144 Interactions, 2 Today
PleasrDAO believes that the whole is less than the sum of its parts.
The internet’s Mona Lisa was provided to the public earlier this week. PleasrDAO, an investment and art acquisition collective, fractionalized the original Doge meme’s NFT and sold it on fractional.art.
The process of fractionalizing an asset is slicing it into tiny pieces. When an NFT is fractionalized, it transforms a single non-fungible token into a large number of fungible cryptocurrency tokens. This allows many people to own shares in a single NFT.
PleasrDAO bought the original Doge NFT for $4 million in June. On September 2, it fractionalized the NFT into 16,969,696,969 fungible DOG tokens.
The total value of the NFT is now $336 million, with individual tokens trading for $0.019. The fractionalized NFT has a $82 million circulation supply; 55% of the tokens are held by the original buyer, PleasrDAO, with the remainder yet to be purchased via SushiSwap and Uniswap.
Since its release, DOG investors and PleasrDAO members have created three spinoffs to keep the fire of the project aflame.
The first was Dog Park, a Discord server organized by members of PleasrDAO that only DOG owners can enter.
The second, released on September 3rd, was Doggos, an NFT project for DOG holders. Made by PleasrDAO member Matt Condon, Doggos is a spin-off of Dom Hofmann’s Loot project, an NFT series of 8,000 randomly generated treasure sheets for an as-yet created RPG game.
Doggos can be claimed by anyone with a wallet containing DOG. Their only price is the gas needed to mint them. (To do so, click here, connect your wallet and hit “adopt”). The current floor price for Doggos is very low, coming in at 0.04 ETH though rocketing up to 777 ETH for the top listing. No takers yet.
Last comes PleasrDAO’s own NFT: the DOG OG Member poap NFT, available only for those who bought DOG on Miso, SushiSwap’s NFT exchange. Poaps are NFTs minted on the low cost and energy-efficient xDai sidechain. They showcase attendance at events.
With Doge being such a driving force in internet culture, the future of DOG’s worth will serve as a case study for fractionalizing NFTs of things that people value, as well as answering the question: what does it mean to possess a DOG?