Fractional NFT ownership is witnessing an impressive boom as the market’s valuation reaches $493 million, showcasing a significant 61% growth in just 24 hours, alongside a strong trading volume of approximately $65.4 million.
Leading the performance charts, ‘The Doge NFT‘ saw an impressive 71% daily growth, reaching a trading volume of approximately $8 million. ‘Wen’ followed with a 39% increase and a hefty $52 million daily volume, while ‘Harambe’ climbed 30%, achieving a trading volume of $538,772 over 24 hours, according to CoinGecko.
The Doge NFT, which sold as one for 1696 ETH (about $5 million at this time of writing) in the summer of 2021, has been offering fractionalized ownership via Fractional.art since September 2021. Thus, making investments in the celebrated meme-coin more accessible to fans for years.
Meanwhile, the Wen project on HotsCoin introduces an innovative approach by fractionalizing an iconic poem into trillions of parts, fostering cultural creativity and engagement on the Solana blockchain.
Fractional Harambe NFTs, on the flip side, pay tribute to the beloved gorilla, Harambe, through iconic photographs by Jeff McCurry and charitable endeavors. Harambe was sadly shot to protect a child who fell into his enclosure, sparking worldwide debates about animal welfare.
The Fractionalization Process
The fractionalization process consists of an NFT being confined in a smart contract, which subsequently abolishes the NFT into several tokens according to the owner’s preference.
Each established fraction denotes a share of ownership in the NFT, making expensive digital collectibles more approachable and within reach of a wide range of investors. Notably, this functionality is accessible through numerous blockchains, including Ethereum, Polygon, Solana, and Cardano.
With NFT values surging due to heightened demand, fractionalization is becoming more vital. The fractionalized strategy guarantees affordability, resistance to devaluation by other owners, and attractiveness for potential purchasers, even at an escalated bid price.
Fractionalizing NFTs emerges as a promising trend in the digital asset world, offering more inclusive, wallet-friendly investment opportunities. Such evolution is currently boosting market growth, signaling more exciting developments ahead.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
