The original $4m Doge meme NFT will be split into ERC-20 tokens and auctioned off

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Sep 1, 2021
  • The original Doge meme NFT was sold earlier this year for as much as $4 million.
  • Now, the new owner of the NFT — PleasrDAO — aims to fractionalize it and offer it to collectors.
  • The sale will start today, September 1st, with 20% of 16,969,696,969 $DOG tokens on offer.

Dogecoin (DOGE/USD) has grown to be bigger than ever earlier this year, and it still continues to attract attention and make headlines months after hitting its ATH. The most recent development regarding the coin, however, is actually not about the coin itself, but rather about a $4 million-worth Doge meme NFT.

According to recent reports, the NFT will soon be auctioned off. But, before that happens, it will be broken into small pieces, fractionalized into 16,969,696,969 ERC-20 tokens, and split among those willing to own its fractions.

Doge NFT is getting split and offered to collectors

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

The original Doge NFT was previously owned by Atsuko Sato, who is also the owner of the iconic Shiba Inu which started the Doge meme all those years ago. Atsuko Sato decided to sell the Doge NFT earlier this year, in June, and he did so for 1696.9 ETH, which is around $4 million.

The NFT’s new owner became PleasrDAO, which now plans to offer it to the community starting today, September 1st, at 5 pm UTC. The decentralized autonomous organization that focuses on art pieces has decided to split the NFT into 16,969,696,969 ERC-20 tokens, each of which will be named “$DOG.”

The project explained that not all of it will be available for sale at once. In fact, initially, only around 20% will be offered. The sale itself will be hosted on Miso, a well-known open-source smart contract platform. Following its launch, $DOG will become available for trade on DEXes like SushiSwap and Uniswap, as well as on

$DOG use cases

The project has come to the conclusion that the Doge NFT has yet to reach its full potential and its maximum price. So, splitting it into $DOG tokens will allow collectors to buy the tokens at a low price, and then watch it increase in time. In the meantime, holders will also be able to vote on the future value of the NFTas a whole, as well as select a date for the re-auction.

One thing to note is the regulatory standpoint of fractionalized NFTs. Even SEC commissioner Hester Peirce, known under the nickname of Crypto Mom due to her support of the industry, warned NFT issuers to be careful when selling fractional interests. There is a possibility for them to be considered investment products, which could mean future trouble.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker, eToro
67% of retail CFD accounts lose money