The famous 2010 ‘Doge’ meme, which features a Shiba Inu dog named Kabosu and inspired the creation of the Dogecoin cryptocurrency, which sold for $ 4 million in June as an NFT, or non-fungible token.
To some, it might seem like a lot of money to pay to own a JPEG, but the “Doge” meme has generated a huge community online, and Dogecoin is now one of the best cryptocurrencies by market cap. , which includes fans including Elon Musk and Mark Cuban. .
While most investors can’t afford the multi-million dollar price tag for the NFT “Doge” meme, everyone will now have the option of owning a portion for less than $ 1.
That’s because PleasrDAO, the collective that bought the NFT “Doge” meme, has been selling partial ownership of it since Wednesday.
See how it works here.
Through a platform called Fractional.art, PleasrDAO has ‘differentiated’ NFTs – as a result, NFTs are represented by billions of ERC-20 tokens, which are the standard for creating and issuing smart contracts on the Ethereum blockchain. . In this case, PleasrDAO called the DOG token.
Investors can then purchase as many or as few DOG tokens as they can afford on Fractional.Art and the decentralized Miso exchange. The number of tokens purchased by the investor will determine their stake in the NFT “Doge” meme, although PleasrDAO will retain the majority.
DoG holders will also be able to participate in future decision making regarding NFTs. For example, DOG owners will vote before selling NFTs in the future, as PleasrDAO’s fun chef Jamis Johnson wrote in a blog post.
“[I]It’s a bit as if the Louvre decided to split up the Mona Lisa and distribute part of it to the public. However, unlike the Louvre, collective ownership of art is really only possible using crypto art, ”Johnson wrote.
“In this digital world, NFTs can capture key moments, events and concepts, while a smart contract can divide them and distribute them among the masses.”
PleasrDAO is not the first to “calibrate” an NFT, and this trend is expected to continue.
The NFT market has exploded recently – this month alone, OpenC, the world’s largest NFT marketplace, recorded over $ 2 billion in transactions, with some individual NFT collectibles selling for millions of dollars.
By “splitting” high-value NFTs, regular investors may have the opportunity to own a coveted, but expensive, alternative asset. However, many experts consider NFTs risky and advise against investing more than what you can afford to lose.
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