You Too Can Now Own A Fractional Share Of The Original Doge Meme NFT
With the retail daytrading army abandoning meme stonks - as small, retail trades of 1-10 options now account for just 18.3% of total volumes, the lowest since April-2020...
... and turning their attention to NFTs, where volumes have gone absolutely batshit insane in the month of August surpassing the initial peak craze from March by orders of magnitude...
... and where Elon Musk's favorite market manipulation joke of a cryptocurrency, Dogecoin, still has a whopping $36 billion market cap, it was only a matter of time before someone read what we wrote back in March..
Since NFTs are potentially the biggest securitization scheme in history (every asset is eligible, that's $500 trillion), how long until Goldman launches Collateralized NFT Obligations
— zerohedge (@zerohedge) March 6, 2021
... and put all of the above together, with the following result: you, too, can now own a piece of the original Doge meme - that sold as a non-fungible token for 1,696.9 ethers, or about $4 million in June...
... by purchasing a fractional ownership of the NFT in the form of $DOG tokens that will be available for sale on Wednesday.
In other words, while until now only the securitization itself (i.e., the NFT) was sold and/or resold, starting tomorrow the enterprising owner, PleasrDAO, of the original infamous Shiba Inu image that graces every digital "joke" Dogecoin token, will sell fractional ownership shares to it in the form of sub-tokens which anyone can buy starting tomorrow.
Given the memetic characteristics - a securitization of a securitization of a joke of a token - sub-$1 price and vocal fan base, Bloomberg believes that the opportunity is likely to attract the attention of retail investors.
As Bloomberg explains, the process will work with Fractional.art first “fractionalizing” the NFT before it goes to a “batch auction” sale on Miso - a decentralized-finance protocol - which will then distribute fractional NFT $DOG tokens (not to be confused with actual $DOGE tokens, or Dogecoins) to participants. After that, the a decentralized Sushiswap exchange will allow the tokens to be bought and sold separate from $DOGE, or Dogecoin.
Naturally, PleasrDAO - a collective of DeFi leaders, early NFT collectors and digital artists - will retain majority ownership so it can cash out at some astronomical price if enough idiots launder money bid up the value of the NFT to some ridiculous number.
“Doge is unquestionably the king of all memes, and PleasrDAO could not be more excited to invite anyone in the world to own a piece of something so integral to the cultural history of the internet,” said Jamis Johnson, chief pleasing officer of PleasrDAO, in an email.
“The future is bright for communities built around the shared possession of an idea and we believe fractionalized Doge, the Mona Lisa of the internet, will be a shining example of this odd new world we live in.”
Think of it as hypercubic financial engineering for the Gen-z-eration.
Which means that the question now is this - can we reach the patently absurd state where given enough demand for $DOG, the fractional ownership token of the Doge meme, the value of the NFT that is at the heart of the original Dogecoin meme "joke" token (which even according to its creators should be worthless but clearly isn't) is higher than the market cap of all Dogecoins in circulation?
With said market cap just above $36 billion, the insanity in the market would have to be especially acute for this to happen, but with those idiots in the Marriner Eccles building still injecting $120BN per month and then draining them right back in via their Reverse Repo facility as the entire market has become one giant, multi-trillion monetary circle-jerk, that probably means that within a week, we will have a new batch of teenage millionaires who bought a tiny claim of a jpeg of a dog for under a dollar, and who can now retire.
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