Mar 5, 2021 4 min read

Ethereum, Non-Fungible Tokens & the $500k cat

Ethereum, Non-Fungible Tokens & the $500k cat

Newsletter #4 (Premium): The emerging world of NFTs and its connection to digital art and artists.

Premium Content

Making sense of crypto, blockchain, NFTs and the New Creative Economy

Would you pay half a million dollars for this cat meme?

This is Nyan Cat. It’s not an actual cat, it’s a meme cat. Created 10 years ago by artist Chris Torres, Nyan Cat has become an Internet cult. It even has its own fanpage!

A remastered version of this meme has just been sold through an online auction for 300ETH, the cryptocurrency used on the Ethereum network, with a value at time of sale of around $500k. The auction was run by Foundation, a digital art platform that launched in February as part of what is being dubbed the New Creative Economy.

What makes this sale the topic of conversation is that Nyan Cat came with a Non-Fungible Token, aka NFT.

The NFT market for digital art and assets

For centuries, mankind has been obsessed with knowing whether a piece of art is an original or not. And it’s not just about whether a painting is a forgery or not. Digital rights, copyright and ownership is big business and near impossible to control on the Internet.

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