Nonfungible token (NFT) memes have brought mainstream attention to the world of NFTs and digital art, helping to expand the market and increase its legitimacy. The high prices paid for some NFT memes have demonstrated the value of online culture and the emotional connection that people can have to internet memes. NFT memes have also created a new way for creators and artists to monetize their work, potentially leading to new opportunities and revenue streams in the digital economy.
What are NFT memes?
NFT memes refer to internet memes that have been turned into nonfungible tokens, which are unique digital assets that are verified on a blockchain. These NFTs allow the original creators of the memes to authenticate and monetize their work. Some examples of NFT memes include the Nyan Cat, the Disaster Girl and The Keyboard Cat.
Related: What is crypto art, and how does it work?
The pixelated flying cat with a Pop-Tart body became the first meme to be sold as an NFT in February 2021 for around 300 Ether (ETH).
As the first meme to sell for such a high price, the sale of the Nyan Cat NFT was a watershed event in the NFT community. This transaction contributed to the legitimacy of the idea of digital art sales as NFTs.
A photo of a young girl with a mischievous smile standing in front of a burning house sold for nearly 180 ETH as an NFT in April 2021.
The sale of this NFT, “Disaster Girl,” proved that even relatively obscure memes might be valuable as NFTs. Also, the sale received a lot of media attention, which raised NFTs’ profile even more.
This popular Shiba Inu dog meme became an NFT sensation in 2021, with the original “Doge” meme selling for 1,696.9 ETH in June 2021.
The success of the Doge NFTs helped to cement the popularity of the Shiba Inu dog meme in the NFT space. The high prices paid for some of these NFTs also helped to generate significant mainstream media coverage.
A meme of a businessman holding a graph showing a stock’s upward trajectory sold for $10,000 as an NFT…