Record-Breaking Sale: Dogwifhat NFT Sells for $4.3 Million Worth of ETH
An Ethereum NFT photo of the original Dogwifhat meme, which inspired one of the hottest Solana meme coins of the moment, WIF, was sold for a whopping $4.3 million worth of ETH early Monday. This sale narrowly surpassed the previous record held for the most expensive meme NFT ever sold.
The on-chain image features a Shiba Inu puppy wearing a knit beanie and was purchased for 1,210.759 ETH. The NFT was sold to GCR, a prominent pseudonymous crypto trader, through an auction on the digital art platform Foundation.
Just two hours before the auction concluded, the Dogwifhat NFT had only secured a top bid of 55 ETH. However, a bidding war ensued between GCR and Memeland, an NFT venture collective from the team behind social media platform 9GAG. Ultimately, GCR secured the piece with a final offer north of $4.3 million.
This acquisition officially makes today’s Dogwifhat NFT sale the most expensive meme NFT sale of all time, surpassing the previous record held by the original Doge NFT.
The Origins of Dogwifhat
The NFT was put up for sale by two South Korean pet owners who took the original photograph from the viral Dogwifhat meme in 2018. The meme features their Shiba Inu, Achi. After Foundation takes a 5% platform fee, Achi’s parents will receive the entirety of the proceeds from today’s sale.
Achi’s Rise to Fame
While a $4.3 million payday for a photo taken of a dog in a beanie is impressive, it pales in comparison to the success of Achi’s likeness in recent months. The viral Solana meme coin, WIF, which was inspired by the Dogwifhat meme, has skyrocketed since its creation in December.
WIF reached a record $3 billion market capitalization on Friday before experiencing a slight dip over the weekend. However, it has since climbed another 25% in the last 24 hours. This success is evident in the fact that several WIF community members raised nearly $700,000 last week to display Achi’s face on Sphere, the LED screen-covered arena in Las Vegas.
Despite WIF’s remarkable gains, it appears that none of the spoils have made their way back to Achi’s family. However, Monday’s NFT sale has helped rectify this situation by rewarding the rightful photographer and owner of the adorable Dogwifhat puppy.
The Power of Blockchain Technology
Smoke, who works for the organization that bought the original Doge NFT from its photographer Atsuko Sato, stated that Monday’s sale is very similar to the original Doge NFT auction. In both cases, the photographers and owners directly benefited thanks to the power of blockchain technology.
Hot Take: Memes as Valuable Art
The sale of the Dogwifhat NFT for $4.3 million highlights an interesting trend: memes are becoming valuable art pieces. What was once considered internet humor now holds significant monetary value in the form of NFTs.
This sale not only demonstrates the potential financial opportunities for creators and owners of popular memes but also raises questions about digital ownership and provenance. As more meme-inspired NFTs enter the market and fetch high prices, it becomes crucial to ensure the authenticity and legitimacy of these digital assets.
Overall, the record-breaking sale of the Dogwifhat NFT signifies the growing recognition of memes as a legitimate form of art and investment in the crypto world.
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