Dogecoin NFT Reaches a Valuation of $110M

Dogecoin NFT Reaches a Valuation of $110M

The “Fractional NFT” study of the dog named Shiba Inu, representing Dogecoin NFT, saw a value of 110 million dollars. F-NFT, which is known as the new trend of NFT technology, is followed with interest by the crypto ecosystem. NFT, which reached this value for a short time, does not have a single owner. So what exactly does this mean? Here is the story of the $110 million worth piece…

Fractional NFT

Unlike traditional NFTs, the unique digital asset, fractional NFT- Dogecoin NFT, does not have a single owner. In this way, very expensive digital artworks meet art lovers with a more democratic method. Dissociated NFTs can enable art to reach all segments of society.

Feisty Doge

The decomposition of the work Feisty Doge was carried out by the young crypto lover CryptoPathic (Pathic for short). However, it is known that the work was “minted” months ago.

A user nicknamed CryptoPathic uploads the NFT of the Feisty Doge artifact to the Fractional platform and parses it. Thus, the Dogecoin community’s interest in the work is growing. As a result of the conversion of the Dogecoin NFT artifact to the ERC-20 token, the token named NFD performs a parabolic movement.

The artwork becoming a token allows it to be purchased on decentralized exchanges such as Uniswap and Sushiswap. The price of the NFD token then goes into a correction and we see that it is worth 60 million even as it corrected.

To summarize briefly; We are moving from an era when the blockchain branched out (such as DeFi, NFT) to a period when branches blossomed. In other words, it is a period in which NFT technology diversifies and new concepts emerge. We can say that decomposed NFTs are one of these flowers.

SEE ALSO: 6 Common Usage Area for DeFi (Decentralized Finance)

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Marcus Arat

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