The non-fungible token (NFT) craze is showing little signs of cooling off as a digital trading card combining multiple vintage memes sells for over half a million dollars worth of Ethereum (ETH).
According to a marketplace listing on leading NFT platform OpenSea, a token portraying Dorian Nakamoto – a California man accused in 2014 of being Bitcoin inventor Satoshi Nakamoto – as “Pepe the Frog” sold for 149.99 ETH.
The token is part of a collection known as “Rare Pepes” which were created in the mid-2010s, but have since been added to the Ethereum blockchain using a protocol called Emblem Vault. The Pepe character originates from a 2005 comic called “Boy’s Club” by Matt Furie, but later became widely used in many types of memes.
The NFT was minted in 2016 as part of a collection of 300, and was sold by a user named Emblem.Deployer to another user named TeeJayOrT who owns many other popular tokens, including four CryptoPunks and five Meebits.
While some believe the NFT space is in a bubble, Meltem DeMirors of digital asset manager CoinShares says other factors are at play.
“Are NFTs a bubble? No. Wealth is a bubble…
For the first time in history, more than 1% of adults around the world are millionaires – that’s 56 million millionaires. Their total net worth stands at $158 trillion. There are 21 million Bitcoin. There are 10,000 Punks. There are 100 rocks…
For those who say spending millions on JPEGs is dumb and we should be solving world hunger, please give the folks on the trad art collector list a call first. People are spending $200 million on blobs of paint. How is spending $2 million on blobs of pixels any less noble?”
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