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.
See Also: How To Buy Dogecoin (DOGE)
“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.
Recently in conversation with Benzinga’s “Moon or Bust” show cryptocurrency enthusiast GmoneyNFT, also known as Gmoney.eth, recognized the huge opportunity for fractionalized versions of expensive NFTs.
In the interview, GmoneyNFT revealed that he is a member of a PleasrDAO.
“We bought the Dogecoin meme, the actual pic, the Shiba,” he revealed.
Price Action: DOGE traded 1.67% higher at $0.28 over 24-hours leading up to press time.
Photo: By Dogeloverforever on Wikimedia