Dogecoin fans will be able to purchase a portion of a highly valuable Doge-inspired NFT starting tomorrow.
The NFT is associated with a Shiba Inu, the meme coin’s mascot and the market’s seventh-most valuable cryptocurrency. PleasrDAO, an investment collective, purchased it for $4 million in a June auction.
PleasrDAO is now dividing the iconic NFT artwork into billions of pieces and putting them on the Ethereum blockchain, allowing anyone to buy a piece and invest in the iconic NFT.
An NFT is a cryptocurrency that acts as a digital deed of ownership for just about anything—in this case, artwork—as well as audio and video content. NFTs are typically minted and stored on the Ethereum blockchain, but other networks, such as Solana, have recently seen an increase in NFT activity.
These tokens can then be fractionalized and resold, just like PleasrDAO’s Doge NFT. Even crypto-friendly regulators like SEC Commissioner Hester Peirce have said that such sales could be considered unregistered securities offerings if sold in the United States.
The Dogecoin-eluding individual
In the meantime, Dogecoin, which began as a joke in 2013, has grown to a market capitalization of $36 billion. In the world of Internet memes and cryptocurrency, the coin’s logo, which has been transformed into the NFT in question, is ubiquitous.
PleasrDAO stated on their website, “This NFT represents the early innings of a decade’s worth of digital culture, and we want you to own it too.” “Our beloved Doge is being shattered into billions of pieces and secured and verified on Ethereum.”
According to PleasrDAO’s website, potential investors will be able to purchase a fraction of the Doge NFT, which will be sold as $DOG, on SushiSwap, a popular decentralized cryptocurrency exchange.
You might wonder why anyone would want to buy a piece of the NFT in the form of a digital token. Consider it an investment: real-world assets (such as art) that have been digitally tokenized and placed on a blockchain so that anyone can own them have long piqued the interest of investors.
The idea is that as the value of the NFT rises, so will the value of the individual tokens that give people a pieceof the attached artwork.
NFTs are extremely popular—and profitable. With $1.5 billion sold in the first quarter, the market exploded at the start of this year. Mike Winkelmann (also known as Beeple) sold an image file for $69 million in March.
The market cooled off in the early summer, but is now heating up again, with new highs being set for the amount of money poured into the market. CryptoPunks, or pixelated art images of characters, are particularly popular, with daily trading volume approaching $70 million last week.