Nyan Cat

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A one-of-a-kind digital rendition of the Nyan Cat meme from 2011 sold for about $590,000 in an online auction on Friday. 

Over the past few weeks, online sales of nonfungible tokens, more commonly known as NFTs, have taken off, as cryptocurrencies like Bitcoin boomed. 

NFT art products — which operate as a type of digital asset or token — have in some instances sold for over $3.5 million a piece, contributing to a crypto art market that is currently valued at over $100 million.

For Chris Torres, the creator of Nyan Cat, the NFT sale represented his first foray into crypto art.

“I’m very surprised with the success, but I think I’m most glad knowing that I’ve basically opened the door to a whole new meme economy in the crypto world,” Torres told Nasdaq.

Torres remastered the original animated GIF for its 10-year anniversary and ran a 24-hour auction on the crypto art platform Foundation on Thursday. 

The platform itself had only just launched two weeks prior and allows artists like Torres to continue to profit off their work if a buyer resells the piece later on for further profit.

Bids for the Nyan Cat started at 3 Ether (ETH) or about …read more

Source:: Businessinsider – Tech


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