Non-Fungible tokens (NFTs) are currently the most mysterious crypto phenomenon. These blockchain-based items are composed of music, photos, and videos that have been given distinct, non-exchangeable, and verifiable blockchain addresses.
Just like a trading card, these identities may be purchased, traded, or exchanged. For a long time, NFTs have been generating much news.
However, people are accustomed to NFTs for artwork, videos and music, among others. Now memes are the latest trendy matter in this sector.
Many individuals who are popular for creating memes can now profit by turning them into NFTs. Of course, the fortunate meme creators can earn vast sums of money. It is important to realise that the value of NFTs, like that of cryptocurrencies, relies on their perceived worth from the perspective of the general population.
The good thing is that NFTs can be created by anybody as no one has a copyright for them. However, those NFTs which are of good value and created by popular people, such as celebrities, maintain high value in most cases.
Normally, the depiction, not the creator, determines the perceived value of the NFTs derived from memes. For instance, some pictures and movie snippets have grown to global comedic popularity because of being changed and re-adapted over and again on the web. When they are circulated on major platforms, they gain popularity, resulting in high monetary values.
Don Caldwell, editor-in-chief of the meme site "Know Your Meme," informed NBC News, "It has been very interesting to see how this gold rush has developed."
"It is really tough to profit from being a meme creator. We have met with several folks who have become meme creators and have struggled to profit from their work."
Here are a few of the most popular memes that have been auctioned for much money in the recent past.
The Disaster Girl
When Zoë Roth, or the Disaster Girl, auctioned an NFT of her famed photograph in which she gazed at the camera while some homes were in flames, she made 500,000 USD in Ethereum.
These days, Doge is all around us. The coin is on its way to the moon, and the NFT based on the Doge fetched a hefty sum of money.
It was purchased for a record-breaking 4 Million USD in Ethereum on June 2021. In 2010, a simple photograph of a Shiba Inu called "Kabosu" was captured. It has subsequently proliferated over the web in some fashion.
Overly Attached Girlfriend
In April, the iconic meme of the girl who appears to be bubbling in love was purchased for 411,000 USD in Ethereum. Laina Morris, the embodiment of the meme, spoke with Mashable about the meme's legacy.
Recall the fist-pumping child who appeared in a meme whilst perhaps getting chips from the bottom of a takeaway bag? That was bought for 15 Ether or 32,355.75 USD.
A meme of a floating Pop-Tart cat with a rainbow coming out of its tail was purchased for 590,000 USD. Yeah, it is true. What an amazing world we live in.
Notably, Ethereum was a means of payment in the mentioned NFT meme auctions cited here.
In the meantime, the buzz surrounding NFTs has resulted in a rise in the value of Ether, implying that those meme celebrities who hung on to their cryptocurrency holdings gained even more profit from these auctions.
What a crazy world of digital assets and NFTs in particular.