Owners of the Doge meme non-fungible token (NFT) are fractionalizing ownership in the form of $DOG tokens.
Based on a 2010 photograph of Kabosu, a Shiba Inu from Japan, the Doge meme became popular in late 2013. It later inspired software engineers Billy Markus and Jackson Palmer to use it as the face of their satirical Bitcoin imitation, Dogecoin. The original meme was then made into an NFT and sold for $4 million in June.
Now, the NFT’s owner PleasrDAO will be offering fractionalized ownership in the form of $DOG tokens, available for sale Wednesday. First, Fractional.art will fractionalize the NFT before it goes to a batch auction sale on DeFi protocol Miso, where the $DOG token will be distributed to participants. Additionally, decentralized exchange Sushiswap will allow the tokens to be bought and sold separate from Dogecoin.
A collective of DeFi leaders, early NFT collectors and digital artists, PleasrDAO will retain majority ownership of the NFT. Due to the significance of Doge in meme culture, PleasrDAO could not be more excited to invite anyone in the world to own a piece of something so integral to the cultural history of the internet,” said Jamis Johnson, chief pleasing officer of PleasrDAO. “The future is bright for communities built around the shared possession of an idea and we believe fractionalized Doge, the Mona Lisa of the internet, will be a shining example of this odd new world we live in.”
Besides NFTs, there has been growing development around the fractionalization of physical assets. This subject was addressed during the Global Technology Governance Summit held by the World Economic Forum earlier this year. For instance, according to MakerDAO CEO Rune Christensen, tokenizing physical assets as collateral is at the forefront of DeFi.
Another session dealt with the tokenization of the economy. The Minister of Economy of the UAE, discussed how his country intends to utilize tokenization to finance its growth plans. For instance, he said companies may be able to issue debt as fractionalized tokens. Finally, WEF Head of Blockchain Sheila Warren said that tokenization could change the way we think of ownership.
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