A dog meme has officially broken the record as the most expensive non-fungible token (NFT). “Doge,” the picture of a smirking Shiba Inu that is considered one of the internet’s most iconic memes, was sold on Friday for $4 million on online auction site Zora. The winning bid came from Twitter user @pleasrDAO, who paid for the cryptocurrency Ether in exchange for the meme. The sale is said to have boosted the value of Doge’s parent crypto, dogecoin, by as much as 20%.
The NFT is one of many that has gained popularity as the fad for digital artwork continues to surge in the cryptocurrency market. The frenzy has drawn criticism, with critics pointing to a pump-and-dump strategy that is often driven by social media hype. This is a concern that is not limited to the NFT industry, with many of the most popular cryptocurrencies being prone to such speculation.
Despite the criticism, NFTs are gaining more and more traction as the underlying technology for new financial innovations. For example, the LayerZero project focuses on enabling cross-chain transactions for a variety of different blockchains. Meanwhile, MakerDAO is attempting to balance decentralized growth with centralized development by accelerating RWA adoption.
NFTs are also being used to build out the Metaverse, the virtual world where a growing number of people are spending more time online. One of the more interesting projects is an NFT-based virtual art gallery called MUSE, which is backed by Ethereum. The MUSE gallery features NFT-based works of art created by artists and enthusiasts. The platform is currently in beta.
In the last seven days, the price of The Doge NFT has increased by 0.60%. The price has risen above its ATH and is above its support level, but below its resistance level. It is trading above its average volume and is below its PB. It is above its MACD and RSI indicators. If you are interested in adding The Doge NFT to your portfolio, you can do so by importing it manually or by using MetaMask’s chrome extension. dog nft