The iconic photo of a smirking Shiba Inu has become the most expensive meme to ever sell as a non-fungible token, or NFT. The virtual dog sold on Friday at an auction site called Zora for $4 million to the unidentified bidder who paid in cryptocurrency Ethereum. The money was paid to Japanese kindergarten teacher Atsuko Sato, the owner of the real-life dog pictured in the meme.
The sale was just the latest sign that NFTs are getting mainstream acceptance. In fact, NFTs have seen the fastest growth in their history since last year. This is thanks to a combination of factors, including increased consumer awareness and a growing number of developers creating NFT apps that are attracting mainstream users.
NFTs have a lot of potential to make their way into the world of retail, gaming, art, and other markets. But it’s important to note that there are some risks that come along with using NFTs in these types of markets. First of all, there’s the issue of counterfeiting. NFTs are not regulated like physical artwork, which means it’s easy to create fakes. In addition, there’s no enforceable contract in the blockchain that makes it easy to identify the owner of a specific NFT. This can cause a lot of issues in the digital art market, where for example, someone can sell a fake painting by Van Gogh for millions of dollars.
There are ways to prevent this from happening, though. One of them is to only purchase NFTs from creators and companies that you trust. Another is to use a service that verifies NFTs as authentic before they’re put on a marketplace. Lastly, you can use a website like Etherscan to track the ownership of specific NFTs.
Despite the risk of fraud, NFTs are also an excellent way to raise funds for charities and other causes. For example, the Petfinder Foundation partnered with Sweet to release an NFT series of pets inspired by dogs. The NFTs will be available for purchase on the platform, with 90% of profits going to the Petfinder Foundation. In addition, a 10% royalty is built into the smart contracts of the NFTs, so every time they’re resold on the secondary market, the foundation will receive an additional donation.
If you’re interested in purchasing Doge NFTs, you can add them to your MetaMask wallet and start trading them. You can either manually import the tokens or install the MetaMask Chrome extension to get started. Adding the tokens will allow you to view your portfolio, trade on decentralized exchanges, and more. You can also check out CoinGecko’s NFT market cap rankings to see how they compare to other NFTs.dog nft
