The art-focused decentralized autonomous organization PleasrDAO, which owns the meme-NFT, will sell it in pieces. For this, the NFT is divided into 16,969,696,969 tokens with the designation $ DOG. The sale starts on September 1st at 7pm (CET). According to a blog post by PleasrDAO, initially a fifth of the entire $ DOG range will be for sale. It is sold on the open source platform for smart contracts Miso.
NFT split into ERC-20 tokens
The NFT, which represents the original Doge meme, will be broken down into ERC-20 tokens and auctioned in parts. The owner of the Shibu Inu dog on the viral meme Atsuko Sato sold the Doge-NFT on June 12 for 1696.9 ether to PleasrDao. At the time, that amount was about $ 4 million.
After the sales start it will be possible to trade $ DOG via SushiSwap, Uniswap and other decentralized exchanges (DEXs) or on fractional.art. The concept of the $ DOG token is that the price will increase in parallel with the price of the original Doge NFT.
$ DOG token holders can vote on what they think the value of the original NFT should be. It will be auctioned again in the future on a date chosen by the PleasrDAO community. In the blog PleasrDAO writes:
We’ll make sure The Doge NFT doesn’t go for auction until we feel like $ DOG has reached full meme escape velocity and is connected to a strong, growing community.
There is a certain gray area when it comes to the legal framework for fractional NFTs. In the spring, SEC commissioner Hester Peirce warned NFT issuers that “fractional shares” could be viewed as investment products:
It is better to be careful not to create something that is an investment product – that is a security.
Doge arouses the interest of top athletes
On August 31, Japanese-American tennis player Naomi Osaka told Bloomberg that she was considering investing in cryptocurrencies after Doge piqued her interest. She said:
I was just talking to my agent about cryptocurrencies. I know everything is getting bigger and bigger online. I remember reading about Dogecoin … Something new and interesting is bound to come.
She has won Grand Slam titles every year since she was 19. Naomi Osaka is also already active in the NFT world. Last month she launched a series of collectibles in collaboration with Tom Brady’s Autograph platform.