17 billion pieces of original Doge NFT goes into auction 

More NFT enthusiasts and investors can finally get their hands on the original NFT Doge image. Recently, it was announced that the original will be fractionalized into ERC-20 Tokens and will be auctioned in pieces. 

The owner of the Shiba Inu image, Atsuko Sato, sold the Doge NFT for 19-69.0 ETH, which is equivalent to $4 million at the time of the sale. It was bought by PleasrDAO, an art-focused decentralized autonomous organization. 

And now, PleasrDAO will do a big favor for NFT fans all over the world by letting them own a piece of that valuable asset. The organization will fractionalize the NFT into exactly 16,969,969,969, which will be named “$DOG.” 

Who let the dogs out?

In the latest blog post of PleasrDAO, it says that 20% of the total $DOG supply will be initially available in Miso, an open-source smart contract platform. 

It also said that after the launch, the fractionalized pieces of the DOGE image will be available to trade on fractionalize.art or through Sushiswap or Uniswap. The decision to fractionalize the original DOGE image is a smart move since the DOGE NFT is continuously going up in value. 

“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,” PleasrDAO said. 

Regulations, unclear

While selling the fractionalized pieces of the DOGE NFT will surely be a hit, questions about how it will be regulated have arisen. 

Last March, Hester Peirce, commissioner of Securities and Exchange Commission, warned NFT issuers that are selling fractionalized NFTs that these digital bits could be considered as investment products.

“You better be careful that you’re not creating something that’s an investment product ー that is a security,” Peirce said. 

 

Image courtesy of Cointelegraph News/YouTube

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