Digital art cat
In an online auction on Friday, a one-of-a-kind digital rendition of the Nyan Cat meme from 2011 sold for around $590,000. As cryptocurrencies such as Bitcoin have risen in value, online sales of nonfungible tokens, or NFTs, have exploded in recent weeks. NFT art goods, which act as a form of digital asset or token, have sold for more than $3.5 million in some cases, leading to a crypto art market worth more than $100 million. Nyan Cat’s owner, Chris Torres, said the NFT sale was his first foray into crypto art.
“I’m very surprised by the performance,” Torres told Nasdaq, “but I guess I’m most glad that I’ve essentially opened the door to a whole new meme economy in the crypto world.”
For its 10-year anniversary, Torres remastered the original animated GIF and held a 24-hour auction on the crypto art site Foundation on Thursday.
The platform has only been live for two weeks and allows artists like Torres to continue to benefit from their work if a buyer later resells it for a higher price.
Bids for the Nyan Cat began at 3 Ether (ETH), or approximately $1,544.38, and ended at 300 ETH, or approximately $590,000.
Cat digital art illustration
This year marks the tenth anniversary of Nyan Cat, and to celebrate, a one-of-a-kind version of the famous GIF is being auctioned off. Nyan Cat’s creator, Chris Torres, has remastered the original animation and will sell it through the cryptocurrency art platform Foundation. The auction will begin at 1 p.m. ET today and will last approximately 24 hours.
Over the last few years, crypto art has grown in popularity, and there are now a range of digital marketplaces where collectors can buy and sell digital works, such as Zora, SuperRare, and Nifty Gateway. Beeple, a digital artist, sold a collection of works for more than $3.5 million last year, and Deadmau5, a musician, sold thousands of digital pins, stickers, and other collectibles in December.
Buyers of these works receive the luxury of “owning” a piece of digital art, to the degree that an endlessly reproducible image file can be genuinely owned. Artwork is normally sold with a license that allows the consumer to use it on a social media website, another digital marketplace, in a gaming world, or in a virtual museum for personal use. Both intellectual and artistic rights to the works are usually held by the artists.
NFTs enable buyers to confirm that a digital item belongs to just one individual, and someone paid 300 Ether — a cryptocurrency based on the Ethereum blockchain — to win an auction hosted by digital marketplace Foundation. That much Ether is worth around $605,382 at the time of writing, so it wasn’t cheap. On the livestream below, you can see how the auction started. Artists and digital marketplaces are looking to NFTs as a way to find value in their work in the future, but we’ll have to wait and see which artwork is the next to sell for such a high price.
Digital art cat tutorial
6/ The prestige of being able to claim “Just I own it and can show it” is part of the appeal of owning a collectible. And no one else on the planet is capable of doing so. Only I own and can show the certificate of authenticity, thanks to NFT. — [LTC] Charlie Lee (@SatoshiLite) 4th of March, 2021
Many people are worried that NFTs, like any other speculative asset, are being overhyped and may be the start of a digital bubble.
Beeple, the artist whose world-record-breaking NFT was sold at Christie’s, has stated that the current market bears all the hallmarks of a bubble.
People selling the NFTs, according to David Gerard, author of the 50-foot Blockchain, are “crypto grifters” who are “trying to come up with a new kind of useless magic bean that they can sell for money.”
NFTs seem to be here to stay, despite the fact that prices will fluctuate in the future.