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The iconic Shiba Inu image that inspired the creation of Dogecoin is set to be sold in portions. According to Bloomberg, PleasrDAO, the owner of the original NFT, is opting for fractionalization of the asset through Fractional.Art.
Dogecoin NFT to be Auctioned Through Fractionalization
Fans of internet sensation Kabosu -- the Shiba Inu from Japan -- who sparked the Doge meme will have another opportunity at claiming ownership of her meme-inspiring image. Although, this time they will get to snag only a portion of the original NFT, thanks to a new trend called fractionalization.
PleasrDAO, who bought the image for $4 million in June, is dividing the ownership of the asset in the form of $DOG tokens that will be sold from Wednesday onwards. The NFT will be fractionalized at Fractional.Art and auctioned through SushiSwap’s MISO platform.
Unlike other NFT marketplaces, Fractional.Art converts NFT artworks into fragments, which are further converted into ERC-20 tokens. These tokens give collectors a chance to own a smaller portion of the NFT, albeit for a more affordable price.
Notably, the $DOG coin generated from the Shiba Inu NFT will be sold separately from DOGE at Sushiswap DEX. There are currently 16,969,696,969 $DOG tokens in circulation, with a total reserve price capped at 21,000,000 ETH or $71.5 billion.
Feisty Doge NFT Also Riding the Fractionalization Wave
Meanwhile, another popular picture of Kabosu, known as the Feisty Doge NFT, has been fractionalized into 100 billion ERC-20 tokens by its owner Cryptopathic. Consequently, the image has become the world’s most valuable NFT at more than $85 million.
Feisty Doge snatched the top position from Beeple’s Everydays: The First 5000 Days artwork after investors rushed to accumulate the fractionalized asset, sending prices upwards by over 700%. The NFT’s fragmentation was announced by Cryptopathic in a tweet on August 19.