The “Coffin Dance,” a popular 2015 video of Ghanian pallbearers, has just sold for 327 Ether. At the time of writing, that translates to about $990,934 in fiat currency.
Benjamin Aidoo, the NFT’s developer, promptly moved to Twitter to announce the incredible sale and thank the bidders for helping to make the NFT such a big success. This sale isn’t for personal gain, as it turns out, but the proceeds will be utilized to help besieged Ukrainians.
The original meme was established by Ghanian pallbearers to represent an early death, and it quickly became the ideal response to a hilarious but life-threatening mistake made by a hilarious character. The meme quickly went viral, and it was backed with Astronomia, a 2010 electronic dance music (EDM) tune by Russian musician Tony Igy.
By converting, or minting, the renowned meme as an NFT, it gains its own unique metadata, which is the true value of the NFT, rather than its “visual” or “audio” features. When you purchase an NFT, you are essentially purchasing exclusive rights to this metadata, which serves as an official certificate of ownership.
This is the amount won by the winning bidder.
The ERC-720 standard is used to store this information on the Ethereum blockchain. It includes two key pieces of information about the NFT: its “tokenID” (unique identifier) and the contract address (an alphanumeric address on the blockchain). Both of these are created when the NFT is “minted” on the blockchain, much like a database record.
It’s worth noting that, while the buyer now owns the metadata, they don’t have exclusive rights to the meme itself. The original intellectual property rights are still, and always will be, the pallbearers who created it.