Original $4 million Doge Meme NFT to be sold in pieces

    04 Sep 2021
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    This week, a project PleasrDAO announced that a notable Doge NFT, sold in June 2021 for 1,696.9 Ether (a historic sale over $3.6 million at the moment of sale), will be fractionalized. Now, the NFT’s owner wants to share the ownership with others. At the same time, Cryptopunk #543 has already being fractionalized and sold at $1 per share.

    The legendary “Doge” meme from 2010, which portrays a shiba inu dog and inspired the creation of cryptocurrency Dogecoin, sold for $4 million as an NFT in June.

    As most investors couldn’t afford a multimillion-dollar price tag for the “Doge” meme NFT, anyone will now have an opportunity to own a piece of it for as little as less than $1. Because PleasrDAO, the collective that bought the “Doge” meme NFT, is selling fractional ownership of it since Wednesday.

    Here’s how it works. PleasrDAO has “fractionalized” the NFT through a platform Fractional.art. As a result, the NFT is represented by billions of ERC-20 tokens (called DOG), which are standard for creating and issuing smart contracts on the Ethereum blockchain.

    Now, investors can buy as many or as few DOG tokens as they can afford on Fractional.art and decentralized exchange Miso. The number of tokens an investor buys will determine their ownership stake in the “Doge” meme NFT, while PleasrDAO will retain majority ownership.

    Jamis Johnson, a chief pleasing officer of PleasrDAO, revealed in a blog post that DOG holders would be able to participate in future decision-making surrounding the NFT. For instance, vote before the NFT is sold in the future.

    “We are thrilled to offer consumers the opportunity to purchase fractions of Doge, one of Pleasrdao’s most monumental NFTs,” he told Bitcoin.com News. “Expanding the ownership of $DOG beyond the DAO and to the greater general public provides more inclusivity. An investment in the community wouldn’t be possible without the community itself, so we’re especially excited to give back by granting shared possession of Doge.”

    But Pleasrdao’s idea is not alone amid the projects aiming to offer the crypto community shares of popular NFTs. The blockchain firm Otis revealed it is selling Cryptopunk #543 in a fractionalized manner.

    Cryptopunk #543 is one of the oldest NFTs ever minted on the Ethereum blockchain, valued at $51,500. Investors can begin trading the Cryptopunk “for just $1/share,” as said an Otis representative to Bitcoin.com News.

    A recent report called “Breaking NFTs to Pieces” shows two other distinct protocols breaking NFTs down so people can buy, trade, and sell NFT’s shards.

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