Meem “Doge” the original is being sold as NFT compared to 4 million dollars
The legendary “Doge” meme launched in 2010, which depicts a shiba inu dog named Kabosu and inspired the creation of Dogecoin, sold for $4 million as an NFT, or non-fungible token, in June.
In this way, Doji joins the many memes whose creators have benefited from its fame through sales of NFT tokens.
Some might argue, that’s a lot of money to pay to own a jpeg, but the “Doge” memes have created a massive online community, and dogecoin is now one of the best cryptocurrencies by market cap, with big backers including Elon Musk and Mark Cuban.
Although most investors can’t afford a multi-million dollar purchase of the Doge meme as an NFT, anyone will now have a chance to own a piece of it for less than a dollar.
That’s because PleasrDAO, the group that bought the Doji meme’s NFT, will sell partial ownership of it, starting Wednesday.
Here’s how it will be?
Through a platform called Fractional.art, PleasrDAO has “hashed” the NFT – and as a result, the NFT is represented by billions of ERC-20 tokens, under the name DOG.
Investors can then buy as many or as few DOG tokens as they can on Fractional.art and also conduct decentralized exchanges. How many tokens an investor buys will determine their ownership stake in the Doji-NFT meme, even though PleasrDAO will retain majority ownership.
DOG holders will also be able to participate in future NFT decisions. For example, DOG holders will vote before selling an NFT in the future, PleasrDAO Chief Officer James Johnson wrote in a blog.
He added, “It is as if the Louvre decided to divide the Mona Lisa and distribute a part of it to the public to own it. However, unlike the Louvre, collective ownership of art is really only possible with the use of cryptography.”
“In this digital world, NFTs can capture important moments, phenomena, and concepts while the smart owner can hash them and distribute them to the audience.”
It is reported that PleasrDAO bought this meme through its dealings in the cryptocurrency Ethereum, and paid 16696.9 of it, equivalent to 4 million dollars.
Notably, NFT sales help some online content creators earn huge money.
This month alone, OpenSea, the world’s largest NFT marketplace, saw revenue of more than $2 billion.