The non-fungible token (NFT) of the original photo of the famous Shiba Inu was sold for a record price of 1,696 ETH (5.5 million U.S. dollars or approximately 400 million rupees). The photo appeared in the legendary governor meme in 2010. In June of this year, The owner of this dog named Kabosu cast the original photo of the dog as NFT-this is a rare original work that pays tribute to the entire Dogecoin phenomenon. The NFT has now been purchased by the experimental art group PleasrDAO. Now, the PleasrDAO program allows fans to own part of the NFT for as little as $1.
The Governor’s Movement has created a huge online community. Dogecoin, inspired by the governorship movement, is a top-tier cryptocurrency with supporters of billionaires such as Elon Musk and Mark Cuban.
PleasrDAO’s Chief Pleasant Officer Jamies Johnson wrote in a blog post that the PleasrDAO collective is selling part of the ownership of the NFT, a process of transforming digital art works into unique verifiable digital assets that are traded on the blockchain.
How does it work?
PleasrDAO uses Fractional.art to “segment” NFT into billions of ERC-20 tokens, which is the standard for creating and issuing smart contracts on the Ethereum blockchain. For Doge NFT, PleasrDAO refers to the token as DOG. Investors can purchase any number of DOG tokens, but the number of tokens purchased by investors will determine their ownership in the “Doge” meme NFT. However, PleasrDAO has decided to retain a majority stake.
Johnson explained that the division of the Governor’s meme NFT “is like the Louvre’s decision to divide the Mona Lisa and distribute part of it to the public. However, unlike the Louvre, the collective ownership of art is actually only encrypted using encryption. Art is possible.”
The NFT market has seen explosive growth recently. OpenSea, the world’s largest NFT market, traded approximately US$2 billion in August alone. However, many experts believe that NFTs and cryptocurrencies are risky, and recommend investing only in losses that you can afford.