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PleasrDAO will offer exposure to the Doge NFT via 16,969,696,969 fractionalized ERC-20 tokens named â$DOGâ.
The $4 million NFT depicting the original Doge meme is set to be fractionalized into ERC-20 Tokens, and auctioned off in pieces.
The owner of the Shibu Inu depicted in the beloved meme, Atsuko Sato sold the Doge NFT for 1696.9 Ether, or $4 million on June 12 to art-focused decentralized autonomous organisation, PleasrDAO.
Starting from Sept.1 at 5pm UTC PleasrDAO will offer exposure to the Doge NFT via a fractionalization that will see the nonfungible token broken down into 16,969,696,969 ERC-20 tokens named â$DOGâ.
According to a blog post from PleasrDAO, 20% of the total $DOG supply will be available for purchase initially, with the sale being hosted on open-source smart contract platform, Miso.
https://t.co/9c9899X73Hhttps://t.co/osEMZpxkg3
blog: https://t.co/wE7yDLC3xu pic.twitter.com/vtiC7IFsdvâ âš PleasrDAOGE (@PleasrDAO) August 31, 2021
After the launch, $DOG will be available for trade on fractional.art, or via decentralized exchanges (DEXs) such as Uniswap and SushiSwap. The idea behind the $DOG tokens is based on its price increasing as the original Doge NFT goes up in value.
Holders of $DOG will even be able to vote on what they think the valuation of the original NFT should be, which is set to be re-auctioned at a date determined by the PleasrDAO community in the future.
âWe 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,â the blog post read.
However, the regulatory framework surrounding fractionalized NFTs appears to be in a gray area. SEC commissioner Hester Peirce âalso known as âCrypto Momâ â warned NFT issuers back in March to be careful with selling âfractional interests,â as they could be deemed as investment products:
âYou better be careful that youâre not creating something thatâs an investment product â that is a security.â
Doge is attracting top talent
In other doge related news, Japanese-American tennis star Naomi Osaka told Bloomberg on Aug. 31 that she was considering investing in crypto after her interest was piqued by DOGE.
Osakaâs agent suggested investing in crypto, but she said she had already started learning about crypto after seeing the abundance of hype surrounding DOGE that was flooding her social media feeds.
Related: Three Arrows Capital CEO Su Zhu outlines his bullish thesis for Dogecoin
âI was actually just talking with my agent about cryptocurrencies,â Osaka said. âI know that online, everything is getting bigger. I remember reading about Dogecoin ⊠thereâs going to be something new and interesting thatâs going to pop up.â
The 23-year-old has won consecutive Grand Slam titles for the past four years, and has already entered the NFT space via a partnership with Tom Bradyâs Autograph platform, to drop a series of tokenized collectibles late last month.
Donât miss out on the chance to grab one of my first NFTs Autograph Premier Preseason Access Passes drop today at 3PM ET: https://t.co/xO2J34D5Gu pic.twitter.com/HppYN63775
â NaomiOsaka性ćăȘăăż (@naomiosaka) August 25, 2021
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