The original Doge meme non-fungible token (NFT), which sold to the NFT collective PleasrDAO in June for ETH 1,696 (USD 4m at the time, more than USD 6m today) today becomes available in “billions of pieces” for anyone interested in owning their share of the iconic internet meme.
The distributed ownership of the meme NFT – one of the best-known NFTs in the space – has been made possible by using theFractional.art tool, which lets anyone split up ownership of their NFTs into smaller fractions. Hence, the original Doge NFT — depicting a rescued Shiba Inu good girl Kabosu, owned by Japanese kindergarten teacher Atsuko Sato — is from today available as Ethereum-based ERC-20 tokens under the ticker name DOG.
“The initial auction of DOG fractions will take place on September 1st, at 1pm EST and it will be the first opportunity for people to own this piece of art. Thereafter, it will be available to exchange on fractional.art or through decentralized exchanges such as sushi.com or uniswap.org,” PleasrDAO wrote in a blog post announcing the sale.
Further explaining the idea behind fractionalizing the legendary NFT, the group wrote that they have plans for a DOG development fund “for projects aimed at supporting the long term community.” It also promised that the group will be “the primary provider of liquidity on exchanges,” and that considerations have been taken to avoid “downward price pressure” on the newly minted tokens.
“For now, it’s very much as if the Louvre decided to fractionalize the Mona Lisa and distribute a portion of it for the public to own,” PleasrDAO further wrote, adding that “unlike at the Louvre, collective ownership of art is really only possible using crypto art.”
Following the announcement by the digital art collective, the Doge meme’s rise to internet fame was broken down in a Twitter thread by Doge community member Cryptunez. In it, he detailed the meme’s entire journey from the creation of dogecoin (DOGE) in 2013, to the meme gaining celebrity status with the help of Tesla chief Elon Musk’s Twitter account this year.
The NFT sector has been on fire for much of the year this year, with everyone from Japanese conglomerate Rakuten, investment firm Three Arrows Capital, and even Visa, getting involved as of late.
Despite the new round of attention around the Doge meme, dogecoin itself saw only minor moves in the crypto market today. At the time of writing, (12:25 UTC), the 7th coin by market capitalization is up by almost 2% over the past 24 hours, trading at a price of USD 0.284. It’s down by 2% over the past week.