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After a successful fractionalization into $DOG Tokens, the total implied value of the Original Doge meme NFT has gone through the roof.
The original Doge meme NFT has soared to a valuation of around $220 million following its successful fractionalized token sale this week.
Ludicrously high prices for in demand NFTs are the flavor of the week, with Sotheby’s new Bored Ape Yacht Club NFT auction predicted to fetch up to $18 million.
Earlier this week Doge meme owners PleasrDAO fractionalized the NFT into 17 billion ERC-20 tokens named $DOG, and auctioned off 20% of them on SushiSwap-owned Miso on Sept. 1.
The $DOG tokens snapped up in the auction can now be traded via decentralized exchanges such as SushiSwap and Uniswap. The auction generated 11,942 Wrapped Ethereum (WETH) worth around $44.6 million from a total of 1,769 buyers.
GET YO STICKS READY! $DOG trading is now live on @SushiSwap.
— ✨ PleasrDAOGE (@PleasrDAO) September 2, 2021
Ape, hooman, cat, all is welcome on the chef's table. Trade here: https://t.co/fvbHzFPhMQ
Given the total supply of $DOG tokens — which are priced at 0.0000035186 WETH ($0.013 USD) at the time of publication — the nominal value of the Doge NFT is now around $220 million.
But some say that's an underestimate. According fractionalized token platform Fractional, the implied value of the $DOG NFTs is a whopping $398 million. The firm hasn’t specified how that figure was calculated.
Whether $220 million or $398 million, it’s a stunning return for a picture of a dog bought for just 1696.9 Ether, worth $4 million, back in June.
PleasrDAO has said 55% of the remaining tokens will be maintained by the DAO and the other 25% will go into a fund that will support projects in the $DOG community.
☝️☝️ And even more importantly... $2.25m raised for charity!! $DOG holders - please head over to the $DOG Park Discord (do-good-always channel) so we can choose the charities we should donate to: https://t.co/9Dv9FhtmyI
— ✨ PleasrDAOGE (@PleasrDAO) September 2, 2021
Related: Dogecoin Foundation demands copycat meme coin ‘Dogecoin 2.0’ change its name
Meanwhile Sotheby’s is currently hosting an auction of 107 Bored Ape Yacht Club NFTs that is expected to fetch between $12 million to $18 million.
The 107 NFTs have been bundled into one collection and put up for sale by the project’s creators Yuga Labs, who are also auctioning off a bundle of 101 Bored Ape Kennel Club NFTs that is expected to pull in between $1.5 million to $2 million.
Bidding for the Bored Ape Yacht Club collection had reached $4.5 million at the time of publication, and the auction is set to close on Sept. 10. Bidding for the Kennel Club NFTs hit $480,000.
The Bored Ape Yacht Club NFTs have become widely popular of late, and Cointelegraph reported on Sept. 2 that NBA star Stephen Curry joined in on the action by snapping up one of the NFTs for 55 ETH, worth roughly $207,000 at the time of writing.
According to data from CryptoSlam, the Bored Ape NFTs generated a record $295 million worth of sales on secondary markets in August. Despite it only being the beginning of September, the NFTs have already reached $10 million worth of secondary sales so far.
PleasrDAO will offer exposure to the Doge NFT via 16,969,696,969 fractionalized ERC-20 tokens named “$DOG”.
The $4 million NFT depicting the original Doge meme is set to be fractionalized into ERC-20 Tokens, and auctioned off in pieces.
The owner of the Shibu Inu depicted in the beloved meme, Atsuko Sato sold the Doge NFT for 1696.9 Ether, or $4 million on June 12 to art-focused decentralized autonomous organisation, PleasrDAO.
Starting from Sept.1 at 5pm UTC PleasrDAO will offer exposure to the Doge NFT via a fractionalization that will see the nonfungible token broken down into 16,969,696,969 ERC-20 tokens named “$DOG”.
According to a blog post from PleasrDAO, 20% of the total $DOG supply will be available for purchase initially, with the sale being hosted on open-source smart contract platform, Miso.
https://t.co/9c9899X73Hhttps://t.co/osEMZpxkg3
— ✨ PleasrDAOGE (@PleasrDAO) August 31, 2021
blog: https://t.co/wE7yDLC3xu pic.twitter.com/vtiC7IFsdv
After the launch, $DOG will be available for trade on fractional.art, or via decentralized exchanges (DEXs) such as Uniswap and SushiSwap. The idea behind the $DOG tokens is based on its price increasing as the original Doge NFT goes up in value.
Holders of $DOG will even be able to vote on what they think the valuation of the original NFT should be, which is set to be re-auctioned at a date determined by the PleasrDAO community in the future.
“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,” the blog post read.
However, the regulatory framework surrounding fractionalized NFTs appears to be in a gray area. SEC commissioner Hester Peirce —also known as “Crypto Mom” — warned NFT issuers back in March to be careful with selling “fractional interests,” as they could be deemed as investment products:
“You better be careful that you’re not creating something that’s an investment product — that is a security.”
In other doge related news, Japanese-American tennis star Naomi Osaka told Bloomberg on Aug. 31 that she was considering investing in crypto after her interest was piqued by DOGE.
Osaka’s agent suggested investing in crypto, but she said she had already started learning about crypto after seeing the abundance of hype surrounding DOGE that was flooding her social media feeds.
Related: Three Arrows Capital CEO Su Zhu outlines his bullish thesis for Dogecoin
“I was actually just talking with my agent about cryptocurrencies,” Osaka said. “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.”
The 23-year-old has won consecutive Grand Slam titles for the past four years, and has already entered the NFT space via a partnership with Tom Brady’s Autograph platform, to drop a series of tokenized collectibles late last month.
Don’t miss out on the chance to grab one of my first NFTs Autograph Premier Preseason Access Passes drop today at 3PM ET: https://t.co/xO2J34D5Gu pic.twitter.com/HppYN63775
— NaomiOsaka大坂なおみ (@naomiosaka) August 25, 2021