Have you heard of Nyan Cat? In 2011, he swept the internet and became one of the most well known memes. Now, a decade later, the creator has auctioned him off on NFT’s Crypto Art platform for 24 hours, settling the bid for 300 Ethereums (ETH), close to $600,000.
What is NFT? The full name of NFT is Non-Fungible Token. It has unique and irreplaceable characteristics. NFT uses the same technology on the blockchain as bitcoin and Ethereum. However, the difference is that Bitcoin is a Non-Fungible Token that can be used for virtual transactions, exchanging currencies, etc., while NFT uses blockchain technology to link to non-unique digital assets, such as buying signatures, artworks, and other items.
NFT’s bidding process will be made public throughout the entire process, selling goods such as sporting events, tickets, accounts, memes, and artworks. Twitter founder Jack Dorsey once posted “just setting up my Twitter” as an NFT in 2006 and sold it for nearly $3 million. The most important feature of NFT is that it is unique. Even though Rainbow Cat can be seen everywhere online, there is only one in the world. Like the Mona Lisa, everyone knows it and you can see photos of her online and in books, but there is still only one actual painting of her. When you successfully bid for a work, it doesn’t mean that you have “ownership” of the work and the creator can still use it– it means you have the “right to use” the work. Even virtual artworks will depreciate over time, so the work you bid for can be sold in the future.
NFT has transaction security, with clear information such as author, date, digital seal, buyer, and other permanent information. Even if it is transferred to the next buyer, the past records will not be erased. This feature has attracted many creators to participate, and they don’t have to worry about the possibility of data being tampered with. Looking at it as a whole, not only can you bid high prices on NFT, famous people’s works can also be bidded at high prices. Additionally, when it reached its peak in popularity, some authors found their work on NFT without their consent, causing copyright issues. Well-known American rock band Kings of Leon even announced that they will release a new album in the form of NFT, which indicates that NFT is closely linked to investment and pop culture.
Christie’s and Sotheby’s, two of the largest international auction houses, have helped NFT auctions around this year and achieved good results. Sotheby’s even opened up cryptocurrency payments in recent auctions, becoming the first international auction house to open up cryptocurrency payments. The future development of NFT is left for everyone to see.
*From now on, YiCOLLECTA accepts Bitcoin and Ethereum (ETH)*
Photo 1: „482 MG“ ©️ Marius Sperlich
Video 1: Origin 2000 by Daniel Lee ©️ Daniel Lee. 40 seconds video has specially created for NFT presentation exclusively at OpenSea. https://opensea.io/assets/manimal
Photo 2 top left: ©️ Allyson Grey
Photo 2 top right: ©️ Larva Labs
Photo 2 left bottom: Nyan cat © Chris Torres
Photo 2 right Bottom: ©️ Slime Sunday
