- The implied valuation of the ‘Feisty Doge’ picture skyrocketed.
- As a result of its owner depositing the image into Fractional Spread of news on Twitter that the general public could purchase a portion of the image
The Dog movie is still valued at approximately $60 million, according to current market conditions.
When one thinks of a piece of art worth nine figures, one might conjure up images of DaVinci, Rothko, and others. However, because we are living in a golden age, the modern renaissance is beginning to place a greater monetary value on photos, art, and memes, which define the digital age in which we live, according to an article published by the American business magazine Forbes.
For example, Forbes pointed to a picture of a “Feisty Doge” that had been auctioned off for a relatively low price just a couple of months before its owner, a young crypto-savant, deposited the image into Fractional, a decentralised protocol that allows Non-Fungible Tokens NFT owners to mint tokenized fractional ownership of their NFTs.
Following this, the owner issued shares of the image in the form of ERC-20 tokens, which were referred to as the Non-Fungible Defi (NFD). In the aftermath, word spread quickly through Twitter that the general public could purchase a portion of the image, causing the image’s price to soar as the demand for NFD tokens increased, causing the image’s price to soar even higher.
The fractionalized shares of the image are traded in the same way as any other token. When it comes to most fractionalised NFT, however, there is no underlying protocol, team, mission, or revenue-generating product, in contrast to many other tokens on the market.
Some buyers are speculating on the future cultural value of the underlying image, while others are simply cultured art collectors who want to own a piece of history, and both groups are justified in their purchases.
In a brief moment, the token’s price elevated the NFT’s value to $110 million, based on the total NFD supply of 100 billion, making it the most valuable NFT ever.
In the meantime, the Dog film is valued at approximately $60 million, which is only a hair shy of the previous record of $69 million set by Beeple’s “Everyday: The First 5,000 Days.”