“Doge” Meme NFT Fractionalized to Be Sold for Less Than $1
The “Doge” meme became legendary within days of its release in 2010. The meme was a picture of a Shiba Inu dog that eventually inspired the cryptocurrency Dogecoin. The meme was finally sold for $4 million as a non-fungible token in June 2021.
Many would think that buying a jpeg image for such a huge amount is shocking. However, the truth behind the “Doge” meme is that it has encouraged an online community and presently Dogecoin is among the top currencies in the crypto market with supporters like Mark Cuban and Elon Musk.
It will take one a lot of money to own the Doge and the majority cannot afford it. Nevertheless, as the “Doge” meme is an NFT, it means the enthusiasts have the chance to own a piece of the same for as low as $1.
The news broke when PleasrDAO announced that “Doge” meme will offer fractional ownership starting Wednesday.
The platform named Fractional.art sells fractionalized NFTs. This is the reason billions of ERC-20 tokens have begun to be standard for issuing and creating smart contracts on the ETH blockchain. PleasrDAO is responsible for buying the “Doge” meme.
The investors interested in the “Doge” meme can now afford to buy a fraction of it on Fractional.art and also on the decentralized exchange Miso. However, investors can buy as many tokens of the “Doge” meme but the ownership will always remain withPleasrDAO.
This would take the right to make decisions away from the investors of the “Doge” meme. For instance, “Doge” meme holders will have to vote before it is sold for future use, said Chief Pleasing Officer at PleasrDAO, Jamis Johnson. He added that the Louvre decided to fractionalize the Mona Lisa and circulated it in public. On the contrary, he is planning to keep the ownership owing to the features of using crypto art. In this digital world, NFTs can be captured at significant moments, concepts, and phenomena wherein smart contracts can be fractionalized and further cut down between the public.
PleasrDAO is not the first to opt for fractionalizing the NFT. The trend is likely to continue and seems to be the future of online assets.
The NFT market has recently spiked and it was seen in OpenSEa that the world’s biggest marketplace for NFT showcased $2 billion worth of transactions, with individual NFT collectibles garnering millions of dollars.