Simply put
- Chris Torres, the mind behind Nyan Cat, has converted around 4,000 sols, which is approximately $706,000, from token royalties on the Bags platform.
- The Nyan Cat Token has achieved a market cap of $12 million.
- Despite this success, Torres views meme coins as a “Wild West” situation and prefers to concentrate on his long-standing 15-year artistic career.
Chris Torres, creator of the famous Internet meme Nyan Cat, has expressed concerns about getting involved in the memecoin realm, even though he’s released numerous NFT collections previously.
He mentioned to a source that he sees memecoins as a chaotic “Wild West.”
Nevertheless, he’s managed to earn more than $700,000 via the Bags Token Launchpad, which allows users to create tokens and assign royalties. This platform features a variety of tokens that send royalties back to Torres, with the Nyan Cat token standing out after reaching a market cap of $12 million on Thursday.
Torres expressed gratitude for the support he’s received through the platform. He noted, “I’ve never had this kind of backing before. The funds really benefit my family.” Yet, he remains cautious, admitting he’s unsure who is behind various token launches.
Born in Puerto Rico, Torres has redeemed nearly 4,000 sols. However, he specified that he hasn’t authorized any tokens or platforms to collect funds on his behalf.
“Right now, I’m focused on the art I’ve been creating for over 15 years,” Torres explained. “The coin space can be beneficial and fun, but it’s also quite chaotic. One rogue trader can ruin a coin, which is disheartening.”
How did Nyan Cat get here?
Nyan Cat is a pixelated animation featuring a cat flying through space, leaving a rainbow trail behind. It originated from a meme based on his own Russian Blue cat, Marty, and was first shared on a comic site in 2011 before hitting YouTube, paired with a catchy Japanese song that became intertwined with the meme.
Since then, Torres has been embracing life as an artist while mingling with other well-known meme creators.
Back in 2021, he sold an NFT of the iconic GIF for 300 ETH, or about $690,000 at that time.
In doing so, Torres tapped into a network of original meme creators to promote his NFTs, including notable figures like Keyboard Cat and Bad Luck Brian, achieving at least five-figure sales.
He’s also collaborated with Carlos Ramirez, the legendary Trollface artist, selling classic memes as NFTs for around 42 ETH, or about $69,000 at the time.
Recently, the Trollface artist found himself entangled in the meme coin frenzy as Troll Token reached a staggering $200 million market cap. However, the Troll Token was developed with pupp.fun, complicating royalty sharing for artists.
Yet, even a number of bag tokens honoring Ramirez were produced, but he has chosen not to support them, fearing that the crypto landscape could diminish due to opportunistic traders.
While Ramirez has ruled out legal action regarding the token, Torres shares a similar perspective, believing that pursuing legal recourse is only worth it in “serious cases” given the stress involved.
As an artist, he reflects, “It’s essential to balance protecting your intellectual property with allowing something to exist as a meme. If my art is being used respectfully, then it’s not a problem.”
Over the years, Torres has contributed to multiple NFT collections, including the 2023 Reddit Nyan Cat Collection, noting that social media platforms sometimes go down due to the overwhelming interest in purchasing NFTs.
He remarked, “Many people think I’m not involved in the coding or that I dislike it, but I’ve been dedicated to it for almost five years, and it’s genuinely improved my life in many ways.”
Despite the current popularity of meme coins, Torres feels that NFTs are more suited for art.
“Coins are definitely tougher to navigate than art, especially for new artists,” he shared. “I believe NFT art creates a sort of gallery where the focus is on the work itself and its aesthetic. With coins, there’s an expectation for the value to rise instantly.”
“That said, meme coins can evolve into art,” he concluded. “It all comes down to execution.”
