The Doge meme valued at $220 million, Sotheby’s Bored Apes auction expected to bring in $18 million

  • The entire implied value of the Original Doge meme NFT has gone over the sky after a successful fractionalization into $DOG Tokens
  • Decentralized exchanges such as SushiSwap and Uniswap now accept $DOG tokens purchased at the auction
  • Whether it’s $220 million or $398 million, it’s an incredible return for a photograph of a dog purchased in June for only 1696.9 Ether ($4 million)

The entire implied value of the Original Doge meme NFT has gone over the sky after a successful fractionalization into $DOG Tokens. Following a successful fractionalized token sale this week, the original Doge meme NFT has surged to a price of about $220 million. 

The flavour of the week is ridiculously high prices for in-demand NFTs, with Sotheby’s new Bored Ape Yacht Club NFT auction expected to fetch up to $18 million. PleasrDAO fractionalized the NFT into 17 billion ERC-20 tokens dubbed $DOG earlier this week, then auctioned off 20% of them on SushiSwap-owned Miso on Sept. 1.

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Decentralized exchanges such as SushiSwap and Uniswap now accept $DOG tokens purchased at the auction. From a total of 1,769 purchasers, the sale yielded 11,942 Wrapped Ethereum (WETH) valued at about $44.6 million. The nominal value of the Doge NFT is presently about $220 million, based on the entire supply of $DOG tokens, which are currently valued at 0.0000035186 WETH ($0.013 USD) at the time of publishing. However, some argue that this is an underestimation. The inferred value of the $DOG NFTs is $398 million, according to fractionalized token platform Fractional. The company hasn’t said how that figure was arrived at.

Whether it’s $220 million or $398 million, it’s an incredible return for a photograph of a dog purchased in June for only 1696.9 Ether ($4 million). PleasrDAO has said that the DAO would keep 55% of the leftover tokens and the remaining 25% will go towards a fund that will assist initiatives in the $DOG community. Meanwhile, Sotheby’s is holding an auction of 107 Bored Ape Yacht Club NFTs, with a price range of $12 million to $18 million predicted. Yuga Labs, the project’s designers, have combined the 107 NFTs into one collection and are auctioning off a bundle of 101 Bored Ape Kennel Club NFTs that is estimated to bring in between $1.5 million and $2 million.

At the time of publishing, the sale for the Bored Ape Yacht Club collection has reached $4.5 million, with the auction slated to end on September 10. The Kennel Club NFTs fetched $480,000 in bidding. The NFTs from the Bored Ape Yacht Club have grown increasingly popular in recent months, and as per reports on September 2 that NBA star Stephen Curry got in on the action by purchasing one for 55 ETH, or around $207,000 at the time of writing. According to CryptoSlam, in August, the Bored Ape NFTs earned a record $295 million in secondary market transactions. Despite the fact that it is just September, the NFTs have already generated $10 million in secondary sales.

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Andrew Smithhttp://thecoinrepublic.com
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing

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