The original 2013 Dogecoin (CRYPTO: DOGE) meme featuring Kobasu, the Shiba Inu, which sold for millions is all set to be passed into fractionalized ownership.
What Happened: PleasrDao, the owner of the non fungible token or NFT, will offer ownership in the form of $DOG tokens, which will be put on sale beginning Wednesday at 1 p.m. ET on the MISO platform.
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“PleasrDAO is announcing that the NFT has been fractionalized into billions of pieces to be shared with the broader internet community,” the NFT owner said in a statement.
“Using fractional.art, the original Doge NFT has been divided into billions of $DOG ERC-20 tokens, allowing everyone and everything, including also cats, to own a piece of history.”
PleasrDAO said that 20% of the $DOG supply will be available in the auction, which is almost 3.4 billion $DOGE of the total supply of 16.9 billion tokens.
An additional 25% of $DOG tokens stand allocated to $DOG community programs and “continued development.”
Why It Matters: PleasrDAO, which describes itself as an “experimental art collective,” purchased the original photo as an NFT for a record-breaking price of 1696 Ethereum (CRYPTO: ETH) or $5.5 million.
The original Shiba Inu NFT was minted by Atsuko Sato, the owner of Kabosu, in June 2021, as per the statement.
Last month, another NFT featuring Kobasu — titled the “Feisty Doge NFT,” briefly became the world’s most valuable piece of tokenized art touching $110 million thanks to fractionalization.
That NFT has an implied valuation of $41.6 million at press time, as per fractional.art.
Price Action: DOGE traded 1.67% higher at $0.28 over 24-hours leading up to press time.
Photo: By Dogeloverforever on Wikimedia