Remastered 'nyan cat' art sells for the equivalent of $605k

A blockchain-powered NFT auction sold the original meme creator's artwork for 300 Ether.

PRGuitarMan/Chris Torres

While the first Christie's auction of digital artwork backed by NFT (non-fungible token) is still a few days away, one of the most notable sales in that world has already taken place. Chris Torres created the rainbow-streaming animation of Nyan Cat based on his own pet and uploaded it to YouTube in 2011, before recreating a high-quality one-of-one edition for this sale.

NFTs allow buyers to verify the single owner of digital items, and someone paid 300 Ether — the cryptocurrency that runs on the Ethereum blockchain — to win an auction put on by digital marketplace Foundation. As of this writing, that much Ether is worth about $605,382, so it didn't come cheap. You can see how the auction ended on a livestream below. Digital marketplaces and artists are looking at NFTs to provide a future for finding value in their creations, but we'll have to wait and see which artwork is next to sell at such a high figure.