Doge Meme NFT Jumped to a Valuation of Around $220 Million
This week, art-focused decentralized autonomous organization, PleasrDAO fractionalized the original Doge meme NFT into 17 billion ERC-20 tokens named $DOG and auctioned off 20% of them on SushiSwap-owned Miso on September 1. Consequently, the original Doge meme NFT jumped to a valuation of around $220 million. Based on the information provided by fractionalized token platform Fractional, the implied value of the $DOG NFTs is a whopping $398 million.
In any case, it is a stunning return for a picture of a dog bought for just 1696.9 Ether, worth $4 million, back in June.
It is now possible to trade the $DOG tokens bought in the action via decentralized exchanges such as SushiSwap. The auction stated above generated 11,942 Wrapped Ethereum (WETH) worth around $44.6 million from a total of 1,769 buyers.
PleasrDAO stated that it plans to keep 55% of the remaining tokens. It plans to invest the other 25% into a fund that will support projects in the $DOG community.
Doge meme NFT and other NFTs
The original Doge meme NFT attracted a lot of attention, but there are other interests NFTs as well. At the moment, Sotheby’s is hosting an auction of 107 Bored App Yacht Club NFTs. All 107 of them have been bundled into one collection as well as put up for sale by the project’s creators Yuga Labs.
Other than Bored App Yachy Club NFTs, it is auctioning off a bundle of 101 Bored Ape Kennel Club NFTs.
Bidding for the Bored Ape Yacht Club collection that consists of 107 NFTs reached $4.5 million on September 3. Furthermore, bidding for the Kennel Club NFTs reached $480,000.
The Bored Ape Yacht Club NFTs gained popularity over the past few months. In August, three-time NBA champion Stephen Curry bought a Bored Ape Yacht Club NFT for 55 Ether. As of September 2, his wallet on OpenSea shows a collection of 20 NFTs.
The Bored App Yacht NFTs generated a record $295 million worth of sales on the secondary market in August. This month started only recently, but NFTs already reached $110 million worth of secondary sales so far.
Larva Labs created a very popular NFT project CryptoPunks. It signed a deal with Hollywood agents United Talent Agency (UTA). As part of an agreement with Larva Labs, UTA will represent Larva Labs for intellectual property deals in TV, film, licensing, publishing, and video games.