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Sunday, October 24, 2021

Non-Fungible Token – Are memes the next big asset on digital platforms?

The primary motive is to first understand what fungible and non-fungible tokens even mean for the ordinary person? An NFT or non-fungible token could be considered as a form of a digital asset that links itself with the possession of art online or in the physical world. This precisely means that every meme, video, song, or form of art on the digital forum that has a certain value attached to it will have a value in the crypto market. While fungible items can be interchanged within the gen z without a care in the air, for non-fungible tokens, there is an original assigned value that needs to be auctioned off in order to be interchanged. The costliest non-fungible token ever sold is designated to be auctioned off in 17 billion parts.

What assigns value to a non-fungible token?

Any original artwork comes with an assigned value. It’s the same for artworks online that have a value assigned to their intellectual property. The NFT meaning is then determined by the rank of uniqueness a certain artwork holds and the amount of traction it receives in the digital field. These values are determined by the crypto market where something as simple as the doge meme, which we use as a template every now and then gets assigned a value and thereby gets auctioned. Digital artists stand a chance of earning real money over non-fungible tokens and this could be considered the next big asset on the digital platforms. The act could be equated with the rich investing huge amounts on surrealist paintings in art auctions. The Doge meme which inspired cryptocurrency to launch the dogecoin because of its perennial popularity amongst millennials was auctioned off at 4 million dollars, thereby becoming the costliest meme to be sold as a non-fungible token. Therefore, memes could be considered as important as other physical collectible items of worth for a person willing to invest in digital assets in the form of non-fungible tokens.


Doge ownership and its value as a non-fungible token

The doge meme NFT was inspired by something as simple as the Shiba-Inu but stands a huge price in the market because of its intellectual uniqueness. PleasrDAO, the company which currently has the Doge ownership, decided to split the non-fungible tokens into 17 billion parts and auction them off in the market on September 1. Some have even equated the auction of the famous doge meme to the auction of the Mona Lisa in the Louvre, thereby signifying the value adorable doge holds in the digital world. While there could be several versions of the Mona Lisa making rounds in the digital field, the original one at the Louvre has its own designated value. A similar parallel could be drawn for the doge ownership. While there are several forms and versions of the people’s favorite doge-making rounds- some crying, some screaming, but in every form emoting what a youngster feels, it has its unique place in the hearts of meme enthusiasts and in the crypto market. The doge meme ranks proudly in the seventh position in the crypto market. Ever since its announcement to be auctioned and the tweet “Who let the Doge Out?” from the Tesla superstar, Musk, the doge ownership has become an issue that has received twice the amount of traction it has before. The crowning jewel of the meme world is up for grabs, and everyone interested in the crypto market wants a piece of the doge meme NFT.

Conclusion:

The rise of the doge meme has been anything but an ephemeral trend on the internet. It came, it stayed, and it conquered- not just the hearts of meme enthusiasts but also the crypto market. The much-adored Shiba-Inu has thus kickstarted not only a cryptocurrency line of its own but also a huge auction of 17 billion pieces of non-fungible tokens. The auction is predicted to have one of the largest accumulated amounts for digital assets. It is thus a huge announcement for people with the knowledge and the memes to invest in non-fungible tokens. This also highlights the place memes could have as the next big digital assets.


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Josie Patra
Josie Patra is a veteran writer with 21 years of experience. She comes with multiple degrees in literature, computer applications, multimedia design, and management. She delves into a plethora of niches and offers expert guidance on finances, stock market, budgeting, marketing strategies, and such other domains. Josie has also authored books on management, productivity, and digital marketing strategies.

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