Art focused decentralized autonomous organisation PleasrDAO, which owns the NFT meme, will start offering exposure to the original NFT via a fractionalization, under which it will be divided into 16,969,696,969 tokens named $DOG. This will start on September 1 at 5 pm UTC. According to a blog post from PleasrDAO, a fifth of the total $DOG supply will be available for sale at first. Miso, the open source smart contract platform, will host the sale.
NFT fractionalized into ERC-20 tokens
The NFT depicting the original Doge meme will be broken up into ERC-20 tokens and auctioned off in pieces. Atsuko Sato, the owner of the Shibu Inu dog on the viral meme, sold the Doge NFT for 1696.9 Ether on June 12 to PleasrDao. At the time, this amount was equal to around $4 million.
Following the launch, it will be possible to trade $DOG via SushiSwap, Uniswap, and other decentralized exchanges (DEXs) or on fractional.art. The concept of the $DOG tokens involves the price rising in parallel to that of the original Doge NFT.
$DOG token holders can vote on how much they believe the original NFT should be valued at. It will be auctioned again in the future, on a date chosen by the PleasrDAO community. In the blog, PleasrDAO write:
“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’s a bit of a grey area when it comes to the legislative framework surrounding fractionalized NFTs. In the spring of this year, SEC commissioner Hester Peirce warned NFT issuers that “fractional interests” could be considered investment products:
“You better be careful that you’re not creating something that’s an investment product — that is a security.”
Doge piques the interest of top athletes
On August 31, Japanese-American tennis star Naomi Osaka told Bloomberg she was thinking about investing in cryptocurrencies after Doge piqued her interest. She said:
“I was actually just talking with my agent about cryptocurrencies. I know that online, everything is getting bigger. I remember reading about Dogecoin … there’s going to be something new and interesting that’s going to pop up.”
She has been winning Grand Slam titles every year since she was 19. On a more relevant note, she’s already a member of the NFT space. She dropped a tokenized collectible series last month in collaboration with Tom Brady’s Autograph platform.
