In a move that makes even more sense now that the internet is in the midst of a dog meme craze, one of the most famous images on the web recently became the first piece of digital art to sell for over $4 million as an NFT, or non-fungible token. The shiba inu known as “Doge” is the face of a popular online meme that inspired the cryptocurrency dogecoin and created a massive community with fans as diverse as Elon Musk and Mark Cuban. But now, anyone will have a chance to get their hands on a tiny digital replica of the beloved image for as little as $1.
The new fad for NFTs is creating some of the most unusual offerings yet, including the ability to own a fraction of a famous meme. A smirking shiba inu picture that has become an internet icon just made history when it became the most expensive NFT to ever sell on Zora auction platform, reaching nearly $550 million at its peak valuation. NFTs are virtual, non-fungible tokens that are represented by digital assets stored on a blockchain. The value of a NFT is determined by its popularity and demand.
To own a portion of the fabled digital meme, you will need to purchase a DOG coin, a NFT backed by the price of the actual dogecoin cryptocurrency, which has seen an unprecedented surge in value this year. The DOG token is now trading for $160 per piece on Opensea, putting it at the top of the list of all NFTs by market capitalization. The sale of DOG is a milestone for the NFT industry, but it also highlights a growing trend in which artists and creators are using NFTs to reach new audiences that might otherwise be unable to afford their work.
Unlike traditional artwork, NFTs allow people to collectively own digital representations of things they are interested in. This is known as crypto art, and it’s becoming more prevalent. NFTs like the infamous Mona Lisa have been sold for millions of dollars, but the barrier to entry in this segment remains high for most new investors.
PleasrDAO has developed a way to make NFTs more accessible by fractionalizing them. It’s a bit like the Louvre splitting up its Mona Lisa paintings and selling a small piece to every visitor. PleasrDAO has already launched several fractionalized NFTs, and now it’s adding the DOG to Huobi, the fifth largest centralized exchange by aggregated trading volume.
For example, the PleasrDAO OG Member poap NFT will grant users access to early releases from the gaming studio and partners, upcoming P2E games, gaming events, and exclusive presales. This NFT is also being used to promote the upcoming Doge Pound Puppies, a collection of 10,000 NFT art pieces that will only be available to OG Doge holders. dog nft