The 'Jump in the Sea Challenge' sees victims dared to throw themselves into icy waters to avoid a penalty, which normally involves buying the challenger large amounts of alcohol. They then nominate others with their own challenge.
More than a thousand Norwegians have already signed up to a Facebook group where those who have accepted the dare post videos of their dives.
Roy Poulsen, who brought the craze to Norway, told Dagbladet he had been amazed at how quickly the craze had caught on.
"I am half Faroese and half Norwegian," he told the newspaper. " It was my eight-year-old daughter, who lives in the Faroe Islands, who first challenged me. The penalty for not carrying out is usually to buy alcohol for the challenger, but my daughter wanted a grip to the cinema."
After diving into the waters off Myre in Vesterålen, Poulsen challenged some friends in the area, who challenged their friends, and so on.
"It's crazy!" he told Dagbladet. "I did not know that the Norwegians were so crazy. Politicians and business leaders have jumped into the sea after me."
Poulsen has already apologised on Facebook to the thousands of Norwegians he has already unwittingly forced into the icy spring waters.
"I apologized on Facebook and in one minute I got over 41 'likes', it's totally insane!" he told the newspaper.
He predicted that now the craze had taken off, everyone in Norway would have to take a cold water bath.
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"It looks unfortunately like the phenomenon is now established, I think no one will escape."
The challenge has the hashtag #hoppihavetutfordring on Instagram.