• Tough Doge becomes the most valuable NFT ever

  • Feisty Doge has become the world’s most valuable NFT as investors flock to the differentiated asset, leading to a 721% gain.

    Feisty Doge Fragmentation

    The paparazzi frenzy is back, but this time with NFT scores.

    The Feisty Doge NFT, which is part of a photo shoot with the shiba inu that appeared on Dogecoin, has become the world’s highest-valued NFT at over $85 million. The adorable Shiba Inu took the top spot from digital artist Beeple’s Everydays. The First 5,000 Days, which sold for $69.3 million at Christie’s earlier this year.

    The Feisty Doge photo was part of a shoot with Japanese Shiba Inu Kabosu, who rose to internet fame as the dog behind the Doge meme. The photo was sold as an NFT back in June, when the top bid was $43,279.

    A popular NFT collector on Twitter named @Cryptopathic announced on Aug. 19 that he had split the Feisty Doge NFT into 100 billion tokens, allowing anyone to purchase partial ownership. Coveted NFTs like Feisty Doge can reach prices in the millions, well beyond the reach of the average investor. By fractionalizing NFTs, those interested in them can gain exposure without a huge upfront cost. These tokens are traded under the codename NFD and can be bought and sold on SushiSwap.

    Following the @Cryptopathic announcement, interest in the NFT fraction spread like wildfire across social media, and by August 22, the price of NFD tokens had soared more than 700%, according to CoinGecko. The NFD token has since cooled off, but at the time of writing, it still means the Doge NFT is worth more than $85 million.

    While those who bought in early are enjoying their gains, others have been more critical of @Cryptopathic’s project. Another Twitter user, @0xShual, called Feisty Doge fractions a “scam,” highlighting on-chain data showing @Cryptopathic removing liquidity from NFD/ETH pairs, taking profits for itself in the process.

    While removing liquidity is not technically a scam, doing so has previously drawn the ire of the cryptocurrency community. Last month, YouTuber TechLead was also criticized for the same action after he reportedly withdrew millions in liquidity from his Million token project.

    Regardless of the ethical standards for extracting liquidity, Feisty Doge has demonstrated the potential to fractionalize NFT. Spectators are already predicting that by fractionalizing, popular NFTs will soon overtake established cryptocurrencies in terms of market cap.

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