Internet Creators Profit From Early 2000s Memes By Selling “Non-fungible Tokens”

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Even though the Tartar Sauce cat died in 2019, the NFT of his famous Grumpy Cat meme sold for $ 100,859.54



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The meme makers of the early 2000s jump into the action when it comes to cashing in non-fungible tokens (NFTs), selling their viral moments for thousands of dollars.

An NFT is a unique digital token encrypted with an artist’s signature that verifies its ownership and authenticity and is permanently attached to the coin.

It sells “original” versions of popular online content – like viral memes and tweets – as if they were physical works of art.

Chris Torres, creator of Nyan Cat, sold his iconic meme for around $ 590,000 earlier this year and eventually got an award for the artwork – which he said was a big factor in why which he first looked for NFTs.

Nyan Cat – which shows a gray cat with a pop-for-body pie, flying through space – first went viral in 2011.

“No one knew who to belong to,” he told Los Angeles Magazine. “It was just kind of internet freedom. It wasn’t just showing up even though memes are sometimes a bit thought of that way.

Chris Torres, creator of Nyan Cat, sold his iconic meme for around $ 590,000 and eventually got an award for the artwork

Even though the Tartar Sauce cat died in 2019, the NFT of his famous Grumpy Cat meme sold for $ 100,859.54

Even though the Tartar Sauce cat died in 2019, the NFT of his famous Grumpy Cat meme sold for $ 100,859.54

Chris Crocker sold his infamous Leave Britney Alone video as NFT for over $ 43,000

Chris Crocker sold his infamous Leave Britney Alone video as NFT for over $ 43,000

Chris Crocker sold his infamous Leave Britney Alone video as NFT for over $ 43,000

This is just the latest popular web character to sell in the thousands.

Tardar Sauce, aka Grumpy Cat, has become the most beloved cat in the world and has been featured in all types of work. Even though she passed away in 2019, her notorious meme’s NFT sold for $ 100,859.54.

Chris Crocker’s infamous “Leave Britney Alone” video dominated when it first appeared in 2007, parodying itself in movies and on television. With the #FreeBritney movement in full swing, Crocker sold the video as an NFT for over $ 43,000.

NFTs – sometimes pronounced “nifties” – are a unique digital token encrypted with the signature of the creator that verifies its ownership and authenticity and is permanently attached to the coin.

Tokens are similar to cryptocurrencies like Bitcoin and Ethereum in that they live on blockchain networks – a decentralized, distributed ledger that records digital asset transactions.

But unlike traditional cryptocurrencies, NFTs are not fungible, meaning one cannot be traded for another. Digital assets have value to collectors and can represent items including still images, GIFs, videos, music, and more.

For creators like Torres, the sale of NFTs has inspired internet artists to buy more NFTs, even going so far as to help set up an auction for meme makers to sell their work.  (Torres pictured left in 2012)

For creators like Torres, selling NFTs has inspired internet artists to buy more NFTs, even going so far as to help set up an auction for meme makers to sell their work.  (Torres pictured left in 2012)

For creators like Torres, the sale of NFTs has inspired internet artists to buy other NFTs, even going so far as to help set up an auction for meme makers to sell their work. (Torres pictured left in 2012)

More than $ 10 million worth of NFT transactions now take place daily, according to the DappRadar website. Exchanges are made in crypto-currencies on specialized sites such as Nifty Gateway and OpenSea, on the fringes of the art world. NFT sales are made in Ether, a cryptocurrency that fluctuates in value.

What are NFTs?

What is an 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 coin.

What do they look like?

Most NFTs include digital artwork, such as photos, videos, GIFs, and music. Theoretically, anything digital could be turned into NFT.

Where do you buy them?

At the moment, NFTs are most often sold in “drops”, online sales timed by blockchain-backed markets like Nifty Gateway, Opensea and Rarible.

Why would I want to own one?

There is a range of reasons why someone might want to buy an NFT. For some, the reason may be an emotional value, as NFTs are considered collectibles. For others, they are seen as an investment opportunity similar to cryptocurrencies, as the value could increase.

When were the NFTs created?

Writer and podcaster Andrew Steinwold traced the origins of NFTs to 2012, with the creation of the Colored Coins cryptocurrency. But NFTs didn’t enter the mainstream until five years later, when blockchain game CryptoKitties started selling virtual chats in 2017.

The phenomenon is now more and more common with traditional auction houses keen to make money, lending the craze, and digital artists, even more credible.

For creators like Torres, the sale of NFTs has inspired internet artists to buy other NFTs, even going so far as to help set up an auction for meme makers to sell their work.

“These are digital collectible cards, but it’s also a new way for artists to make art. Every artist struggles, ”Torres added. “They will make art and then it will sell, but NFTs give you the opportunity when you sell your art, if it is resold, you still get a percentage of that sale.

Bad Luck Brian, the meme in Kyle Craven’s hilarious yearbook photo, sold for over $ 45,000.

Success Kid, the photo by photographer Laney Griner, then 11-month-old son Sam, sold as NFT for around $ 35,000. Sam is almost 15 years old.

The overly attached girlfriend, from a Laina Morris YouTube video satirically showing her love for Justin Bieber, sold for $ 459,260.

And in March, Twitter boss Jack Dorsey’s first tweet – “I’m just setting up my twttr” – sold as NFT for just over $ 2.9 million.

It was taken over by Sina Estavi, CEO of Malaysia-based blockchain company Bridge Oracle.

Each NFT has its own blockchain-based digital signature, which serves as a public ledger, allowing anyone to verify the authenticity and ownership of the asset.

Valuables parent company Cent confirmed that Dorsey’s now NFT tweet was sold to Estavi, who told Reuters he was “grateful” when asked to comment on the purchase.

It was purchased using the Ether cryptocurrency, for 1,630.5825601 ETH, which was worth $ 2,915,835.47 at the time of the sale, said Cent CEO and Founder Cameron Hejazi.

Rumor has it, Estavi was also eyeing an NFT from one of Elon Musk’s tweets, before the eccentric Tesla CEO turned down his $ 1.1 million offer.

Musk had tweeted an original two-minute song on March 15 that he said he was prepared to sell to the highest bidder.

The overly attached girlfriend, from a Laina Morris YouTube video satirically showing her love for Justin Bieber, sold for $ 459,260

The overly attached girlfriend, from a Laina Morris YouTube video satirically showing her love for Justin Bieber, sold for $ 459,260

The overly attached girlfriend, from a Laina Morris YouTube video satirically showing her love for Justin Bieber, sold for $ 459,260

“I’m selling this song on NFT as NFT,” he said above a clip from the dance floor.

The song’s lyrics included, “NFT for your vanity.” Computers never sleep. It is verified. It is guaranteed.

The tweet also featured a graphic of a trophy with the letters “NFT” on top.

Musk’s announcement quickly sparked a bidding war among wealthy tech aficionados hoping to salvage a digital artifact.

But just four hours later, Musk announced that he was canceling his offer to sell the tweet, writing, “Actually, doesn’t feel quite good selling this. Will pass.’

Musk may have been inspired to sell an NFT by his partner, musician Grimes, who grossed nearly $ 6 million in just 20 minutes selling his digital artwork.

The 32-year-old musician sold 10 items from a collection called WarNymph which included dramatic illustrations of winged goddesses fighting in an apocalyptic sky.

While NFTs have been around for years, their popularity has grown rapidly this year thanks to some very high price sales.

An artist named Pest Supply has raised over $ 1 million by auctioning off their NFTs containing Banksy-style graffiti, including a coin that sold for 60 Ethereum coins (ETH), or roughly $ 100,000.

And before that, a man paid $ 208,000 for an NFT with a clip of LeBron James drenched in an NBA Top Shot auction, which turns basketball highlights into NFT.

A brand new NFT outlet opened in January when Christie’s became the first major auction house to put up a token-stamped digital artwork.

The piece titled “Everydays – The First 5000 Days” includes all the works that an American digital artist known as Beeple has produced over 13 years.

The auction opened with bids of just $ 1 before the piece sold for $ 69 million.

As the NFT craze continues to heat up, investors have warned that the market could represent a doomed price bubble.

Like many new niche investment areas, there is a risk of significant losses if the hype dies down, while there could be prime opportunities for scammers in a market where many participants operate under pseudonyms.

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