Feisty Doge is an NFT that is doing things differently from other NFTs. Instead of selling the whole of the NFT at once, the project sells only fractions to different buyers. A recent influx into the project has seen the price of the NFT explode. The rate at which investors were buying fractions of the art saw the price move up a tremendous 721%.
The NFT is a picture of a Japanese Shiba Inu dog breed named Kabosu. The famed dog behind the infamous Dogecoin meme. This picture had first been auctioned off as an NFT to a collector. Selling for over $43K at the time of the auction. The new owner of the picture had announced recently that made the NFT into a fractionalized NFT. Which he called the NFT Doge.
Next Big Thing For Doge
Cryptopathic, the owner of the Feisty Doge NFT, created a token for the piece of art. The tokens would give holders the right to a piece of the NFT. Since NFTs like these can get quite pricey, this serves as a way for ordinary investors to own part of these rare NFTs. Demand for the tokens rose through the roof after the tweet announcing the fractionalization went live.
— path.eth ?️ (@Cryptopathic) August 19, 2021
The NFT Doge has a total supply of 100 billion tokens. And at its current price, the NFT is now worth over $70 million. Beating out Beeple’s Everydays: The First 5000 Days for the top spot as the most valuable NFT. Beeple’s NFT had sold at auction at Christie’s auction house for $69.3 million. Setting the record for the most valuable NFT at the time of the sale.
A Burgeoning Scam
Cryptopathic has been called out by several users who say the project is a scam. The creator is accused of removing liquidity from the NFD/ETH trading pairs. And has been accused of taking profits for himself. While early buyers will have seen a lot of profit, latecomers would bear the brunt of the loss following this.
— Shual (@0xShual) August 22, 2021
Fractional NFTs are not a new concept. But this project has shown that there is merit to it. The interest in the project has been vast since the project launched. It shows the potential for high-value NFTs to be fractionalized and give average investors the chance to own a piece of art that they would otherwise be unable to buy.
Featured image from Mashable India, chart from TradingView.com