How a 'dog picture' became the world's most valuable NFT at $110m

• The implied valuation of the ‘Feisty Doge’ picture rocketed when its owner deposited the image into Fractional
• Spread of news on Twitter that the general public could take ownership of a partial share of the image, caused the image’s price go parabolic.
• The Dog picture is still trading at roughly a $60 million valuation.

One can imagine DaVinci, Rothko, and other alike when thinking of an art piece worth nine figures, but since it is a gilded new age, the modern renaissance is beginning to mark heightened monetary value on photos, art, and memes define the digital era we live in, read an article published by the American business magazine Forbes.

Forbes cited an example of the "Feisty Doge" picture, which auctioned for a relatively low price a couple of months ago, but its implied valuation rocketed after its owner, a young crypto-savant, deposited the image into Fractional — a decentralised protocol where Non-Fungible Tokens NFT owners can mint tokenised fractional ownership of their NFTs.

After this, the owner issued shares of the image in ERC-20 tokens’ form, called the Non-Fungible Defi (NFD). This followed with the quick spread of news on Twitter that the general public could take ownership of a partial share of the image, causing the image’s price to go parabolic as the demand for NFD tokens heightened.

The fractionalised shares of the image trade just like any token. However, unlike many tokens, there’s no underlying protocol, team, mission, or revenue-producing product when it comes to most fractionalised NFT.

People who buy are purely speculating on what the cultural value of the underlying image will be down the line, or they’re simply cultured art collectors who want to own a piece of history.

The token’s price briefly gave the NFT a valuation of $110 million, basing on the total NFD supply sitting at 100bn, making it the most valuable NFT ever.

The Dog picture is still trading at roughly a $60 million valuation, which is just a hair shy of the previous record of $69 million, made by Beeple’s “Everydays: The First 5,000 Days.”