Converting Doge Meme to NFT and Cryptocurrency
The Doge meme is legendary on the internet. The Dogecoin meme cryptocurrency is named after him. This is Elon Musk’s favorite meme. The original meme of a Shiba Inu dog named Kabosu was sold for $ 4 million as a non-fungible token – NFT. At the same time, the buyer, PleasrDAO, divided the token into parts and invited everyone to become a co-owner of the meme for only $ 1. Thus, the Doge meme formed the foundation of The Doge NFT (DOG) cryptocurrency.
According to CNBC, the company has offered everyone to buy as many DOG tokens as they can afford. You can buy tokens on the Fractional.art portal and the Miso decentralized exchange. Tokens determine the ownership share in the Doge meme. However, PleasrDAO will retain its controlling stake.
PleasrDAO spokesman Jamis Johnson said that DOG owners would be able to participate in making future decisions about the fate of NFT. Among other things, owners of DOG tokens will be able to vote on the price of the NFT when it is put up for auction in the future.
Turning Feisty Doge Meme Into NFT And Making NFD Cryptocurrency
PleasrDAO is not the first company to break up NFTs. The market for non-fungible tokens has recently grown dramatically. In August 2021 alone, more than $ 2 billion in transactions took place on OpenSea, the world’s largest NFT marketplace, while individual NFT collectibles were sold for millions of dollars.
Feisty Doge is a different photo from the same photoshoot as the original Doge meme. It was sold as an NFT back in June 2021 for the equivalent of $ 43,279 to the Cryptopathic collector. On August 19, the owner of NFT announced that he would split the ownership of Feisty Dog NFT into 100 billion tokens, allowing anyone to become a co-owner of the meme. The tokens were issued under the ticker NFD and can be bought and sold on SushiSwap. Today they are available on other significant DEXs as well:
NFD tokens are issued based on the Ethereum blockchain and have the ERC-20 standard. The demand for NFD tokens has grown by over 700% since they started trading. For a short time, this allowed Feisty Doge to become the most valuable NFT in the world. At its peak, its combined value exceeded $ 100 million. Doge NFT’s estimated valuation as of September 29, 2021, is around $ 1 million.
Why is this situation significant? Tokenization of collectibles or works of art based on the blockchain allows the transfer of ownership of a wide variety of assets:
- Real estate objects;
- Physical art objects;
- Digital things, moments captured on video, etc.
The new fragmentation trend allows co-owners of particularly valuable NFTs that they would otherwise not be able to acquire. They are also more attractive to owners than regular NFTs as they offer added value. On the other hand, such projects are speculative, contributing to their very high volatility.