 billion market cap. This surge underscores the meme’s reach and influence in driving interest and value in other markets.
Beyond market impact, the success of WIF highlights the strong sense of community surrounding the Dogwifhat meme. To commemorate the sale of the NFT, WIF community members raised nearly $700,000 to showcase Achi’s image on Sphere, a prominent LED screen-covered arena in Las Vegas. This gesture not only reflects their passion for the meme but also their backing of its creators and the broader NFT market.
The sale of the Dogwifhat meme NFT has made significant waves in the NFT world, establishing a new milestone and demonstrating the potential of this burgeoning market. Through its influence on interconnected markets and robust community involvement, it is evident that this particular meme has captured the admiration of many and will remain a key player in the digital art landscape. Achi’s owners have rightfully earned a substantial reward for their creation, making this sale a standout moment for fans of memes and NFTs alike. This unprecedented transaction emphasizes the transformative power of digital art and the evolving landscape of blockchain technology within creative communities.
Leave a Reply