In a groundbreaking moment for the world of digital art, the Dogwifhat meme NFT set a new record on Monday by selling for an astounding $4.3 million worth of ETH. The sale took place on the popular digital art platform Foundation, where it attracted a flurry of eager bidders.
Following a heated bidding war, GCR, a prominent pseudonymous crypto trader, emerged victorious with a final bid of 1,210.759 ETH, equivalent to $4,311,234. The meme, featuring a cute Shiba Inu puppy named Achi sporting a knit beanie, has been a viral sensation since its creation by South Korean owners in 2018.
What makes this sale truly remarkable is that the entirety of the proceeds, totaling around $4.1 million, will go directly to Achi’s owners. Foundation’s decision to allocate the full sale amount to the original creators is a departure from the norm in the NFT space, emphasizing their dedication to supporting and rewarding artists.
The bidding war for the Dogwifhat meme NFT was not limited to individual buyers. Memeland, an NFT collective linked to popular platform 9GAG, also vied for the prized digital asset but eventually conceded to GCR. The sale’s impact extended beyond the NFT market, causing a surge in the market cap of WIF, a meme coin inspired by Dogwifhat on the Solana blockchain, which reached $3 billion.
The success of WIF underscores not only financial gains but also the strength of the community built around the meme. Members of the WIF community raised nearly $700,000 to showcase Achi’s image on Sphere, an LED screen arena in Las Vegas, to commemorate the NFT sale. This collective effort not only reflects their passion for the meme but also their solidarity with its creators and the broader NFT ecosystem.
The sale of the Dogwifhat meme NFT has made a significant impact on the NFT market, setting a new benchmark and demonstrating the potential of digital collectibles. With its influence on related markets and the enthusiastic community engagement it has inspired, the meme has clearly resonated with a wide audience and is poised to remain a key player in the digital art realm. Achi’s owners have rightfully received recognition for their creation, marking a milestone in the convergence of memes and NFTs.
The sale of the Dogwifhat meme NFT stands as a testament to the power of creativity, community, and innovation in the digital art space. Whether you are a fan of memes, NFTs, or simply fascinated by the evolving landscape of digital assets, this record-breaking sale is a momentous event that will be remembered for years to come.