In a groundbreaking moment for the digital art world, a record was shattered as an Ethereum-based Non-Fungible Token (NFT) of the beloved Dogwifhat meme was sold for an astonishing $4.3 million worth of ETH. This sale has not only set a new standard for meme NFTs but has also highlighted the growing market for digital collectibles. The auction took place on the renowned digital art platform Foundation, where the Dogwifhat meme caught the attention of numerous eager bidders.
After a fierce bidding war, a notable pseudonymous crypto trader going by the name GCR emerged victorious with a final bid of 1,210.759 ETH, equivalent to $4,311,234. The meme features an adorable Shiba Inu puppy named Achi sporting a knit beanie, captured in a photograph by its South Korean owners in 2018. What truly sets this sale apart is that the entire proceeds of around $4.1 million will be directly benefiting Achi’s owners. Foundation’s decision to allocate all the proceeds to the creators is a departure from the norm in the NFT market, emphasizing their dedication to supporting and rewarding original creators.
The bidding war for the Dogwifhat meme NFT was not limited to individual bidders alone. Memeland, an NFT venture collective associated with the popular online platform 9GAG, also joined the competition. Despite their efforts, GCR outbid them, securing the highly sought-after NFT. This sale has not only broken records but has also had a ripple effect on related markets. WIF, a meme coin inspired by Dogwifhat and operating on the Solana blockchain, experienced a surge in market success, reaching a $3 billion market cap.
The success of WIF goes beyond mere market numbers; it underscores the strong sense of community surrounding this particular meme. To commemorate the sale of the Dogwifhat NFT, members of the WIF community rallied together, raising nearly $700,000 to feature Achi’s image on Sphere, a prominent LED screen-clad arena in Las Vegas. This gesture not only demonstrates their fervor for the meme but also their unwavering support for its creators and the broader NFT market.
The sale of the Dogwifhat meme NFT has reverberated throughout the NFT world, making a lasting impression and showcasing the potential of this market. Its influence on interconnected markets and the profound community engagement surrounding it highlight the meme’s ability to captivate audiences and generate value across various platforms. For Achi’s owners, this sale served as a well-deserved recognition of their creation, solidifying its place as an iconic and cherished meme in the digital art realm. Whether you’re a fan of memes, NFTs, or both, this historic sale is undoubtedly one to remember.