The Coffin Dance meme just sold for over $1,000,000 as an NFT
In Non-Fungible Token (NFT) news, a popular video from 2015 by Ghanaian carriers commonly referred to as “Coffin Dance” has just sold for 327 Ether (ETH). Converted to fiat currency, this amounts to approximately $990,934 at the time of writing.
The creator of the NFT, Benjamin Aidoo, quickly took to Twitter to announce the incredible sale and also to thank the bidders for making the NFT such a big hit. It turns out that this sale is not for personal gain, as the funds will be used to send financial aid to beleaguered Ukrainians.
The original meme was created by the Ghanaian Porters to mean an untimely end, and it quickly became the perfect response to a laughable but potentially deadly mistake made by a hilarious character. The meme quickly became incredibly popular and was accompanied by a 2010 electronic dance music (EDM) track titled Astronomycreated by Russian composer Tony Igy.
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But, you might be wondering, given the widespread availability of the meme online, why did someone pay around $1,000,000 for this particular one? To understand this, you need to understand what an NFT actually is.
Congratulations to the Official Owner of World Renowned Coffin Dance @3fmusic
We would like to thank everyone who supported our NFT, especially the guys at @Bads_Zlodei: Dmitry Makarov, Eugene Lapitsky, Mykhailo Vatazhok #NFT #Coffindance #MemeEconomy pic.twitter.com/uPmOC9IkYl
—Benjamin Aidoo (@nanaotafrija) April 9, 2022
The basic concept is that each NFT is unique, or non-fungible, and cannot be replicated or copied. It’s one of a kind.
The cryptocurrencies, like Ether, used to buy this NFT are the opposite. There can be several and each has the same value.
By converting, or stamping, the famous meme as an NFT, it has its own unique metadata that is the actual value of the NFT, not necessarily its “visual” or “audio” properties. When you buy an NFT, you are actually buying exclusive rights to that metadata which acts as an official certificate of ownership.
This is the value that the winning bidder won.
This information is stored on the Ethereum blockchain using what is called the ERC-720 standard. It contains two main pieces of information about the NFT, including its “tokenID” (its unique identifier) and the contract address (an alphanumeric address on the blockchain). Both of these are generated when the NFT is “struck” on the blockchain, much like a record on a database.
The important thing to note is that even though the buyer now owns this metadata, they don’t have exclusive rights to the meme itself. The original intellectual property rights are always and always will be the holders who originally created it.
A little like Leonardo DeVinci will always be the creator and “owner” of the intellectual property surrounding the “Mona Lisa”, regardless of the current or future owner of the painting.
According to World Economic Forum, “Some buyers think they are acquiring the underlying artwork and all the rights that go with it. However, in reality, they are simply buying the metadata associated with the work; not the work itself.