The digital artwork economy has seen a confident rise in the near times. As such, the groundbreaking and world-famous digital meme of DOG coin, has been valued at a near $550 million asset overnight.
PleasrDAO, the art collective that bought the NFT for about $4 million in June, started offering fractionalized ownership in the form of $DOG on Wednesday.
According to CoinGecko data, the DOG coin has doubled in value in the last 24 hours of trading. The NFT depicting the famous Doge meme, has quickly become one of the most valuable NFT’s on the market.
Each DOG coin is worth approximately 3 cents, and around one-fifth is in circulation, while 55% is owned by the original buyer. These figures show a delirious market of NFTs, with NFT volume surging ten-fold in the last month to $3 billion on OpenSea.
Such pump-and-dump style behaviour risks running rampant across the industry. Success is highly dependent on social media activity and ownership is often concentrated in the hands of the few.
While the assets are by definition unique, traders can now speculate on fractionalized tokens, or shares of NFTs, that are traded on popular decentralized exchanges like Uniswap and Sushiswap. Put another way, owning a $DOG coin is a bit like buying a chunk of an artwork that you can trade on the Nasdaq.
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