Chris Torres and Meme Coins

Chris Torres, the creator of the iconic internet meme Nyan Cat, is apprehensive about getting involved in the world of meme coins, despite issuing a number of NFT collections in the past.

The artist told Decrypt it’s because he views meme coins as the “wild west.”

Still, Torres has claimed more than $700,000 in fees from the Bags token launchpad. This platform allows anyone to launch a token and assign royalties to a user on X. Torres has earned royalties from numerous tokens, notably a Nyan Cat token that reached a $12 million market cap on Thursday.

> “I am grateful for what is happening with that platform. I’ve never had this kind of support before, and the funds will help my family a lot,” Torres told Decrypt. “I’m still respectfully cautious about things though; ultimately, I don’t know who launched what, who sniped supply, or who to trust. It’s definitely still the wild west out here.”

The Puerto Rican-born artist disclosed that he has redeemed almost 4,000 SOL, currently worth just over $706,000, according to CoinGecko.

However, Torres clarified that he does not consider accepting these funds as an endorsement of any token or platform—nor is he comfortable creating an official token.

> “Right now, I’m focused on the art I’ve been making for over 15 years,” Torres explained. “I know the coin space can be profitable and fun, but it’s also hectic, and there is nothing worse than having to pick up the pieces if one person decides to mess with a coin. I’m not totally opposed to the idea, but I have been getting more fulfillment from the art side.”

How Did Nyan Cat Get Here?

Nyan Cat is an 8-bit animation of a cat with a Pop-Tart body flying through space, leaving a rainbow trail behind it.

The meme, based on his own Russian Blue cat named Marty, was first posted to a comic site by Torres in 2011. It subsequently gained fame after being uploaded to YouTube with a Japanese song, becoming synonymous with the meme.

Since then, Torres has enjoyed a successful career as an artist, collaborating with several classic meme creators. In 2021, he sold a one-of-one NFT of the iconic GIF for 300 ETH, or $690,000 at the time.

Following this success, Torres has tapped into his OG meme network to help fellow creators sell NFTs, including notable figures like Keyboard Cat, Bad Luck Brian, and Scumbag Steve, all selling for five figures or more.

He also assisted the creator of Trollface, Carlos Ramirez, in selling his classic meme as an NFT for 42 ETH, approximately $69,000 at the time.

Recently, the Trollface artist has also ventured into meme coin territory, with a Troll token touching a $200 million market cap on Wednesday.

However, the Troll token was created on Pump.fun, which does not easily allow for royalties to be shared with artists, unlike Bags. Despite this, several Bags tokens have been launched in honor of Ramirez, but he has refused to endorse any token, claiming that crypto “diminishes” art due to traders’ profit-driven mentality.

Torres shares a similar stance, stating he believes legal action is only worthwhile in “serious cases,” as it can be time-consuming and stressful.

> “As an artist, it’s important to find a balance between protecting your IP and letting something exist as a meme,” Torres said. “If the art is used respectfully, then there’s never been a problem.”

Over the years, Torres has collaborated on various NFT collections, including a 2023 Reddit Nyan Cat collection, which caused the site to temporarily go offline due to high demand.

> “Most people think I am not even a part of crypto or hate it,” he said. “But I’ve been at it for almost five years, and it’s been life-changing for me personally in a good way.”

Torres emphasized that while meme coins are currently popular, he still believes NFTs are a more natural fit for art.

> “Coins are definitely harder to get into than art for a new artist,” he stated. “With [NFT] art, people will focus on the work itself, how it makes them feel, and everything lives in a neat collection that can be viewed as a gallery of works. With coins, the moment you launch, you’re expected to maintain increasing value.”

> “That being said, [meme] coins can be art,” Torres added. “It’s all about the execution.”