Huge Ethereum payment for digital artwork GIF

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Astronomical figures paid for medieval, Renaissance, or modern art have now become a familiar situation to all of us. But none of us would have thought that such a large payment would be made for a GIF. The virtual auction for the rainbow cat GIF, known as the Nyan Cat, was also paid with Ethereum.

Chris Torres created a small GIF animation called Nyan Cat inspired by his cat in 2011. Torres, who uploaded this interesting rainbow streaming animation to YouTube in 2011, did not think that this short animation would become an internet phenomenon.

Virtual auction for Nyan Cat GIF digital artwork

At the virtual auction held yesterday, Nyan Cat was sold at an astronomical price of 300 Ethereum, ie 607 thousand dollars with the current value.

Virtual auctions, which we call NFT, is a technology used by digital art owners for virtual auctions. NFT auctions have a structure that documents who owns digital art. This determination is made possible by a technology in the form of an immutable crypto token.

As you know, crypto coins can be converted into different cryptocurrencies. However, NFT crypto technology is prepared in a way that it cannot be converted into any other crypto. Thus, this NFT given to the new owner of the work of art is not possible to replace it with another crypto currency, and it proves that it is its own with this special digital signature.

Do you think that paying a fee of 300 Ethereum for Nyan Cat GIF, which has become a meme on the Internet, can create new opportunities for digital art production? We are waiting your comments.

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