What Is Doge NFT?

What Is Doge NFT?

We all know the power of social media platforms in the world’s business. The meme is “A Thing” nowadays. Memes are funny images and videos that people can relate to in their normal life—a meme gets viral with the speed of light. Every person has different humor, but here comes the power of social media. One person may not find that meme too funny, but he also notices how many people love the meme and share it again and again. So to enter the cooler squad, he also starts to sharing that meme. And this is where the owner of the meme starts earning.

People use memes in different digital art forms like images, videos, gifs, stickers, and avatars. If that meme contains content that is 100% from someone’s real life, then that person gets some money anytime that meme is used somewhere.

Relation With NFT

Well, now you all must be wondering that what a meme has to do with NFT? Well, NFT deals with such kind of thing. The Non Fungible Token is for the pieces of digital art. That art may include some picture or document or gif or anything frequently used and shared among the people.

An NFT is not equal to some specific amount of physical money or cryptocurrency. It is not even equal to another NFT of its currency. And this is where the game begins. There was a picture of a dog having a relatable expression. That picture got viral. Soon people started to use that picture as a meme everywhere. That dog and its owner got immensely popular. In 2010, the owner of that dog sold the copyrights of that picture via NFT. That NFT dollar was valued at about 4 million dollars! This deal blew off the whole market. The owner also benefitted a lot from this process.

Fractionalization Of NFT

Now, this term might be new to some of you as mentioned above that the value of NFT is not equal to physical money. The owner determines its value. So the process of fractionalization makes it easy to cash the NFT. In this method, the owner deposit’s his NFT into a vault. That vault is associated with the platform of fractionalization.  Mostly NFT apply the etherum ERC 721 tokens. These tokens are fungible. They cannot be traded for a specific amount of money or some asset by the customer. The trade is confirmed according to the choice of the owner f the token. Whereas in fractionalization, its platform allows the owner to mint ERC 20 tokens for the NFT. These ERC 20 tokens are similar to all other cryptocurrencies. They are easily traded. They are easily sent. They are easily used to lock the dealings on the ethereum blockchain.

So, in this case, we can say that the fractionalization of NFT made such a huge success for the doge meme owner. He started his coins as a result. Those coins are named doge coins.

The dogecoin success attracted a lot of people to join the platform of cryptocurrency. But the matter is that it all depends upon the value that the owner sets. If the louver decided to sell the copyrights of Mona Lisa through NFT, it would be the biggest record-breaking blow in the stock market. NFT provides a digitalized platform for art pieces. The whole world is in the digital world. NFT introduced art into that world. The art pieces may not be that amusing, but the creator’s name acts as a brand, and people run blindly after the brand’s name. Keeping this point unde consideration. One might say that NFT is the best way of doing business for your artworks digitally.

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