In June 2021, PleasrDAO purchased Doge non-fungible token (NFT) at a historic amount of $3.6 million, or 1,696.9 ether (ETH). PleasrDAO is an experimental art collective, which converts digital art into NFTs and registers them on its Blockchain network. Now, PleasrDAO is fractionalizing the Doge NFT into tiny fragments which new investors can buy for $1 each.
Doge NFT has the original encoded photograph of a meme legend, the Shiba Inu dog. The dog’s owner had previously converted the famous meme into an NFT. The intention was to pay respect to the original Dogecoin revolution which is now a prominent name in the world of cryptocurrency. Even billionaires like Mark Cuban and Elon Musk come out in support of Dogecoin.
Fractionalizing DOGE and Cryptopunk #543
Using the tool Fractional.art, PleasrDAO fractionalized the Doge NFT into millions and millions of tokens. These new tokens are known as ‘Dogs’, like small fragments of the original ‘Doge’. Investors interested in these fractionalized tokens can buy them now. But the majority of the Dog tokens will remain with PleasrDAO.
Another Blockchain platform Otis is set to fractionalize and sell the NFT Cryptopunk #543. The NFT is valued at $51,000 and is among the oldest non-fungible tokens ever produced on the Ethereum Blockchain. Now interested investors and purchase and sell it for $1 per share.
The trend of fractionalizing popular NFTs does not end with Dogecoin and Cryptopunk #543. An NFT created by Canadian musician Grimes, called Newborn 1 & 3, is also being fractionalized.