The creator of Nyan Cat, Chris Torres, is holding a week-long event where classic memes are being sold as non-fungible tokens (NFTs).
The auction, which he is calling Memeconomy, is an attempt by Torres to bring recognition to the creators of these memes, as well as the NFT space.
The event has already sold Bad Luck Brian for $37,000 and Coughing Cat for more than $1,400.
Chris Torres recently sold his original meme, Nyan Cat, via the crypto art platform called Foundation. Which is where the other sales are being hosted.
What Are NFTs?
Non-fungible tokens (NFTs) are cryptographic entities that store unique information. This can be anything such as music, artwork, and videos. They're part of the Ethereum blockchain but are very different from an ETH coin.
When someone buys an NFT, they become the owners of the work stored in it. This is similar to owning an original copy of a painting. While there may be other copies around, only one person can own the original.
One thing to note is that creators of the artwork or music still retain their copyrights and trademarks. Furthermore, there is no guarantee that the stuff being sold via NFTs belongs to the person selling it. Thus, it's always best to be cautious when purchasing one.
The Memes Up for Sale
Memeconomy currently has some fairly recognizable memes up for sale. These include:
- Bad Luck Brian
- Coughing Cat
- Scumbag Steve
- The Keyboard Cat
- Grumpy Cat
- Kitty Cat Dance
- The Me Gusta Face
Some people observed that most of these memes belong to the same era. However, Torres told The Verge that "there was no real agenda" when curating the memes.
He further stated that the meme creators had contacted him independently and he would not be profiting off the memes being sold in the auction. The sole goal is to give the creators, "proper recognition" after "10 plus years without it."
Torres also allayed fears regarding the originality of the pieces and reassured everyone that he has verified the identity of the creators. He also expressed his disappointment about companies "making millions of dollars" by using pictures of popular memes "without even talking to you about it."
What Does Torres Hope to Achieve Here?
Since NFTs are a relatively new concept, this move by a reputed internet personality should help NFTs reach more people. The event will open up doors for more creators to display their work and put money in their pockets.
We can only surmize that, with Memeconomy, Torres hopes to build a community of creators and people in the emerging NFT space.