Feisty Doge Becomes Most Valuable NFT Ever
The fractionalized NFT has an implied value of over $85 million.
- Feisty Doge has become the world's highest-valued NFT at over $85 million.
- Investors bought up fractions of the Doge NFT, sending prices soaring over 700%.
- NFTs have the potential to reach higher values through fractionalization.
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Feisty Doge has become the world’s most valuable NFT after investors piled into the fractionalized asset, causing a 721% upsurge.
Feisty Doge Fractionalization
Doge mania is back, but this time with NFT fractions.
The Feisty Doge NFT, part of a photoshoot with the same Shiba Inu that appears on Dogecoin, has become the world’s highest-valued NFT at over $85 million. The cute Shiba Inu took the top spot from digital artist Beeple’s Everydays: The First 5000 Days, which sold at Christie’s auction house for $69.3 million earlier this year.
The Feisty Doge picture is part of a shoot with the Japanese Shiba Inu named Kabosu, who rose to Internet fame as the dog behind the Doge meme. It was sold as an NFT back in June, fetching a high bid of $43,279 at the time.
A popular NFT collector who goes by @Cryptopathic on Twitter announced on Aug. 19 that he had fractionalized the Feisty Doge NFT into 100 billion tokens, allowing anyone to buy part-ownership. Coveted NFTs such as Feisty Doge can hit prices in the millions, far out of the reach of the average investor. By fractionalizing NFTs, those interested in them can gain exposure without the hefty upfront cost. The tokens trade under the ticker NFD and can be bought and sold on SushiSwap.
— path.eth 🛡️ (@Cryptopathic) August 19, 2021
Following @Cryptopathic’s announcement, interest in the NFT fractions spread like wildfire on social media, and by Aug. 22, the price of the NFD tokens had soared more than 700%, according to data from CoinGecko. The NFD tokens have since cooled off but still imply the value of the Doge NFT at over $85 million at the time of writing.
While those who bought in early enjoy their gains, others have been more critical of @Cryptopathic’s project. Another Twitter user, @0xShual, has called the Feisty Doge fractions a “scam,” highlighting on-chain data that shows @Cryptopathic removing liquidity from NFD/ETH trading pairs, taking profits for himself in the process.
While removing liquidity is not technically a scam, doing so has previously drawn the ire of the crypto community. Last month, YouTuber TechLead was criticized for the same behavior, as he reportedly withdrew millions in liquidity from his Million token project.
Regardless of the ethics of withdrawing liquidity, Feisty Doge has shown the potential of fractionalized NFTs. Onlookers are already predicting that through fractionalization, popular NFTs will soon overtake fully-fledged cryptocurrencies in market capitalization.
Disclaimer: At the time of writing this feature, the author owned BTC and ETH.