A digital recreation of Chris Torres’ Nyan Cat meme went on sale on Thursday and sold for an astonishing 300 ETH, worth $580,000.
In an interview Torres said that he felt that he had opened “the floodgates,” in terms of the non-fungible token (NFT) industry.
The NFT revolution is upon us, as it continues to drive staggering sales for seemingly worthless things. The digital assets built around the NFT enable internet phenomena such as Nyan Cat to sell for such large sums.
It's a strange too because the buyer wasn't acquiring copyrights, but rather “bragging rights”. Whoever that anonymous crypto wallet was, they have a clear message to send to the internet. This is my ORIGINAL copy of the Nyan Cat and as for the rest of us, we own silly imperfections often shared in gritty resolutions.
NFTs are proliferating. A user bought “bragging rights” for a clip of LeBron James blocking a shot, immortalizing this moment for their own collection for $100,000. Paying this much for something physical would make perfect sense but going six-figures on a digital asset is a new level of perceived ownership.
The NFT technology is more secure than you might expect. Every consumer gets a unique identifier and token to make sure that this is YOUR specific token and that no duplicates can exist. Sure, the market is still nascent by all estimates, but watch out because it's growing fast.
Collectors are quite willing to spend a pretty, and often imprudent, penny to have a digital memorabilia to display on LED screens around their homes. And, NFTs are only getting started. Just like Bitcasino, FortuneJack and 1xBit were a little out of the mainstream scope a few years ago, so are NFTs now gaining tons of momentum and quick.
In fact, last week we posted news about the growing power of the NFT economy, generating $63m in sales in just 30 days!