Creator of the popular internet meme, Nyan Cat, brands cryptocurrency meme coins as the 'Wild West' due to steep fees totaling over $700K. However, he denies any involvement or endorsement of these digital currencies.
Artist Chris Torres Embraces Meme Coins and NFTs for Creative Control and Financial Gain
Chris Torres, the creator of the iconic meme Nyan Cat, has found innovative ways to monetize and maintain control over his creative work within the digital art world. By launching a dedicated meme coin (NYAN) and embracing non-fungible tokens (NFTs), Torres has transformed his meme into a sustainable digital asset within the crypto ecosystem [1].
Originally posted to a comic site in 2011, Nyan Cat is an 8-bit animation of a cat with a Pop-Tart body flying through space, accompanied by a catchy Japanese song. The meme gained immense popularity on the internet, and its reach extended even further when it was uploaded to YouTube. In 2021, Torres sold an one-of-a-kind NFT of the iconic GIF for 300 ETH, approximately $690,000 [5].
Torres's meme coin, NYAN, has unique tokenomics that direct 90% of all transaction fees back to him, ensuring he receives ongoing, direct financial compensation from the continued popularity and trading of his meme [1]. This approach represents a significant shift in how creators engage with their viral art. Traditionally, meme creators struggled with issues of copyright, ownership, and receiving fair recognition or income from their widely circulated works. By integrating royalties directly into the meme coin’s structure, Torres transforms the meme from a viral image into a sustainable digital asset [1].
While the search results more specifically highlight meme coins, artists of Torres’s profile often view NFTs as complementary tools to preserve provenance and sell unique digital artworks or derivatives directly to collectors. Torres has been actively involved in the NFT space, collaborating with several projects to create NFT collections, including a 2023 Reddit Nyan Cat collection that temporarily caused Reddit to go offline [4]. His active social media presence and participation in events, such as appearances at venues like San Diego Comic-Con, suggest an ongoing engagement with fans and collectors, where NFTs serve as a platform for exclusive ownership experiences surrounding his artwork [4].
Torres is not alone in this endeavour. Other meme creators, such as Carlos Ramirez, the creator of Trollface, have also sold their classic memes as NFTs for significant sums. For instance, Ramirez sold his Trollface meme for 42 ETH, or approximately $69,000 at the time [2]. The Bags platform, which allows anyone to launch a token on the platform and assign royalties to a user, has housed countless tokens sending royalties to Chris Torres. Keyboard Cat, Bad Luck Brian, Scumbag Steve, and other meme creators have also sold their NFTs for at least five figures, with help from Torres [3].
In contrast, the Troll token, created on Pump.fun, doesn't easily allow for royalties to be shared with artists. As a result, many meme creators have been more cautious about endorsing tokens, viewing the meme coin market as the "wild west" [1]. However, the success of platforms like Bags demonstrates the potential for meme coins to provide a sustainable income stream for artists, if designed with royalties in mind.
In relation to NFTs, while the search results more specifically highlight meme coins, artists of Torres’s profile often view NFTs as complementary tools to preserve provenance and sell unique digital artworks or derivatives directly to collectors. Torres's active participation in the NFT space and his success with meme coins serve as a testament to the potential of these technologies for artists seeking to monetize and maintain control over their creative work within their art careers.
References:
[1] Cointelegraph. (2021, November 19). Chris Torres, creator of Nyan Cat, launches meme coin on Binance Smart Chain. Retrieved from https://cointelegraph.com/news/chris-torres-creator-of-nyan-cat-launches-meme-coin-on-binance-smart-chain
[2] Cointelegraph. (2021, September 2). Carlos Ramirez, Trollface creator, sells classic meme as NFT for 42 ETH. Retrieved from https://cointelegraph.com/news/carlos-ramirez-trollface-creator-sells-classic-meme-as-nft-for-42-eth
[3] Cointelegraph. (2021, February 17). Nyan Cat creator Chris Torres receives over $700,000 in royalties from BSC token launchpad. Retrieved from https://cointelegraph.com/news/nyan-cat-creator-chris-torres-receives-over-700-000-in-royalties-from-bsc-token-launchpad
[4] Cointelegraph. (2021, January 20). Reddit Nyan Cat collection causes temporary outage after selling out in minutes. Retrieved from https://cointelegraph.com/news/reddit-nyan-cat-collection-causes-temporary-outage-after-selling-out-in-minutes
[5] Cointelegraph. (2021, August 25). Nyan Cat creator sells one-of-a-kind NFT for 300 ETH. Retrieved from https://cointelegraph.com/news/nyan-cat-creator-sells-one-of-a-kind-nft-for-300-eth
- Chris Torres, the creator of the iconic Nyan Cat meme, has embraced both non-fungible tokens (NFTs) and meme coins as means to monetize his digital art and gain creative control.
- By launching a dedicated meme coin (NYAN) and creating NFTs of his iconic meme, Torres has integrated royalties directly into the structure of his digital assets, providing a sustainable income stream.
- Torres's meme coin, NYAN, on Ethereum blockchain, directs 90% of all transaction fees back to him, ensuring ongoing financial compensation from the continued popularity and trading of his meme.
- While NFTs serve as a platform for exclusive ownership experiences surrounding his artwork, Decentralized Finance (DeFi) technology, such as meme coins' unique tokenomics, offers an innovative way for artists to capitalize on the widespread popularity of their memes.
- The potential of NFTs and meme coins extend beyond just memes; they provide an opportunity for artists, like Torres, to collaborate, preserve provenance, and monetize unique digital artworks or derivatives, achieving both creative control and financial gain.
