The infamous internet meme Doge has just doubled in value, making it one of the most valuable non-fungible tokens (NFT) on the market. NFTs are unique strings of characters tied to a blockchain, which acts as a kind of digital ledger that can’t be changed. The blockchain is the same technology that powers cryptocurrencies like Bitcoin, but unlike those currencies, NFTs are not tied to an actual piece of physical money or commodity, instead they act more like certificates of authenticity — similar to an autograph.
NFTs are becoming increasingly popular as companies try to leverage the memes that drive people to their brands, products and services. In fact, last year alone, there were more than 300 NFTs that sold for millions of dollars or more.
In June, a non-fungible token (NFT) depicting the shiba inu dog Kabosu from the Doge meme sold for $4 million. That’s a lot of money to pay for a jpeg, but it also represents the tremendous online community that has developed around the image and the cryptocurrency Dogecoin, which boasts fans including Elon Musk and Mark Cuban.
But now, the creator of the NFT, PleasrDAO, has released a new version that is fractionalized, meaning anyone can buy a tiny portion of the token and participate in its future. “The effect of this is similar to the Louvre splitting up the Mona Lisa and allowing anyone to own a piece, but it’s actually much more exciting because you can do so much with it,” said Jamis Johnson, the PleasrDAO chief pleasing officer in a blog post. DOG holders will be able to vote on how much the NFT is worth, as well as participate in various events and activities both on- and woof-line.
The NFT is currently available for purchase on Miso and SushiSwap, and will soon be listed on the larger Huobi centralized exchange. Its fractionalization will lower the entry barrier for retail investors and make it easier to find the token in order to invest in the NFT, which has a total circulating supply of $82 million.
The popularity of the Doge NFT is a good example of how brands are starting to leverage the Metaverse to connect with consumers in new and interesting ways. A company called Bullishly Bred, for instance, is selling NFTs that come with a real-life puppy as proof of ownership. The NFTs are purchased with crypto, and once the puppy is sold, a flight nanny will coordinate a day for the buyer to hand-deliver it in person. dog nft