Shiba Inu frenzy: Doge meme NFT splits into billions of tokens for ‘fractional ownership”
The company that owns the original NFT is exploring fractionalized ownership of the meme that led to the creation of Dogecoin.
PleasrDAO announced that it will fractionalize the $6 million Doge NFT meme into billions of pieces, allowing everyone to own a piece of the image that’s become the face of Dogecoin.
The NFT is a rare 1/1 original piece that pays tribute to the Doge movement stat started as a joke in 2013. In June 2021, Atsuko Sato, the owner of the famous Shiba Inu called Kabosu, minted the original photo as an NFT and sold it for a record-breaking price of 1,696 ETH to PleasrDAO, an experimental art collective.
The biggest exercise in fractional ownership
Starting from Sep. 1st at 5 PM UTC, PleasrDAO will offer exposure to the Doge NFT through 16,969,696,969 ERC-20 $DOG tokens.
— ✨ PleasrDAOGE ?? (@PleasrDAO) August 31, 2021
According to a blog post published on August 31st, only 20% of the total $DOG supply will initially be available in the auction. An additional 25% of $DOG tokens will be allocated to the $DOG community programs and used to continue development, the organization said.
“We have plans for a $DOG dev fund for projects aimed at supporting the long-term community, and we will be the primary provider of liquidity on exchanges.”
The $DOG auction will take place on decentralized auction platform Miso, with the tokens available for purchase with Wrapped ETH (WETH). Following the auction, $DOG will be available for trade on the fractional.art platform and on decentralized exchanges such as SushiSwap and Uniswap.
Users holding $DOG tokens will be able to vote on what they think the original NFT should be worth. In the future, PleasrDAO plans on re-auctioning the original NFT at a date and rate determined by the PleasrDAO community.
“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 said in the blog post.