Issue 19 🍵 $4 million for Doge
The sale of one of the most iconic memes, and other NFT news.
Disclaimer: This newsletter is not financial advice. We buy what we like, and you should buy what you like.
There is probably no dearer meme to the cryptocurrency community than the doge meme. Just look no further than Dogecoin, the king of all meme coins.
So we took note when Zora announce that the original Doge was going to be sold as NFT, from June 8th to June 11. When we saw the auction site was playful and covered in Comic Sans, we knew this was going to be worth watching—they were committed to the spirit of the meme!
The heavy bidding, of course, didn’t start until the final hours. We started watching when the bidding hit 690 ETH - about $1M in current terms.
After a fierce back-and-forth of bids stuffed with 42s and 69s, the NFT-acquiring collective ultimately won with a bid of 1696.9 ETH. For approximately $4 million dollars, this made Doge the most expensive meme NFT sold to date.
What really delighted us was that 100% of that money went to owner Atsuko Sato and the dog, Kabosu. Most NFT platforms charge a primary sales fee, but Zora doesn’t!
Not to say we’re firmly anti-fees: we think that the fees make sense for new entrants to the space. If the platform does help with some marketing and traffic, then the platform earns their fee.
In the case of something like Doge, though, it needed absolutely no other marketing. Doge is doge. It didn’t matter if it was listed on Opensea or Foundation or some other marketplace—it’s an Internet relic, and it was going to sell no matter what.
In cases like this, fees don’t make sense, especially since a portion of the Doge NFT sale was to be donated to charity. A 15% fee would have taken a hefty $600K away from that honorable intent.
So yeah, we’re really happy that the creator of this iconic image got 100% of the money. NFTs empowering creators, we love to see it!
To end: here’s a history of the Doge meme on the auction site. And read the interview with Atsuko Sato if you want to feel things (spoiler: poor Kabuso was abandoned before finding such a loving home).
🌱 The COVID Alien CryptoPunk sold for $11.75M at the Sotheby's auction house!
🌱 Sotheby’s will also soon be auctioning the original code for the world wide web as an NFT! Titled “This Changes Everything,” the auction is comprised of 4 parts, including the original timestamped code and a letter from Tim Berners-Lee. Watch out for the auction on June 23-30—this is gonna be monumental.
🌱 Fox TV is putting $100M behind “first-ever animated series curated entirely on the Blockchain.” The show’s gonna be called KRAPOPOLIS, and it’s coming from Rick and Morty creator Dan Harmon, so this is gonna be interesting.
🌱 Everyone likes to compare NFTs to real-estate deeds. Well, someone finally did it. The first physical real-estate property is being sold as an NFT.
From the head of crypto at Visa comes “Fantasy Hollywood.” If you’ve been thinking about NFTs and DAOs and community-owned IP, this is for you.
Move over, holographic 3D renders and pixel art, and make way for some photography from Ashmit Galav! Based in India, his photographs are inspired by cinema and visual storytelling.
His editing really sets the mood, and makes you feel like you’re watching a movie.
Try this: double-check your security
There’s a hack going around targeting people in NFTs.
They pose as a prospecting customer, saying that they have sample files for you to download. These files are actually a malicious .scr file that allow the hacker access to your computer and your wallets.
And sadly, even high-profile artists like FVCKRENDER have fallen to this.
So, please tighten your security. Things you can do:
If you’ve already got a hardware wallet, you can make sure that the seed phrase does not exist online. You can also take things further with a passphrase.
Secure your accounts, especially emails, with 2FA.
Here’s another thread of security suggestions, and you can also read the post-mortem on the FVCKRENDER hack here.
We strongly insist that you take some time this week to brush up on your security. Once you’re hacked, you’re hacked. There’s no customer service in crypto.
Happy to mention that Cup is ~ decentralizing ~ and is looking to expand its writer base. Here’s to some more reliable content (and better editing, cough cough).
🍵 See you again next Wednesday!