A non-fungible token (NFT) from the original photo of the famous dog Shiba Inu, which appeared in the legendary 2010 Doge meme, sold for a record price of 1,696 ETH ($5.5 million or about Rs. 40 crores). In June of this year, the dog’s owner, named Kabosu, coined the canine’s original photo as an NFT – a rare and original piece that pays homage to the entire Dogecoin phenomenon. This NFT has now been purchased by PleasrDAO, an experimental art collective. Now, PleasrDAO plans to allow fans to own a share of NFT for just $1.
The Doge movement has created a huge online community. Dogecoin, inspired by the Doge movement, is one of the main cryptocurrencies that has billionaire supporters like Elon Musk and Mark Cuban.
The PleasrDAO collective is selling NFT fractional ownership, a process of transforming digital artworks into unique verifiable digital assets that are traded on the blockchain, Jamis Johnson, director of acknowledgments at PleasrDAO, wrote in a blog.
How it works?
Using Fractional.art, PleasrDAO “fractioned” the NFT into billions of pieces of ERC-20 tokens, the standard for creating and issuing smart contracts on the Ethereum blockchain. For Doge NFT, PleasrDAO is calling the DOG tokens. Investors can buy any number of DOG tokens, but how many tokens an investor buys will determine their ownership in the “Doge” NFT meme. However, PleasrDAO decided to retain majority ownership.
Johnson explained the Doge meme NFT split “in the same way as if the Louvre decided to split the Mona Lisa and distribute a portion of it for the public to own. However, unlike the Louvre, collective ownership of art is only really possible using cryptoart. ”
The NFT market has recently exploded, with OpenSea, the world’s largest NFT market, seeing around $2 billion in transactions in August alone. However, many experts consider NFTs and cryptocurrencies risky and advise investing only what you can afford to lose.