In the world of digital art, a new record was set on Monday when an Ethereum-based Non-Fungible Token (NFT) of the popular Dogwifhat meme sold for a staggering $4.3 million worth of ETH. This sale has officially made it the most expensive meme NFT ever sold, surpassing previous records and solidifying the growing market for digital collectibles.
The Dogwifhat Sale
The highly coveted NFT was put up for auction on the popular digital art platform Foundation, where it caught the attention of many eager bidders. After a competitive bidding war, GCR, a notable pseudonymous crypto trader, emerged as the winning bidder with a final bid of 1,210.759 ETH, equivalent to $4,311,234 at the time.
The Dogwifhat meme features a cute Shiba Inu puppy named Achi wearing a knit beanie and was originally photographed by its South Korean owners in 2018. Since then, the meme has become a popular internet sensation and has been shared and remixed countless times across various social media platforms.
The Beneficiaries
While the record-breaking sale of this NFT is impressive, what sets it apart is that the entirety of the proceeds, around $4.1 million, will go directly to Achi’s owners. This move by Foundation is a refreshing change from the usual practice of NFT creators receiving a percentage of the sale price, highlighting their commitment to supporting and rewarding the original creators.
The bidding war for the Dogwifhat meme NFT was not just limited to individual bidders. Memeland, an NFT venture collective associated with popular online platform 9GAG, also entered the fray. However, they were ultimately outbid by GCR, securing the win for the highly sought-after NFT.
The Impact
The sale of this NFT has not only set a record but has also had a significant impact on other related markets. WIF, a meme coin inspired by Dogwifhat and built on the Solana blockchain, experienced a surge in market success, reaching a $3 billion market cap. This further cements the influence and popularity of the meme and its ability to drive interest and value in other markets.
The success of WIF goes beyond just market numbers; it also highlights the strong sense of community surrounding this particular meme. To celebrate the sale of the Dogwifhat NFT, WIF community members raised nearly $700,000 to feature Achi’s image on Sphere, a prominent LED screen-covered arena in Las Vegas. This act not only showcases their enthusiasm for the meme but also their support for its creators and the overall NFT market.
Conclusion
The sale of the Dogwifhat meme NFT has made waves in the NFT world, setting a new record and showcasing the potential of this market. With its impact on related markets and strong community involvement, it is clear that this particular meme has captured the hearts of many and will continue to be a significant player in the digital art space. As for Achi’s owners, they have received a well-deserved reward for creating such an iconic and beloved meme. So, whether you are a fan of memes or NFTs, this sale is undoubtedly one for the books.