Nyan Cat NFT Sold for $602.000

Chris Torres, the original creator of the Nyan Cat meme, has auctioned an NFT based on his ten year old creation for 300 ETH, or more than $602.000. Torres auctioned the crypto art NFT on The Foundation, a platform for selling and acquiring digital art.

The winning bid came from an anonymous person. According to the portfolio tracker on DappRadar, the wallet contains only 239 ETH and the Nyan Cat artwork. There are no other NFTs, and no activities within the DeFi space.

Torres uploaded Nyan Cat on April 2nd 2011, and the cat with the rainbow coming from its butt, quickly became an internet hit. The pixelated cat was inspired by his own cat Marty, 'who passed away over the rainbow bridge'.

What are NFTs?

NFT is the abbreviation for non-fungible tokens, which are tokens that signify ownership over unique digital assets. These assets can for example be items in a game, crypto art, or digital collectibles. In addition it could also be a ticket for a cinema or perhaps a subscription for public transit. The usability of NFTs doesn’t end with gaming, it only starts there.

A non-fungible token can’t be swapped one-on-one with another non-fungible token. It represents something unique. That’s why non-fungible tokens can be based compared with rare art, an owned house or a signed mint edition of a certain comic book. These products are unique and in the same way a non-fungible token is unique as well. This gives non-fungible tokens also an unique value that only represents that one specific token.

What is crypto art?

Crypto art is a piece of digital art that is tokenized on the blockchain as a non-fungible token. That means that the owner of the token will always hold a proven and original copy of a piece of art. Just like physical art, there can be unlimited copies. But ultimately there can only be one Mona Lisa.

Mostly we value art for its aesthetics and cultural relevance, but above all on the ability to verify the creator and its proven rarity. With blockchain technology these last two features are part of the blockchain. Everybody can see and confirm who minted these original creations.

The concept of seeing a digital image as art, is one thing. However, for many people it will be a challenge to consider digital images as valuable. Consider this: The Mona Lisa is worth many millions of dollars. If I would paint the Mona Lisa in an exact copy, it would be worth only 50 dollars. Because we all know where the original version is. Being able to verify the authenticity and rarity of a piece of art is crucial. In the end everything can be art. It doesn’t matter whether it’s a still image, moving image, video, music or a combination of everything.