The same Doge is now worth gold
If there is one constant with NFTs, it is their ability to bring out new investors ready to pay large sums for images recorded on the blockchain. And would fashion now be for fractions of images? This is what seems to be suggested by a new proposal from PleasrDAO, the decentralized autonomous organization that owns the original NFT “Doge”.
Let’s go back to the beginning. The “Doge” meme is perhaps one of the most iconic to emerge from Internet culture in recent years. On its own, it allowed the creation of a cryptocurrency appearing in the top 10 of the moment: the Dogecoin (DOGE). And it sparked the passion of investors – including Elon Musk – all thanks to a photo of a Shiba Inu who hadn’t asked anyone for anything.
It is this photo that was sold last June against the tidy sum of $ 4 million. The owner of this famous dog, Atsuko Sato, benefited from the first sale. And the acquirer, PleasrDAO, has now found a way to make this meme grow.
The NFT “Doge” separated into 17 billion ERC-20 tokens
Because according to a communication from PleasrDAO, the NFT Doge will now be offered in fractional form. That is, it will be “split” into several billion ERC-20s, each of which represents a fraction of the original non-fungible token. These ERC-20s are called “DOG”, and they number 17 billion.
The first auction will take place today, and it will offer 20% of the total supply of DOG. The statement remains a tad vague on what DOG owners will actually get in return:
“Owning DOG gives you access to exclusive activities, both online and offline. Think of this as your perpetual ticket to a festival of delicacies and recreation created by the Doge community. “
Influencing the price of NFT
PleasrDAO also specifies that these ERC-20 will allow voting to give a value to the NFT:
“DOG holders will also be able to make use of their property rights over the NFT by voting for […] determine how much the NFT is worth. “
So let’s summarize for those who would have had a hard time following: an image of Shiba Inu reached cult status and sold for $ 4 million. Stored on the blockchain, it was then separated into 17 billion fragments, so that investors could own a part of it. This will allow them to influence the price of that same image, when it is resold.
Whether we consider this as one more sign that the NFT market is in full swing, or that we appreciate this new use, one thing is certain: Doge has not finished talking about him …
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About the author: Marine Debelloir
Deputy Editor-in-Chief on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that arise from the blockchain and I like to find the most delicious information to share with you.
All articles by Marine Debelloir.