“NFT Transformation: Dogwifhat Sells for $4.3 Million on Solana Chain”
The beloved mascot of the meme coin “Dogwifhat” (WIF) on the Solana blockchain has undergone a transformation into an Ethereum-based NFT. The iconic “meme photo” of a cute Shiba Inu sporting a pink hat was recently sold for approximately $4.3 million to the anonymous crypto trader GCR.
This Dogwifhat NFT was auctioned off on the digital art platform Foundation. With just two hours left before the auction ended, the highest bid for the NFT was only 55 ETH, equivalent to around $195,000 at the time. However, GCR and the team behind the meme platform “Memeland” from 9GAG joined the bidding war, ultimately leading to GCR winning the Dogwifhat NFT.
This auction price has made Dogwifhat the most expensive meme NFT in history. The previous record was held by the “Doge NFT,” inspired by the Dogecoin, which was sold to the decentralized organization PleasrDAO on June 11, 2021, for 1696.9 ETH, worth approximately $4.234 million.
According to Decrypt, the driving force behind this Dogwifhat NFT auction is the two South Korean owners of the Shiba Inu named “Achi.” They took the photo of the dog wearing a hat back in 2018. After deducting the 5% platform fee charged by Foundation, the proceeds from the NFT auction will go into the pockets of Achi’s owners.
The Dogwifhat frenzy has been sweeping through the crypto community. Since its launch during Thanksgiving in 2023, the price of Dogwifhat has skyrocketed by nearly 1000% in just one month. Its adorable and amusing image has gained immense popularity, sparking a “Dogwifhat craze.” Last Friday, the market value of Dogwifhat even reached a new record of $3 billion, making it a coin that “takes off” alongside Solana.
The enthusiasm of the Dogwifhat community goes beyond its price. In March, community members initiated a project called “Sphere with Hat,” aiming to raise funds to display the WIF image on the new landmark in Las Vegas called “Sphere,” allowing more people to experience the meme trend of Dogwifhat.
In just four days, the community successfully raised $650,000, enabling the “Sphere with Hat” project to proceed. This fundraising event also caused a 38.8% surge in Dogwifhat’s price within 24 hours, reaching $3.4. Now, with the Dogwifhat mascot transforming into an NFT, the price has surged by 10% within an hour of the NFT auction.
The “Dogwifhat NFT auction” not only showcases the power of the meme coin trend but also demonstrates the advantage of blockchain technology in directly benefiting creators. Smoke, a member of the Dogwifhat NFT community, revealed to the media that the photographer of the Dogwifhat photo and the pet owner have already received direct profits. Smoke believes this is similar to the previous Dogecoin NFT auction, where the owner of the Dogecoin NFT image, Atsuko Sato, also directly benefited from blockchain technology.
Even the blockchain detective “ZachXBT” commented directly under the post about the sale of the Dogwifhat NFT, saying, “Glad to see creators getting proper rewards!”
Sources: Decrypt, CoinDesk, The Block
Proofread by: Gao Jingyuan