Doge Meme Behind the Dogecoin Phenomenon That Sold as NFT for $4 Million Can Be Bought in Pieces

Doge NFT is now up for fractional ownership.

By Edited by Gadgets 360 Newsdesk | Updated: 2 September 2021 11:51 IST

Doge Meme Behind the Dogecoin Phenomenon That Sold as NFT for $4 Million Can Be Bought in Pieces

Dogecoin was started after a Shiba Inu dog meme from 2010

Highlights

The owner of the dog, named Kabosu, minted the original photo as an NFT
It was purchased by PleasrDAO, an art collective, for $5.5 million
PleasrDAO wants Doge fans to own a piece of the NFT for as little as $1

A non-fungible token (NFT) of the original photo of the famous Shiba Inu dog, which featured in the legendary Doge meme from 2010, sold for a record-breaking price of 1,696 ETH in June ($4 million then; $5.5 million or roughly Rs. 40 crores at current value). The owner of the dog, named Kabosu, had minted the original photo of the canine as an NFT — a rare and original piece that pays tribute to the whole Dogecoin phenomena. That NFT has now been purchased by PleasrDAO, an experimental art collective. Now, PleasrDAO plans to allow fans to own a piece of the NFT for as little as $1.

The Doge movement has created a massive online community. The Dogecoin, inspired by the Doge movement, is a top cryptocurrency that has billionaire supporters like Elon Musk and Mark Cuban.

The PleasrDAO collective is selling fractional ownership of the NFT, a process of transforming digital artworks into unique verifiable digital assets that are traded on the blockchain, Jamis Johnson, chief pleasing officer of PleasrDAO, wrote in a blogpost.

How does it work?

Using Fractional.art, PleasrDAO has “fractionalised” 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 tokens DOG. Investors can buy any number of DOG tokens but how many tokens an investor buys will determine their ownership stake in the “Doge” meme NFT. However, PleasrDAO has decided to retain the majority ownership.

Johnson explained the fractionalising Doge meme NFT “very much as if the Louvre decided to fractionalise the Mona Lisa and distribute a portion of it for the public to own. However, unlike at the Louvre, collective ownership of art is really only possible using crypto art.”

The market for NFTs has exploded recently, with OpenSea, the world's largest NFT marketplace, seeing about $2 billion (roughly Rs. 14,610 crores) in transactions in August alone. However, many experts consider NFTs and cryptocurrencies risky and advise investing only what you can afford to lose.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.