Memes have been a steady focus of the DeFi craze this summer, possibly even moreso than the technology. The natural step forward has been to combine memes with blockchain. Specifically, NFTs.
On the OpenSea NFT marketplace, rare Ethereum-based cards are traded. Known as non-fungible tokens, or NFTs, these NFTs are traded for thousands of dollars on the Openea marketplace.
These tokens are known as “non-fungible” because only a few tokens will ever be minted for a particular piece of art.
Recently, users have taken to creating artwork of famous crypto figureheads and converting the artwork in NFTs.
A”Kain Iconic” trading card was minted in honor of Kain Warwick, CEO of Synthetix synthetic asset website. With only a limited amount minted, one card went for about $12,709.
— MEME NEWS (@MemeDefi) October 24, 2020
That was the highest bid to be sold. Listings went up to $37,233.
Hayden Adams, the founder of Uniswap’s open exchange and one of they key drivers of DeFi, also received his own NFT trading card. The Hayden Adams card is so valuable that it averages around $11,468 for cards sold. Kain Warwick himself acquired a complete Hayden Adams trading card collection for 27.5 ETH ($11,375) yesterday and gifted it to Adams.
An Introduction to OpenSea
OpenSea is the first and biggest platform for digital products purchased by consumers, including collectibles, game products, domain names, digital art, and other blockchain-backed properties.
OpenSea specifically deals in NFTs. As they are specifically created to be rare, they are functional through different applications. Like regular collectibles, you can keep NFTs, send them to a friend, or sell them on an free market. Unlike tanbible products, the rarity of NFTs is defined by programmatic code.
Interoperable standards such as ERC721 and ERC1155 would enable dynamic new economies that power the NFTs traded on OpenSea.