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Bitcoin The Almighty Buck

The Original 'Doge' Meme Sold as an NFT for $4 Million (cnbc.com) 61

Posted by msmash from the how-about-that dept.
The legendary "Doge" meme from 2010, which portrays a shiba inu dog named Kabosu and inspired the creation of cryptocurrency dogecoin, sold for $4 million as an NFT, or non-fungible token, in June. From a report: To some, that may seem like a lot of money to pay to own a jpeg, but the "Doge" meme has generated a massive online community, and dogecoin is now a top cryptocurrency by market value, with fans including Elon Musk and Mark Cuban. Though most investors couldn't afford a multimillion-dollar price tag for the "Doge" meme NFT, anyone will now have an opportunity to own a piece of it for as little as less than $1. That's because PleasrDAO, the collective that bought the "Doge" meme NFT, is selling fractional ownership of it, starting on Wednesday. Here's how it works. Through a platform called Fractional.art, PleasrDAO has "fractionalized" the NFT -- as a result, the NFT is represented by billions of ERC-20 tokens, which are standard for creating and issuing smart contracts on the Ethereum blockchain. In this case, PleasrDAO has called the tokens DOG. Investors can then buy as many or as few DOG tokens as they can afford on Fractional.art and on decentralized exchange Miso. How many tokens an investor buys will determine their ownership stake in the "Doge" meme NFT, though PleasrDAO will retain majority ownership.
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The Original 'Doge' Meme Sold as an NFT for $4 Million More

The Original 'Doge' Meme Sold as an NFT for $4 Million

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  • Are we there yet?
    • you ain't seen nothin yet

      • Trust me, they're gonna repeat this bullshit, until you believe it.

        And I've got proof: People here seem to believe in "intellectual property" since about the early 2010s.
        You can go back to e.g. 2001, and look how people reacted back then.
        No, I'll go even further! Look up how YOU saw those things in 2001. Versus now. Slashdot should have it archived.

        Yes, imagine the horror... you're gonna defend NFTs in 10 years.... (Or, hopefully not, if this comment had any impact on you at all.)

    • You can never overestimate the stupidity of wild humans.

      • Well, you can *breed* them to be stupid.

        Which is what the entire market of industries did for some decades now, under the justification of "simplicity".
        (If you design something to handle every idiot, nature's gonna invent a better idiot. ... And I can explain why too: Because humans are efficient. There's social and evolutionary pressure to be the most efficient. So when they *can* save the work and neurons, they will. The problem is when they save something, that actually makes things worse. If they themse

    • Re: (Score:2)

      by cusco ( 717999 )

      For a time there was a theater genre called 'Theater of the Absurd', utter nonsense sentences and dialog that doesn't match. Eventually the novelty faded away and almost no one performs 'The Bald Soprano' any more, wonder if NFTs will fade the same way or if someone will find an actual use for the concept.

      • Well, they *are* fungible, for starters.
        If you mount a 51% attack, you can manipulate the blockchain however you want. Which isn't that hard, if the community is small, and you got e.g. some state-sponsored computing power.

  • Stop please (Score:5, Insightful)

    by Errol backfiring ( 1280012 ) on Wednesday September 01, 2021 @10:42AM (#61752345) Journal
    Can we please stop the "someone has laundered money with NFT" stories?
    • Not so long as you're clicking on them and commenting. /. is social media, so Anything for engagement.

      • If only they knew that they ain't getting fuck-all of advertisement money from us clicking, and will only pay sever costs and traffic costs.
        (If a story is worth something, one can disable the ad blocker and press F5. But when was the last time that happened')

      • No, it's not social media--social media involves actual social capital, or at least an imitation of such. Slashdot comments are a message board, and those are way older than social media.

    • Re: (Score:1)

      by Anonymous Coward
      NFTs is like ICOs but 1000x dumber; As we already know NFTs were a success for the scammers that promoted them (Vitalik...).

    • Re:Stop please (Score:4, Insightful)

      by PseudoThink ( 576121 ) on Wednesday September 01, 2021 @11:04AM (#61752435)
      NFT's use case as a money laundering device is the only thing that makes sense to me about NFT's so far...

      • Re: (Score:2)

        by cusco ( 717999 )

        I'm wondering if they could be used as a sort of temporary contract. If they're actually secure and unalterable (as long as they exist) then I could see a use for short-term contracts. Big "if" though. Artwork? Nah.

    • I'm with you about the NFT stories, but I'm not sure how you can launder money that way. How much the NFT is sold for and who received the payment is public knowledge. It's like buying and selling trading cards on ebay. To launder money with trading cards you would need to set up physical shop that buys/sells trading cards to anonymous patrons for cash and lie about the amount of cards you bought/sold or the value of each sale/purchase.

  • A fool and his money.... (Score:5, Insightful)

    by mspohr ( 589790 ) on Wednesday September 01, 2021 @10:42AM (#61752347)

    ... are soon parted.

  • Very not funge.

  • From TFS "that may seem like a lot of money to pay to own a jpeg, but the "Doge" meme has generated a massive online community, and dogecoin is now a top cryptocurrency by market value, with fans including Elon Musk and Mark Cuban." And even with all that going for it - it still seems like a lot of money to pay for a jpeg.

    • Re:Yep (Score:4, Informative)

      by Altus ( 1034 ) on Wednesday September 01, 2021 @11:00AM (#61752425) Homepage

      its even more money to not actually own the jpeg

    • But that's true of all kinds of things that get sold for outrageous amounts of money, there are people in the world with more money than sense who think that the bragging rights for "owning" something is itself valuable.

      Or even once a friend raving about some restaurant that ran like $1000ish per person for a meal and my response was I don't care if that food makes me leap from my chair and sing the Hallelujah Chorus, it isn't worth $1000.

      • I'm an NFT skeptic, but I've bought a meal in a very exclusive restaurant.

        Certainly the food was not worth the $750 I paid for the meal (I was too terrified of the price to order wine...)

        However, the entire experience was a real thing, and depending on one's tastes (no pun), the experience might or might not have been worth the price. As a one-time treat for my lovely bride, the price, along with the wonderful weekend for just us in a distant city, was well worth it.

        If one just wants the experience of fulln

      • It's money laundering; whoever "bought" the NFT most likely is associated with someone who has a wallet containing "dirty" coin... they'll sit on the NFT for a few months and then "sell" it. It could be anything from a ransomware gang, to a darknet marketplace, or a State Actor like North Korea or Venezuela doing business with someone like China, Russia, the Taliban, etc. The person who "bought" the NFT is probably not aware of who she is actually doing business with.
        • You could still ask where they got the money/crypto to buy the NFT. Buying and selling something doesn't launder money unless you can lie about how much you bought or sold it for.
  • It's all fake.

  • I bet the owner of Kabosu is so happy (Score:5, Funny)

    by OrangeTide ( 124937 ) on Wednesday September 01, 2021 @10:52AM (#61752393) Homepage Journal

    I'm glad Atsuko Sato, the owner of Kabosu (the Shiba Inu of the famous meme), is getting paid as the original copyright owner of the photographs used in thousands of memes.

    Oh wait, she's not? That's not how any of this work? You mean it's a SCAM?

    • Re: (Score:1)

      by yagmot ( 7519124 )

      Serious question: do you think there's any chance she could sue the person who sold it for stealing copyrighted material?

  • ...to own a jpeg.

    No, to anyone with sense ( so not the writer of TFA ) it is a lot of money to pay for ABSOLUTELY NOTHING ATALL.
    The buyer does NOT own that JPEG.

    The writer should resign in shame, or be sacked.

  • NFTs are all scams. PleasrDAO doesn't own anything. They are reselling you nothing. Whichever /. employee decided to post this deserves a kick to the nuts and/or cooch for promoting this bullshit.

  • I guess the good thing is that they're giving some of it away...

  • Tulips... (Score:4, Insightful)

    by Saffaya ( 702234 ) on Wednesday September 01, 2021 @11:09AM (#61752469)

    When I think of the inanity of all this, there nothing else that comes to my mind:

    https://en.wikipedia.org/wiki/... [wikipedia.org]

  • Imagine explaining this to an alien or a time traveller from another era.
    People wasting millions in order to pretend owning an image, the image itself having no meaning; and then sharing their non-ownership with thousands of likely-minded individuals.
    In the 80s we thought that humanity would destroy itself in a nuclear war. In the 2020s I'm convinced that humanity will destroy itself for the lulz.

    • Hey, as long as we go down laughing! It'd certainly be better than the shit show reality has been providing for us over the past decade or so.

    • And when they found our shadows
      Grouped round the TV sets
      They ran down every lead
      They repeated every test
      They checked out all the data in their lists
      And then the alien anthropologists
      Admitted they were still perplexed
      But on eliminating every other reason
      For our sad demise
      They logged the only explanation left:
      This species has amused itself to death.

      -Roger Waters, "Amused to Death"
  • Look, two things here. First, if you're buying an NFT you're a fucking moron. Second, this is nothing but a vehicle for money laundering and the perpetrators think that they're really cool and live in the "dark net." Puh-lease.

  • Will I be able to sell NFTs for my worthless lot in Second Life?

  • Iâ(TM)ll sell poo as a NFT and people will love me for it

  • Front Page News (Score:4)

    by nuckfuts ( 690967 ) on Wednesday September 01, 2021 @11:38AM (#61752559)
    Please stop posting a new story on the front page of /. every time someone pays a fortune for an NFT. It's no longer news, just the same story over and over.
  • When people are spending large sums of money on things of no use or intrinsic value, you know that at the other end of the wealth scale, people are really suffering. It's obscene.
  • "Give me $4,000,000 and I'll let you see a picture of something that's not real and that you can't actually own"
    And here I am, actually working for a living, when I could just be swindling people out of millions and having them thank me afterwards.

  • Stephan Tual [twitter.com]:

    NFTs buyers should read on 'shill bidding', a scam where low-value items have their price artificially inflated through the collusion of a group and the appraiser.

    Kieran Healy [twitter.com]:

    You could save a few characters in the first sentence by removing the words "shill bidding" and replacing them with "NFTs".

  • Marshall Brain got the zillionaires suing each other over petty crap part correct (Bezos vs. Musk) but didn't foresee them wasting money on the most nonsensical frivolities imaginable.

  • And I thought the 'N' in NTF standed for NON-fungible token. /s

  • There is no "the".

    There have been a couple dozen copies by the time the first creator uploaded it to any site. In every router's RAM and cache and buffers, let alone the countless ones on his own box and on the server and between your and your box, and on your box, and so on.

    It's information! Not a chair!

  • Blatantly obvious money-laundering. 2. Why aren't there more news stories about the FBI catching these people red-handed. Art conventions selling a banana for $1,000,000.00 I'm looking at you.

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