262 Interactions, 4 today
The successful offer was 1,696.9 ETH.
An NFT linked to a picture of Doge, the Shiba Inu who rose to prominence as a meme before becoming the face of one of cryptocurrency’s most precious coins, sold for more than $4 million on Friday.
PleasrDAO, a group of investors whose collection includes NFTs from Edward Snowden and the Tor Project, was the buyer, and the marketplace was Zora, an online auction house partially financed by Coinbase’s venture arm.
PleasrDAO is a DAO, or “decentralised autonomous organisation,” which is a type of blockchain-based corporate governance system. Each DAO member owns a token representing a portion of the organization’s money and has an equal say in group decision-making (a little like voting shares in a traditional company).
“We purchase and collect pieces that we believe are timeless and priceless mementoes of digital and crypto culture,” said Santiago Santos, a PleasrDAO member and partner at cryptocurrency investment company ParaFi Capital. “Doge is possibly one of the most influential memes in internet culture.”
Non-fungible tokens (NFTs) are currency that may be auctioned off as evidence of ownership for digital commodities (usually files like JPEGs and GIFs). Even while the market for crypto collectibles has slowed in recent months, high rollers still continued to invest: Sotheby’s sold an NFT for more than $17 million yesterday.
Image macros, such as Doge, were popular (and profitable) use cases for NFTs in the early 2010s. Tokens associated with the characters “Nyan Cat,” “Overly Attached Girlfriend,” and “Disaster Girl” have all sold for hundreds of thousands of dollars.
PleasrDAO recognises the absurdity of spending $4 million on a meme, and their winning bid implies they don’t take themselves too seriously. The final sum, 1,696.9 ETH, is a blatant sex joke; earlier bids included “420” (the cannabis number!) and “1337” (gaming lingo for “elite”).