The NFT created of the ‘Doge Meme’ is now valued at $225 million. This comes after being fractionalized by owner PleasrDAO on the platform, fractionalart.io. The ‘doge’ meme originally rose to fame in 2013. The owner of a Shiba Inu called Kabonsu took pictures of the dog and posted them on the internet. When used in memes, it is often accompanied by broken English text that represents the dog’s internal thoughts.
The Doge NFT Fractionalization Explained
The doge NFT was bought for $4 million in June, now, the current owner has decided to ‘fractionalize it’. The process of fractionalization is simply splitting an NFT into many pieces, in this case, 17 billion, this is so community ownership can be carried out. This specific fractionalization has used ERC-20 tokens named $DOG, which is now available on SushiSwap’s token platform, MISO. The token is currently worth 0.0000035186 WETH, or $0.013, and using the number of tokens that were minted, adds up to the NFT being valued at more than $225 million. In addition to this, fractional.art is also hosting the fractionalization of the Sad Doge NFT, which sold for $2 million at auction.
The Sale and Fractional.art
Currently, 20% of the 17 billion tokens have been sold. Additionally, the owners of the NFT, PleasrDAO have claimed that an additional 25% of the $DOG tokens have been allocated to “$DOG community programs and continued development.” NFT Fractionalization had risen in popularity as of late, with Fractional.art being one of the top players in the space. Last month, they announced that they have raised $7.9 million in seed funding.
Their platform has been home to some of the biggest NFTs, fractionalized. These include Cryptopunks, Bored Ape Yacht Club, Cool Cats, Ether Rocks, and Meebits to name a few. As a result of the platform’s development, it allows users with less money to invest in some of the biggest NFT projects in a simple, smooth way. Even someone with $100 could own shares in Cryptopunks and Bored Ape Yacht Club NFTs. To buy one of each collection as whole NFTs would currently set you back a minimum of 137.5 ETH or $538,846 at the time of writing.