A painting by a Chinese artist duo that depicts meme cryptocurrency Dogecoin (CRYPTO: DOGE) has sold for $23,168 with a non fungible token or NFT, the South China Morning Post reported.
What Happened: Lai Shengyu and Yang Xiaogang, the artists behind the Hunan artistic duo TaMen, tokenized one of their physical paintings and sold it together with an NFT to a Hong Kong-based buyer, as per the report.
The painting was reportedly sold for HK$180,000 ($23,168) worth of Bitcoin (CRYPTO: BTC) through art brokerage Macey & Sons this month.
It depicts the famous Shiba Inu dog mascot of Dogecoin walking in a spacesuit, with a space shuttle flying behind a bitcoin “comet” in the background.
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Why It Matters: NFTs, blockchain-based tokenization of collectible items or art pieces, allow users to own digital assets like retail estate, art, digital sneakers, and video moments. It is a digital asset that is unique and indivisible.
Some NFT artworks that have recorded sky-high valuations recently include Beeple’s ‘The First 5000 Days’ NFT based digital artwork, which was sold for $69 million in an auction in March.
While Beeple’s NFT features art only in a digital format, the TaMen token is pegged to the physical piece of the Dogecoin art and establishes its authenticity, SCMP noted.
Doge, the classic meme behind Dogecoin, was sold for about $4 million in an auction in June, making it the most expensive meme to be sold as NFT so far.
Price Action: Dogecoin is up almost 13.1% during the last 24 hours, trading at $0.2248 at press time.
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Photo: For representative purposes only via Pixabay; doesn’t represent the actual art sold by TaMen.