High-priced knitted dog hat, valued at $800,000, acquired by the founder of a meme coin launchpad.
The iconic pink beanie associated with the meme coin Dogwifhat has been sold for a hefty sum of $792,696 (approximately 6.8 BTC) on the Bitcoin Ordinal platform, Ordcity. The winning bidder was none other than Finn, the founder and CEO of the meme coin launchpad, Bags.
The hand-knitted hat, created by the owner of a Shiba Inu pup named Achi, has become a symbol of the Dogwifhat meme, which is based on a cute dog wearing the pink hat. This sale marks a significant step in the growing trend of linking physical meme-related artifacts with blockchain verification, ensuring provenance and authenticity on-chain through high-resolution images and video documentation.
Prior to this physical hat sale, the original Dogwifhat photo and its NFT had sold for around $4.3 million, showcasing the difference in valuation and market enthusiasm between physical artifacts and purely digital NFTs. Despite the relatively lower price of the physical hat, this auction points to a new chapter for the Dogwifhat meme's legacy—moving from pure viral hype to more tangible, blockchain-backed collectible assets with ongoing ecosystem use.
Finn, in a statement, confirmed that he used fees associated with a token from Bags for his bid. He plans to integrate the physical beanie as a hybrid digital-physical asset into the Bags ecosystem, blending its cultural significance with memecoin utility. Finn also mentioned his intention to give the hat "back to the community."
The sale of the Dogwifhat pink beanie further underscores the deeper financial and cultural interconnections developing between physical collectibles and digital crypto assets. Notably, the creators of the vintage memes Trollface and Nyan Cat have also been paid for meme coins of their art.
As the crypto market continues to evolve, we can expect to see more instances of physical artifacts being linked with blockchain technology, creating unique and valuable hybrid assets. The Dogwifhat pink beanie sale is a testament to this exciting trend.
- The Dogwifhat pink beanie sale on Ordcity, a Bitcoin Ordinal platform, marks a significant shift in linking physical meme-related artifacts with blockchain verification.
- The original Dogwifhat photo and its NFT had previously sold for around $4.3 million, showcasing the difference in valuation between physical artifacts and purely digital NFTs.
- Finn, the founder and CEO of meme coin launchpad Bags, used fees associated with a token from Bags for his bid on the Dogwifhat pink beanie.
- Finn plans to integrate the physical beanie into the Bags ecosystem as a hybrid digital-physical asset, blending cultural significance with memecoin utility.
- The creators of the vintage memes Trollface and Nyan Cat have also been paid for meme coins of their art, further demonstrating this trend.
- As the crypto market evolves, we can anticipate more physical artifacts being linked with blockchain technology, creating unique and valuable hybrid assets.
- The Dogwifhat pink beanie sale represents a testament to the growing trend of decentralized finance (DeFi), technology, and entertainment sectors merging with physical collectibles, making way for decentralized applications (dapps) in finance and the potential rise of non-fork tokens (NFTs) in the entertainment industry.
