A non-fungible token (NFT) of the original photo of the famous dog Shiba Inu, which featured in the legendary 2010 Doge meme, sold for a record price of 1,696 ETH ($ 5.5 million or around Rs. 40) crores). In June of this year, the owner of the dog, named Kabosu, minted the original photo of the dog as NFT – a rare and original coin that pays homage to the whole Dogecoin phenomenon. This NFT has now been purchased by PleasrDAO, an experimental art collective. Now, PleasrDAO plans to let fans own a piece of NFT for as little as $ 1.
The Doge movement has created a massive online community. Dogecoin, inspired by the Doge movement, is a leading cryptocurrency that has billionaire supporters like Elon Musk and Mark Cuban.
PleasrDAO Collective Sells Fractional Ownership of NFT, a process of transforming digital artwork into unique verifiable digital assets that are traded on the blockchain, Jamis Johnson, CEO of PleasrDAO, written in a blog post.
How it works?
Using fractional art, PleasrDAO has “split” 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 calls DOG tokens. Investors can purchase any number of DOG tokens, but the number of tokens purchased by an investor will determine their participation in the NFT “Doge” meme. However, PleasrDAO has decided to retain the majority stake.
Johnson explained the splitting of the Doge NFT meme “much as if the Louvre decides to split up the Mona Lisa and distribute some of it to the public. However, unlike the Louvre, collective ownership of art is only really possible. ‘using crypto art.
The NFT market has exploded recently, with OpenSea, the largest NFT market in the world, registering around $ 2 billion in transactions in August alone. However, many experts consider NFTs and cryptocurrencies risky and advise investing only what you can afford to lose.