NFT Fractions of Legendary "Doge" Meme Reaches $544 Million Combined Valuation
NFT Fractions of Legendary "Doge" Meme Reaches $544 Million Combined Valuation By Hannah Perez

The Internet’s most famous meme is sold in fractions of NFT on the Uniswap

and SushiSwap marketplaces for a combined valuation of over USD 500 million.

***

One of the most famous memes in Internet history has been sold in fractions for a combined valuation of hundreds of thousands of US dollars

.

In 2010, Japanese teacher Atsuko Sato decided to upload a photo of her puppy Kabosu to her blog, not anticipating that the image of the little Shiba Inu would travel the Internet and go viral. Kabosu’s popularity in networks led her to become the well-known meme “Doge“, which is now considered something like “the Mona Lisa of the Internet

“.

NFT Fractions of Legendary "Doge" Meme Reaches $544 Million Combined ValuationNFT Fractions of Legendary "Doge" Meme Reaches $544 Million Combined Valuation

It has also been a source of inspiration for many projects, including the Dogecoin

(DOGE) cryptocurrency – which uses the image. The original photo of the cute little dog was minted in non-fungible token (NFT) format in June, and sold for a reported USD $4 million.

Now, this week, the PleasrDAO collective, which acquired Doge’s NFT at the time, decided to split the property into billions of individual tokens to allow other fans to acquire a piece of the iconic meme. The sale of the tokens

, called DOGs, each represent a part or fraction of the legendary NFT.

An NFT meme valued at +USD $500 million

On Wednesday of this week, Doge’s NFT was put up for sale in the form of distributed ownership across numerous tokens. The initiative was carried out using the Fractional.art

tool, which allows you to divide the ownership of an NFT into smaller fractions.

The sale began with an auction of 20% of the total supply of DOG tokens, which sold out the same day for a sum of 11,942 ether, currently valued at USD $47.7 million. The figure was raised from 1,796 buyers. It should be noted that the total supply of DOG tokens

is 16,969,696,969 (a figure which, in itself, is also a joke).

After the auction, fractional NFT started trading on the decentralized exchanges Uniswap and SushiSwap. Currently, more than

More than 3 billion DOG tokens are for sale on both platforms at a value of USD $0.0319, each coin. At current prices, the entire NFT of the famous doggy meme would have a valuation of $544 million.

NFT Fractions of Legendary "Doge" Meme Reaches $544 Million Combined ValuationNFT Fractions of Legendary "Doge" Meme Reaches $544 Million Combined ValuationJoint value of Doge’s NFT token fractions – Fractional.art

The massive valuation of the tokenized meme means that the implied value of the work has increased more than 100x in USD terms over the past three months. Though it’s important to note that, if sold in one piece, Doge’s NFT would possibly not reach as high a valuation as its fractional market.

In any case, the exuberant figure highlights the growth the NFT market has seen this year. Collectors are not afraid to invest millions of dollars in tokenized art, songs, tweets

, memes, and so on.

Fractional NFTs, the new craze?

Furthermore, the sale may be an indication that fractional NFTs are also proving to be a lucrative market that is starting to captivate smaller investors.

For the PleasrDAO team, this makes sense. Some of the most in-demand digital artwork sells for up to several million dollars, and fractionalizing it into tokens

can be a way to give less affluent users an option to tap into this growing market. Doge’s NFT ownership group wrote about it:

Fractionalizing this NFT means that now anyone can own a piece of one of the most recognizable and beloved images of our generation.

PleasrDAO has further stressed that they have no current intention to sell the entire Doge’ s NFT piece. They assured that the plans are to donate USD $2.2 million of proceeds from the token sale. Of the remainder, they will keep 25% of the token supply in a community fund, while 55% will remain in the safekeeping of the association “as the primary custodians

” of the NFT.

Recommended reading

Sources: CNBC, <a href=”https://decrypt.co/80107/fractional-

shares-doge-nft-300-million-valuation”>Decrypt, CryptoNews, Twitter

Versión de Hannah Estefanía Pérez / DiarioBitcoin

Imagen de Unsplash