'Doge' NFT Sells for $4 Million, Becoming the Most Expensive Meme NFT Ever
Grow Your Business, Not Your Inbox
"Doge", the famous meme of a Japanese Shiba Inu that became the image of Dogecoin, broke a record by being sold as an NFT (non-fungible token) for $4 million. The price it reached at the auction ranks it as the most expensive NFT meme in history.
Last Tuesday, Atsuko Sato, owner of the viral dog, put the meme-turned-into-NFT up for sale. During the next three days, several users made interesting offers. The final battle for the ownership of "Doge" took place between a netizen identified as @twodollahotdoge and another named @pleasrdao, who raised the price considerably.
Finally, on Friday afternoon, user @pleasrdao got hold of the valuable digital asset, offering 1,696.9 Ethereum, which is roughly equivalent to $4 million, according to auction website Zora.
The story of Doge
Doge has its origin in the series Homestar Runner. In a 2005 episode, the central character calls another of the characters his "Doge".
In 2010, Sato shared the image of her dog Kabosu on her personal blog, with crossed legs and a friendly expression on her face. At that time she did not imagine that her pet would go viral and would be one of the most popular memes on the internet.
“I took the photos to update my blog,” the owner said in a statement. “I take a lot of pictures every day, so that day was nothing out of the ordinary.
In the following years, Kabosu's photo flooded multiple social networks and was replicated on various platforms such as Tumblr. One day, a Reddit user called her "Doge" and netizens adopted her by that name. Soon thousands of memes emerged with the image of the puppy surrounded by all kinds of phrases.
“When I first found out about the Kabosu memes, I was very surprised. I was terrified at the thought that just one photo I had casually posted on my blog could spread all over the world to places I didn’t know,” Sato says.
From pet to crypto icon
"Doge" reached a new level of popularity when a group of internet users took it as inspiration to create cryptocurrency Dogecoin.
Despite its low price and capitalization, the DOGE digital currency is among the most popular. This partly due to Tesla CEO Elon Musk expressing his preference for Dogecion several times.
Now that the Doge meme is an NFT and in the hands of another owner, can they continue to use it as an image of the Dogecoin? Will the new owner be able to claim royalties on the cryptocurrency? Only time will tell.