The original Doge meme image became one of the highest valued NFTs after its owner broke it into tokenized shares and auctioned a portion of those shares off using SushiSwap.
Decentralized art collection platform PleasrDAO, which owns the image, recently used a platform called Fractional.art to tokenize 16,969,696,969 shares of the NFT. This week PleasrDAO auctioned off 20% of these “$DOG” ERC-20 tokens using SushiSwap's token sale platform, MISO. The auction raised 11,942 WETH (around $45 million) from 1,796 buyers.
The price of a $DOG token on MISO is now 0.0000035186 WETH, or 0.013 USD. Given the number of tokens that were minted, that would imply that the value of the Doge NFT is more than $225.3 million. PleasrDAO bought the original NFT for 1696.9 ETH, or around $4 million.
According to PleasrDAO, besides the 20% sold via auction, an additional 25% of the $DOG tokens have been allocated to "$DOG community programs and continued development."
NFT "fractionalization" has quickly become a popular method to allow individuals to buy into expensive NFTs, such as CryptoPunks, and to compete against crypto whales on bidding platforms. This month Fractional.art announced that it had raised $7.9 million in seed funding.
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