Is the Pet Picture NFT Market Woof-ing Worth Its Weight?

The skyrocketing $4.3 million sale of a pet picture NFT in a knit beanie raises questions about the market's true worth. While some may find it woofing absurd, its connection to the "Dogwifhat" meme adds weight to its value. The NFT's success, inspired by the meme, reflects a trend where memes can significantly impact the market.

Is the Pet Picture NFT Market a True Reflection of Value?

A recent sale of an NFT depicting a pet in a knit beanie for a staggering $4.3 million has raised eyebrows. While some may dismiss it as absurd, the image's connection to the popular "Dogwifhat" meme has fueled its value.

The Reigning Champion: Dogwifhat

The Dogwifhat NFT's record-breaking sale owes much to the popularity of the original meme, which emerged in late 2019. However, its astronomical price is also attributed to the success of WIF, a Solana meme coin inspired by the meme that has skyrocketed in value.

The Godfather of Dog Memes: Doge

Prior to the Dogwifhat sale, the most expensive meme-related NFT was held by the iconic "Doge" image. The NFT of the original photograph, featuring the Shiba Inu Kabosu, sold for an impressive $4.2 million in June 2021. The sale not only marked a milestone in the NFT market but also underscored the cultural significance of the Doge meme, which inspired the creation of Dogecoin.

The Internet's Beloved Amphibian: Pepe the Frog

In October 2021, the original Pepe the Frog Genesis NFT, created by Matt Furie, sold for a hefty $3.5 million. Pepe, the internet-famous green amphibian, has become deeply intertwined with crypto culture, inspiring its own meme coin, Pepecoin. The NFT represents the genesis of the character, created in 2006.

Viral YouTube Sensation: Charlie Bit My Finger

One of YouTube's most iconic videos, "Charlie Bit My Finger," entered the NFT realm in 2021. The parents of the titular Charlie hoped to capitalize on the success of other meme NFT sales to fund their children's education. The strategy proved successful, with the NFT selling for $760,999.

The Pixelated Pop-Tart Cat: Nyan Cat

In 2011, the animated pixelated cat known as Nyan Cat took the internet by storm. Ten years later, its creator, Chris Torres, sold the animation as an NFT for $590,000. The sale sparked the idea of meme NFTs as an asset class, paving the way for other meme creators to monetize their viral creations.

The Disastrous Meme: Catastrophe Lady

Zoe Roth, the girl who became known as "Catastrophe Lady" for her iconic smirk in front of a burning building, joined the NFT bandwagon in 2021. The NFT of the original meme sold for $430,000.

The Overly Attached Girlfriend: A Digital Legacy

In 2021, Laina Morris, immortalized as the "Overly Attached Girlfriend" in a 2012 meme, sold an NFT of the image for $411,000. The sale highlighted the growing trend of meme creators reclaiming ownership of their viral creations through NFTs.