$4 Million Meme Coin “Doge” NFT Being Sold in Billions of Fractions on SushiSwap’s MISO
The original image of Shiba Inu that was behind the popular “Doge” meme is now getting auctioned off on Fractional.Art, an NFT fractionise platform.
What started as a joke in 2013 has taken the world by storm this year and gained the support of the likes of Tesla’s Elon Musk and Dallas Mavericks’ Mark Cuban.
As of writing, Dogecoin is the 7th largest crypto asset with a market cap of $36.8 billion and trading at $0.28 per coin.
In June, the image that is best known as the face of Dogecoin was bought by PleasrDAO for a whopping 1,696.9 ETH worth $4 million, which is now splitting the digital artwork into billions of pieces so that its fans can invest in it and have a piece of the iconic NFT.
“This NFT represents the early innings of a decade’s worth of digital culture, and we want you to own it too,” said PleasrDAO on their website, adding DOGE is split into billions of individual pieces, which will be secured and verified on Ethereum.
— ✨ PleasrDAOGE 🐶🎥 (@PleasrDAO) August 31, 2021
Fractions of the Doge NFT will be sold as $DOG through decentralized exchange SushiSwap’s MISO platform starting today. The NFT, meanwhile, will be fractionalized via Fractional.Art, a startup that breaks apart NFTs into smaller fragments and then converts them into ERC-20 tokens.
NFTs being fractionalized and resold, however, may get regulators’ scrutiny as crypto-friendly SEC Commissioner Hester Peirce, aka ‘Crypto Mom,’ has said that they could run the risk of being unregistered securities.
“The whole concept of an NFT is [it’s] supposed to be non-fungible, so it’s supposed to be unlike anything else,” Peirce said in March this year. While in general, they are “less likely to be a security,” with people putting a lot of effort into building something so that it has a lot of value may attract more regulatory scrutiny.
“You’ve always got to ask those questions,” she said. “As we’ve seen, the definition of a security can be pretty broad.”