Doge NFT Sold at a Record High
Almost three months back, in June, the original Shiba Inu Doge Coin meme was sold for $4m as an NFT. This was one of the most expensive NFTs of recent times. As per the latest update, the same NFT is now valued at over $225m. The group ownership of the NFTs is becoming popular, and the same is true with the Dogt NFT. Recently, a part of the Doge NFT was sold to the collector, and this part was sold for close to 11,000 ether.
what is Doge 4m June 225m 17bshencoindesk ?
An article from Muyao Shen revealed that the investors fractionalized the NFT into 17b tokens and named them DOG. This helped the investors boost the value of the doge NFT within a short time. Out of the 17 billion tokens, 20% of the supply was available for auction in a 24-hour window. This created a buzz around the Doge NFT, which led to a sudden rise in the value of the NFT.
This reflects the growing demand for the fractionalized ownership of NFTs. More people can participate in the NFT market, especially when the NFT prices are constantly on the rise. Group ownership has made it possible for more investors to enter the market. There is an increase in the trend of fractionalized ownership, but some critics believe that the trend will only last for a short time. The critics have also highlighted the risk around this fractionalizing of the NFTs. So Doge 4m June 225m 17bshencoindesk means Record Doge NFT Sale Highlights Growing Demand for Fractionalization
For those unaware, the owner of the NFT needs to deposit it in a vault on the NFT fractionalization platform. Once this is done, the owner can mint the tokens against the NFT. The owner gets the right to decide the number of tokens they would like to pint. These tokens can then be traded on the Ethereum exchange.