A non fungible token of the original 2013 Dogecoin DOGE/USD meme featuring Kabosu, the Shiba Inu, surged in value after fractionalization.
What Happened: The original Doge NFT was fractionalized by the owner PleasrDAO, which describes itself as an “experimental art collective,” into 16.9 billion fungible $DOG ERC-20 tokens last week.
The initial auction of 20% of the total $DOG supply took place on Sept. 1 on the MISO platform and raised a total of 11,942 Wrapped Ethereum ETH/USD from 1,796 buyers.
See also: How To Buy Dogecoin (DOGE)
The tokens were later available to exchange on fractional.art and sold at $0.019, valuing the entire NFT at $336 million, according to a report by Decrypt. The NFT’s market capitalization had reportedly touched a peak of $550 million on Sept. 3.
The NFT has an implied valuation of $270.83 million at press time, as per fractional.art.
PleasrDAO purchased the original photo as an NFT for a record-breaking price of 1696 Ethereum or $5.5 million. The original Doge NFT was minted by Atsuko Sato, the owner of Kabosu, in June.
Why It Matters: The new trend of fractionalization allows ordinary investors to own a partial share in rare and expensive NFTs that they would otherwise find difficult to purchase.
Fractionalization is also seen as more appealing than a regular NFT for the owners as it provides instant and increased liquidity.
Last month, another NFT featuring Kabosu - titled the “Feisty Doge NFT,” briefly became the world’s most valuable NFT at $110 million, thanks to fractionalization.
Price Action: Dogecoin is down almost 15.8% during the last 24 hours, trading at $0.2578 at press time.
Photo: Courtesy of DogeLoverForever via Wikimedia
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month