A dog picture, using Dogecoin (CRYPTO: DOGE) popularity, briefly became the most valuable non-fungible token ever in the world with $ 110 million, thanks to the new trend of Fractionation.
What happened: The “Feisty Doge NFTâIs a picture of Kabosu, the Shiba Inu dog that appeared in the original Doge meme. It was previously sold at auction in June along with other Doge memes as NFTs.
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However, the implicit rating of the NFT rose after its owner, known by its username Cryptopathic on Twitter said he had split the NFT into 100 billion ERC-20 tokens based on that ether (CRYPTO: ETH) Blockchain.
– path.eth (@Cryptopathic) August 19, 2021
Fractionation allows people to buy a portion of the NFT. The tokens are traded under the ticker “NFD” and can be found on decentralized exchanges such as. to be bought or sold SushiSwap (CRYPTO: SUSHI).
Demand for the NFD tokens rose more than 700% after fractionation went live and briefly allowed Feisty Doge to become the world’s most valuable NFT of all time at $ 110 million.
The Doge NFT has one implicit valuation of $ 69.7 million at press time. Beeple’s NFT-based digital artwork, Everydays: The First 5000 Days, sold for a record $ 69 million at auction in March, is currently the most valuable NFT.
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Why it matters: NFTs, blockchain-based tokenization of collectibles or works of art, enable users to own digital assets such as retail real estate, art, digital sneakers, and video moments.
The new trend of fractionation enables ordinary investors to own a fraction of rare and expensive NFTs that they would otherwise not be able to buy.
It is also seen as more attractive than a regular NFT to owners as it offers instant and increased liquidity.
Price action: Dogecoin is down 1.6% in the past 24 hours and was trading at $ 0.3150 at press time.
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