The original Doge meme NFT has soared to a valuation of around $220 million, following its successful fractionalized token sale this week.
Ludicrously high prices for in-demand NFTs are the flavor of the week, with Sotheby’s new Bored Ape Yacht Club NFT auction predicted to fetch up to $18 million.
Earlier this week, Doge meme owners PleasrDAO fractionalized the NFT into 17 billion ERC-20 tokens named $DOG, and auctioned off 20% of them on SushiSwap-owned Miso on Sept. 1.
The $DOG tokens snapped up in the auction can now be traded via decentralized exchanges such as SushiSwap and Uniswap. The auction generated 11,942 Wrapped Ethereum (WETH) (worth around $44.6 million) from a total of 1,769 buyers.
GET YO STICKS READY! $DOG trading is now live on @SushiSwap.
Ape, hooman, cat, all is welcome on the chef’s table. Trade here: https://t.co/fvbHzFPhMQ
— ✨ PleasrDAOGE (@PleasrDAO) September 2, 2021
Given the total supply of $DOG tokens — which are priced at 0.0000035186 WETH ($0.013 USD) at the time of publication — the nominal value of the Doge NFT is now around $220 million.
But some say that’s an underestimate. According to fractionalized token platform Fractional, the implied value of the $DOG NFTs is a whopping $398 million. The firm hasn’t specified how that figure was calculated.
Whether $220 million or $398 million, it’s a stunning return for a picture of a dog bought for just 1696.9 Ether (worth $4 million) back in June.
PleasrDAO has said 55% of the remaining tokens will be maintained by the DAO and the other 25% will go into a fund that will support projects in the $DOG community.
☝️☝️ And even more importantly… $2.25m raised for charity!! $DOG holders – please head over to the $DOG Park Discord (do-good-always channel) so we can choose the charities we should donate to: https://t.co/9Dv9FhtmyI
— ✨ PleasrDAOGE (@PleasrDAO) September 2, 2021
Related: Dogecoin Foundation demands copycat meme coin ‘Dogecoin 2.0’ change its name
Apes are not a bore for Sotheby’s
Meanwhile, Sotheby’s is hosting an auction of 107 Bored Ape Yacht Club NFTs that is expected to fetch between $12 million and $18 million.
The 107 NFTs have been bundled into one collection and put up for sale by the project’s creators Yuga Labs, who are also auctioning off a bundle of 101 Bored Ape Kennel Club NFTs that is expected to pull in between $1.5 million and $2 million.
Bidding for the Bored Ape Yacht Club collection reached $4.5 million at the time of publication, and the auction is set to close on Sept. 10. Bidding for the Kennel Club NFTs hit $480,000.
The Bored Ape Yacht Club NFTs have become widely popular of late, and Cointelegraph reported on Sept. 2 that NBA star Stephen Curry joined in on the action by snapping up one of the NFTs for 55 ETH, worth roughly $207,000 at the time of writing.
According to data from CryptoSlam, the Bored Ape NFTs generated a record $295 million worth of sales on secondary markets in August. Despite it only being the beginning of September, the NFTs have already reached $10 million worth of secondary sales so far.
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