The iconic picture of a smirking Shiba Inu has just become the most expensive meme to ever sell as a nonfungible token (NFT). On Friday, the Doge NFT sold for $4 million in an online auction on Zora, with the winning bidder paying with the cryptocurrency Ether. The money goes to Atsuko Sato, a kindergarten teacher who owns the actual canine in the meme, Decrypt reported.
NFTs are virtual assets linked to a blockchain, a group of computers that act as a digital ledger that no single computer can change. They are different than traditional cryptocurrencies like Bitcoin, because each NFT has its own unique identity. A NFT can be used to represent a real-world object, a virtual game character or even an art piece like a Van Gogh painting. The value of the NFT is based on its scarcity and the desire to own it, much like an autographed baseball card or piece of fine art.
While the Doge NFT has a high market cap, it is not yet available on mainstream exchanges. But that might soon change as the cryptocurrency industry expands. Binance recently announced that it will list the Doge NFT, making it available to a wider audience. The move will allow users to buy and trade the Doge NFT with crypto or fiat currency.
Adding the NFT to MetaMask will allow users to see their holdings and participate in a number of NFT-related activities. It will also make it easier for newcomers to enter the space. Users can import the NFT manually or use a Chrome extension to do so quickly.
Kia recently launched an NFT campaign tied to its Super Bowl ad. The main character from the commercial was a robot dog that chased down a man driving a Kia EV6. In the real world, Kia will donate proceeds from sales of the NFT to The Petfinder Foundation, a nonprofit that helps homeless pets find homes.
The NFT is available on the Sweet platform, a leading provider of NFT marketing and engagement programs for top creators, sports, entertainment and consumer brands. Its NFT platform uses a scalable monetization model that allows brands to create, distribute and sell virtual assets at scale. The company has worked with over 400 of the world’s leading media, sports and entertainment companies. It also partners with top creators and athletes to create and monetize their own virtual goods. Sweet’s client roster includes YouTube stars, professional athletes and celebrities. In addition to promoting and monetizing NFTs, Sweet’s technology powers loyalty and rewards programs for some of the largest brands in the world. Sweet is headquartered in New York and has offices around the globe. dog nft