CoinEx Institution | Mind-blowing! How Fractionalization Gives Rise to the Most Expensive NFT Art Ever

(Feisty Doge NFT is part of a photoshoot with the same Shiba Inu that appears on Dogecoin)
  1. On June 15, 2021, the NFT was successfully bid by Twitter user Cryptopathic at 13 ETH on ZORA.
  2. On August 19, Cryptopathic minted 100 billion NFD tokens using the said NFT on Fractional.
  3. Cryptopathic then added 25 ETH and 5% NFD to the initial SushiSwap liquidity pool. At this point, Cryptopathic set the total market value of NFD to 500 ETH, which is a 38-time rise compared with the reserve price of 13 ETH.
  4. On Twitter, Cryptopathic announced that the Feisty Doge NFT will be fractionalized into 100 billion NFD tokens and that everybody can buy a part of the ownership. Backed by promotions by Cryptopathic, a crypto influencer with nearly 150,000 followers, and other big names in the crypto field, low-priced MEME-style NFDs started to go viral on Twitter. Driven by strong FOMO, flocks of clueless buyers rushed into the pool. On August 22, traders of Feisty Doge NFT peaked at 6,000 a day. As a result, the NFD price exceeded $0.0012 at its peak, translating to a total market value of $120 million. Compared to the figure when liquidity was first added, the NFD price soared by nearly 100 times; and if you look at the initial reserve price, the growth is more than 1,000 times.
  5. Thanks to strong market FOMO, Cryptopathic sold a large number of NFD tokens, making a profit of 3,000 ETH at the minimum. Using the Ethereum transaction mixing protocol Tornado, he managed to transfer at least 1,200 ETH. Though NFD continued to drop in value, the current total worth of Feisty Doge NFT remains high ($50 million).

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CoinEx

CoinEx

The Global Cryptocurrency Exchange. Visit us: www.coinex.com | www.twitter.com/coinexcom | t.me/CoinExOfficialENG

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