As far as PleasrDAO is concerned, the total is somehow less than the sum of its parts.
Earlier this week, the Mona Lisa of the internet was made available to the whole public. A fractionalization of the NFT issued of the original Doge meme was sold on fractional.art by PleasrDAO, a group that specializes in art acquisition and investing.
Fractionalization is the process of dividing a valuable asset into smaller pieces. When you fractionalize a non-fungible token, you turn a single non-fungible token into a large number of fungible cryptocurrency tokens. This enables a large number of users to own shares in a single NFT.
PleasrDAO purchased the original Doge NFT for $4 million back in June of this year. This was done on September 2nd, when the NFT was fractionalized into 16,969,696,969 fungible DOG tokens.
In today’s market, the entire NFT is worth $336 million, with individual tokens trading for $0.019. Although the fractionalized NFT only has a $82 million circulation supply, PleasrDAO has 55% of it, with the remaining 55% being owned by buyers on SushiSwap and Uniswap who have not yet acquired the tokens on those exchanges.
The fully diluted market capitalization of the NFT has increased from $330 million on September 2nd, but has decreased from its peak of $550 million on September 3.
Three spinoffs have been formed since the project was announced by DOG investors and PleasrDAO members in order to maintain momentum for it.
For starters, there’s Dog Park, a Discord server created by members of PleasrDAO that only DOG owners are allowed to join.
Doggos, an NFT project for DOG holders, was the second project to be issued, on September 3rd. Making use of Dom Hofmann’s Loot project, Doggos is a spin-off made by PleasrDAO member Matt Condon. The Loot project is an NFT series of 8,000 randomly generated treasure sheets for an as-yet-undeveloped role-playing game.
Meet Doggos ($DOG Owners), a wonderful @lootproject addon from @1ofthemanymatts that allows you to adopt a doggo for only the cost of transportation if you have any $DOG in your pocket.
6969 total, one-per-address contract: https://t.co/NNjvhHicde u can get $DOG here: https://t.co/cXZ5XbZDNP— Dame.eth 📎👘 (@jacksondame) September 3, 2021
Doggos can be claimed by anyone who has a wallet that has the DOG cryptocurrency. Their only cost is the gas required to manufacture them. (To do so, go to this page, connect your wallet, and click on “adopt.”) Doggos now has a relatively low floor price of 0.04 ETH, with the top listing reaching 777 ETH.
The current maximum price for Doggos is 777 ETH. There have been no takers thus far.
Last but not least, there is PleasrDAO’s own NFT: the DOG OG Member poap NFT, which is exclusively available to individuals who purchased DOG on Miso, SushiSwap’s NFT exchange. Poaps are NFTs that are minted on the xDai sidechain, which is low-cost and energy-efficient. They provide evidence of attendance at events.
Due of Doge’s prominence in internet culture, the future of DOG’s worth will serve as a case study for fractionalizing non-fungible tokens of things that people value, as well as a response to the question: what does it mean to be a DOG owner?