The company that owns the original NFT is exploring fractionalized ownership of the meme that led to the creation of Dogecoin.
PleasrDAO announced that it will fractionalize the $6 million Doge NFT meme into billions of pieces, allowing everyone to own a piece of the image that’s become the face of Dogecoin.
The NFT is a rare 1/1 original piece that pays tribute to the Doge movement stat started as a joke in 2013. In June 2021, Atsuko Sato, the owner of the famous Shiba Inu called Kabosu, minted the original photo as an NFT and sold it for a record-breaking price of 1,696 ETH to PleasrDAO, an experimental art collective.
The biggest exercise in fractional ownership
Starting from Sep. 1st at 5 PM UTC, PleasrDAO will offer exposure to the Doge NFT through 16,969,696,969 ERC-20 $DOG tokens.
According to a blog post published on August 31st, only 20% of the total $DOG supply will initially be available in the auction. An additional 25% of $DOG tokens will be allocated to the $DOG community programs and used to continue development, the organization said.
“We have plans for a $DOG dev fund for projects aimed at supporting the long-term community, and we will be the primary provider of liquidity on exchanges.”
The $DOG auction will take place on decentralized auction platform Miso, with the tokens available for purchase with Wrapped ETH (WETH). Following the auction, $DOG will be available for trade on the fractional.art platform and on decentralized exchanges such as SushiSwap and Uniswap.
Users holding $DOG tokens will be able to vote on what they think the original NFT should be worth. In the future, PleasrDAO plans on re-auctioning the original NFT at a date and rate determined by the PleasrDAO community.
“We will ensure The Doge NFT does not go up for auction until we feel $DOG has reached full meme escape velocity and is coupled with a strong, thriving community,” it said in the blog post.