The $4 million NFT showing the original Doge meme will be fractionalised and auctioned off in parts.
Atsuko Sato sells Doge NFT
On June 12, Atsuko Sato, the owner of the Shibu Inu, sold the Doge NFT to PleasrDAO. PleasrDAO is an art-focused decentralised autonomous organisation. Sato sold Doge NFT for 1696.9 Ether, or $4 million.
PleasrDAO will begin offering exposure to the Doge NFT on September 1 at 5 p.m. UTC through fractionalisation to see the nonfungible token split into 16,969,696,969 ERC-20 tokens dubbed “$DOG” starting at 5 p.m. UTC.
According to a PleasrDAO blog post, 20% of the entire $DOG supply will be available for purchase at first. Along with the sale taking place on the open-source smart contract platform, Miso.
$DOG will be accessible for trading on fractional art and decentralised exchanges (DEXs) like Uniswap and SushiSwap after the launch. Additionally, the $DOG tokens’ concept predication is on their price rising in tandem with the value of the original Doge NFT.
Holders of $DOG can vote on what they think about the original NFT’s value. The original NFT value will be under re-auctioning at a later date chosen by the PleasrDAO community.
“We will not put The Doge NFT up for sale until we are confident that $DOG has attained full meme escape velocity and is accompanied by a robust, vibrant community,” the blog post stated.
Concerns over Fractionalised NFTs
The regulatory structure governing fractionalised NFTs, on the other hand, looks to be in a state of flux. However, in March, SEC commissioner Hester Peirce, dubbed “Crypto Mom,” advised NFT issuers to be wary of offering “fractional interests,” which may be seen as investment products.