Earlier this year, the original Doge Meme NFT was bought by PleasrDAO, which now decided to split it into 17 billion ERC-20 tokens called $DOG Tokens. The so-called fractionalization was done with the goal of making the NFT available to everyone, at least in part and allowing them to invest small amounts in the product that has yet to reach its full price.
Interestingly, the demand skyrocketed, pushing the Doge meme’s value to $220 million, even though only 20% of the fractionalized tokens was made available for sale. The tokens, each of which represents the ownership of a small portion of the NFT, are now available for exchange for two major DEXes — Uniswap (UNI/USD) and SushiSwap (SUSHI/USD).
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The auction ended up generating 11,942 Wrapped Ethereum (WETH/USD), which is worth around $44.6 million.
Doge meme NFT could go much higher, says Fractional
While the Doge meme NFT’s price is higher than many anticipated, there are also those who say that it is still below its full potential. For example, fractionalized token platform, Fractional, believes that the NFT’s real value is nearly $400 million.
That’s 100 times more than what PleasrDAO originally bought the NFT for in June, for which it paid $4 million. As mentioned, the project is currently selling 20% of the $DOG Token’s supply, while 55% of the tokens are to be maintained by the DAO. The final 25% will be placed into a fund that will support other projects in the $DOG community.
At the same time, Sotheby is hosting an auction for an entirely different NFT project, featuring 107 Bored Ape Yacht Club. This particular sale is expected to bring in anything between $12 and $18 million.
The collection’s worth already exceeded $4.5 million, and the auction will still remain open for the next 7 days, until September 10th.
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