April 29th, 2021

WTF Is An NFT And How Is Nyan Cat Involved?

There’s a new kid on the block that has captured the online world’s attention: art crypt currency NFT. To find out what it is and how it works, have a read!

It’s hard to ignore the current obsession the online world has with crypto currency at the moment: these days, it seems like every Tom, Dick and Harry is suddenly an expert in Bitcoin. But more interestingly, a new form of art crypto currency is being sold and traded with meme creators and graphic designers are making a mini motza selling their original artworks through the block chain. 

So WTF is a NFT?

To keep it simple, NFT’s (non-fungible tokens) are a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. NFTs can be used to represent items such as photos, videos, audio and other types of digital files.

This year, Nyan Cat, the internet’s most treasured meme turned 10, and to mark the occasion, a one-of-a-kind edition of the iconic GIF went up for auction and sold for a whopping A$580K.

Source: @nyancat

Chris Torres, the artist behind Nyan Cat, has remastered the original animation and sold it through the crypto art platform Foundation

Crypto art has been growing in popularity over the past few years, and there are now a number of digital marketplaces — including Zora, SuperRare, and Nifty Gateway — where collectors can buy and sell digital works. Last year, the digital artist Beeple sold a series of works for more than $3.5 million in total, and the musician Deadmau5 sold thousands of digital pins, stickers, and other collectibles in December.

Still confused? Join the club. Below is quick explainer videos for anyone who’s interested in learning more.