As the lucrative non-fungible token market continues to grow in popularity, the “Peanut Butter Jelly Time” meme—an animation of a banana dancing to a song of the same name—is the latest piece of internet history to be auctioned off as a non-fungible token.
Facts to Remember
The NFT will be auctioned off by Miami-based musical company Slip N Slide Records next week.
The dancing banana animation will be paired with the label’s Raylo & Dem Damn Dogs cover of “Peanut Butter Jelly Time.”
After its debut in 2002, the meme banana dancing to The Buckwheat Boyz’s “Peanut Butter Jelly Time” became an online sensation, spawning dances, mashups, and even a cameo on an episode of Family Guy.
The NFT will also be available in two altered versions, including one in which the iconic banana is relegated to a boat and a smiling orange—the hallmark work of Miami graffiti artist Atomik—takes center stage.
NFTs are digital tokens that are stored on a blockchain, the same technology that is used to buy and trade cryptocurrencies. They can be used to record and validate ownership of a wide range of goods, including digital art, films, and music. They serve more as a signed copy or proof of ownership than as proof of ownership. NFTs have risen in popularity in recent years, becoming a profitable source of revenue for some of the internet’s early celebrities, many of whom did not have the same chances to cash in on their celebrity as today’s celebs. Nyan Cat ($590,000), Leave Britney Alone ($41,000), and Disaster Girl ($495,000) are among the works that sell for hundreds of thousands of dollars. An NFT of Doge, the viral image of a Shiba Inu dog that went on to create a hugely successful joke cryptocurrency favored by billionaire Elon Musk, recently brought in $4 million, the most of any meme NFT. The New York Times recently sold off ownership of a column for almost $550,000, Forbes auctioned off a cover for $333,333, and a piece of digital art went for $69.3 million at auction in March.
Quote of the Day “Peanut Butter Jelly Time is one of the most iconic memes of all time” and a “symbol of internet culture throughout the aughts,” said Joe Conyers III, worldwide head of NFT, the site auctioning the meme, Crypto.com.