A dog picture, utilizing Dogecoin (CRYPTO: DOGE) popularity, briefly became the most valuable non fungible token ever in the world at $110 million, thanks to the new trend of fractionalization.
What Happened: The “Feisty Doge NFT” is a picture of Kabosu, the Shiba Inu dog that featured in the original Doge meme. It was earlier sold in June on an auction together with other Doge memes as NFTs.
See also: How To Buy Dogecoin (DOGE)
However, the NFT’s implied valuation surged after its owner, who goes by the username Cryptopathic on Twitter, said he has fractionalized the NFT into 100 billion ERC-20 tokens based on the Ethereum (CRYPTO: ETH) blockchain.
— path.eth (@Cryptopathic) August 19, 2021
The fractionalization allows people to buy a partial share in the NFT. The tokens trade under the ticker “NFD” and can be bought or sold on decentralized exchanges like SushiSwap (CRYPTO: SUSHI).
Demand for the NFD tokens surged more than 700% after the fractionalization went live and briefly enabled Feisty Doge to become the world’s most valuable NFT ever at $110 million.
The Doge NFT has an implied valuation of $69.7 million at press time. Beeple’s ‘Everydays: The First 5000 Days’ NFT based digital artwork, which sold for a record $69 million in an auction in March, is currently the most valuable NFT.
Why It Matters: NFTs, blockchain-based tokenization of collectible items or art pieces, allow users to own digital assets like retail estate, art, digital sneakers, and video moments.
The new trend of fractionalization enables ordinary investors to own a partial share in rare and expensive NFTs that they would otherwise be unable to purchase.
It is also seen as more appealing than a regular NFT for the owners as it provides instant and increased liquidity.
Price Action: Dogecoin is down 1.6% during the last 24 hours, trading at $0.3150 at press time.