A Dogecoin NFT was sold in June for $4 million.
Investment collective PleasrDAO snapped up the digital artifact.
PleasrDAO is now splitting NFT into billions of ethereum tokens so that anyone can buy a piece of it.
Dogecoin fans will be able to get their hands on a portion of the very valuable Doge-inspired NFT tomorrow.
The NFT is associated with the image of Shiba Inu, the meme coin mascot turned into the seventh highest valued cryptocurrency on the market. It was sold at an auction in June to investment collective PleasrDAO, which snapped it up for $4 million.
But now, PleasrDAO is splitting the artwork NFT into billions of pieces and putting them on the ethereum blockchain so that anyone can buy a piece and invest in the iconic NFT.
NFTs are crypto tokens that function like digital ownership deeds that can be attached to anything – in this case artwork, but also audio or video content. They are typically minted and stored on the ethereum blockchain, although other networks such as Solana have also seen a recent surge in NFT activity.
These tokens can also be split and resold, as PleasrDAO has done with its Doge NFTs. It is worth noting, however, that even cryptocurrency-friendly regulators such as SEC Commissioner Hester Peirce have said that such sales could constitute an unregistered offering of securities if sold in the United States.
Meanwhile, Dogecoin, though created as a joke in 2013, now has a market cap of $36 billion. The coin’s logo has become the NFT in question, ubiquitous in the world of internet memes and cryptocurrencies.
According to PleasrDAO’s website, future investors will be able to purchase a portion of Doge NFT through SushiSwap, a popular decentralized cryptocurrency exchange, where it will be sold as $DOG.
Why would anyone want to buy a portion of NFT in the form of digital tokens, you ask? Think of it as an investment: investors have long been interested in real-world assets (like artwork) that have been digitally tokenized and placed on the blockchain, so anyone can have ownership.
If NFT appreciates in value, the individual tokens that give people partial ownership of the attached artwork will also appreciate in value.
NFTs are hugely popular and lucrative. The market exploded earlier this year, with $1.5 billion sold in the first quarter. in March, artist Mike Winkelmann (nicknamed Beeple) sold an image file for $69 million.
The market cooled off in early summer, but is starting to sputter again: the amount of cash people are pouring into the market is breaking records. cryptoPunks, pixelated art images of people, are particularly popular – last week’s daily trading volume was nearly $70 million.