The original Doge Meme’s $4 million NFT, divided into ERC-20 Tokens and auctioned off. Furthermore, the owner of the Shibu Inu, portrayed in the famous meme, Atsuko Sato, sold the Doge NFT for 1696.9 Ether, or $4 million on 12 June to PleasrDAO.
Moreover, from 5 pm UTC on 1 September, PleasrDAO will provide Doge NFT exposure through a breakdown of the non-fungible token into 16,969,696,969 ERC-20 tokens known as ‘$DOG’
According to a PleasrDAO blog post. 20 percent of the entire $DOG supply is first available for purchase using Miso’s open-source smart contract platform for sale.
The blog post reads:
“We will ensure The Doge NFT does not go up for auction until we feel $DOG has reached full meme escape velocity and is coupled with a strong, thriving community.”
It will be available on fractional.art and DEXs like Uniswap and SushiSwap after the launch. Also, the concept behind the $DOG token predicated on a rise in the value of the original Doge NFT.
Furthermore, $DOG holders will even be able to vote on what they believe should be the original NFT value. Moreover, which will be re-auctioned at a future date chosen by the community of PleasrDAO.
Regulatory Structure Cautions
However, the regulatory structure around split NFTs seems to be murky. SEC Commissioner Hester Peirce – popularly known as “Crypto Mom”. Cautioned NFT issuers of “fractional interests” marketing, regarded as investment products back in March.
The concept is that if the NFT adds value, separate tokens offer individuals partial ownership of the artwork connected.
NFTs are very popular – and profitable. At the beginning of this year, the market surged, selling $1.5 billion in the first quarter. Artist Mike Winkelmann (Beeple) sold an image file for 69 million dollars in March.
