Fractionalized Doge NFT valued at $225 million after SushiSwap auction

NFTs • September 2, 2021, 2:41PM EDT
UPDATED: September 2, 2021, 3:55PM EDT
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The original Doge meme image became one of the highest valued NFTs after its owner broke it into tokenized shares and auctioned a portion of those shares off using SushiSwap. 

Decentralized art collection platform PleasrDAO, which owns the image, recently used a platform called Fractional.art to tokenize 16,969,696,969 shares of the NFT. This week PleasrDAO auctioned off 20% of these “$DOG” ERC-20 tokens using SushiSwap's token sale platform, MISO. The auction raised 11,942 WETH (around $45 million) from 1,796 buyers.

The price of a $DOG token on MISO is now 0.0000035186 WETH, or 0.013 USD. Given the number of tokens that were minted, that would imply that the value of the Doge NFT is more than $225.3 million. PleasrDAO bought the original NFT for 1696.9 ETH, or around $4 million. 

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According to PleasrDAO, besides the 20% sold via auction, an additional 25% of the $DOG tokens have been allocated to "$DOG community programs and continued development." 

NFT "fractionalization" has quickly become a popular method to allow individuals to buy into expensive NFTs, such as CryptoPunks, and to compete against crypto whales on bidding platforms. This month Fractional.art announced that it had raised $7.9 million in seed funding. 

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About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.