Original $4M Doge NFT meme auctioned off in 17 billion pieces

PleasrDAO will offer exposure to the Doge NFT via 16,969,696,969 fractionalized ERC-20 tokens named “$DOG”.

The $4 million NFT depicting the original Doge meme is set to be fractionalized into ERC-20 Tokens, and auctioned off in pieces.

The owner of the Shibu Inu depicted in the beloved meme, Atsuko Sato sold the Doge NFT for 1696.9 Ether, or $4 million on June 12 to art-focused decentralized autonomous organisation, PleasrDAO.

Starting from Sept.1 at 5pm UTC PleasrDAO will offer exposure to the Doge NFT via a fractionalization that will see the nonfungible token broken down into 16,969,696,969 ERC-20 tokens named “$DOG”.

According to a blog post from PleasrDAO, 20% of the total $DOG supply will be available for purchase initially, with the sale being hosted on open-source smart contract platform, Miso.

After the launch, $DOG will be available for trade on, or via decentralized exchanges (DEXs) such as Uniswap and SushiSwap. The idea behind the $DOG tokens is based on its price  increasing as the original Doge NFT goes up in value.

Read more:  Report: Driven by DeFi, North America’s crypto volume increased 1,000% year-over-year

Holders of $DOG will even be able to vote on what they think the valuation of the original NFT should be, which is set to be re-auctioned at a date determined by the PleasrDAO community in the future.

“We will ensure The Doge NFT does not go up for auction until we feel $DOG has reached full meme escape velocity and is coupled with a strong, thriving community,” the blog post read.

However, the regulatory framework surrounding fractionalized NFTs appears to be in a gray area. SEC commissioner Hester Peirce —also known as “Crypto Mom” — warned NFT issuers back in March to be careful with selling “fractional interests,” as they could be deemed as investment products:

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button