The SushiSwap NFT platform Shoyu is now online.
In a desert of NFTs, an oasis is emerging ❤️🔥 https://t.co/BOghZ5AzHq
— Shōyu (@SHOYU_NFT) September 2, 2021
Announced in July on the official Sushi forum, it is an NFT exchange platform that “focuses on artists and creators needs to push the space forward”.
Summary
From Sushiswap an innovative platform for who wants to invest in NFT
The shoyunft.com website actually only shows a “Coming soon” page, but the team is already active on Twitter and Telegram.
The new platform looks like it will provide similar services to existing NFT marketplaces such as OpenSea or SuperRare.
Initially, the project roadmap envisaged the release of a ‘zero version’ in August, followed by the first real version in November and a second, more complete version in January 2022.
The one published yesterday, however, is only a welcome page that serves to introduce the site, which is still lacking in functionality.
In the initial roadmap, the frontend of version zero should have already integrated NFT Tagging, Royalties Distribution, Immersive Gallery Mode, 3D Metaverse and Walkthrough, but there is still no sign of any of these on the website. Smart contracts, on the other hand, have already been published.
Future versions will also include Search Mode and Discoverability, statistics, a chat room, an advanced gallery and social tools.
The case of the “Dogecoin” meme
In the meantime, a fractional NFT of Doge has been auctioned on SushiSwap, reaching a total valuation of USD 225 million.
It is the original image of the Dogecoin meme. The owner of the image has divided it into tokenized shares and auctioned part of them using SushiSwap.
The owner of the image is the decentralized platform PleasrDAO, and he tokenized the NFT using Fractional.art. In doing so, he created as many as 16,969,696.969 shares of the NFT, and auctioned 20% of them off in the form of ERC-20 tokens called $DOGs.
The auction was held on SushiSwap’s token selling platform, MISO, and garnered 11,942 WETH from 1,796 buyers, corresponding to approximately $45 million, raising the total valuation of the NFT to $225 million.
PleasrDAO purchased the original NFT for 1,696.9 ETH, or approximately $4 million, earning a great deal on this auction.
In addition, 25% of the $DOG tokens were allocated to community programs for the further development of $DOG.
The platform used for the tokenization, Fractional.art, recently raised $7.9 million during its initial funding campaign, and is increasingly being used in particular to allow those who cannot afford to purchase a single valuable NFT to acquire at least a portion of it.
Many NFTs are already being sold at very high prices, and it may be difficult to find individual buyers willing to spend astronomical sums for this reason. Their owners could use platforms such as Fractional.art to tokenize them in such a way as to divide their ownership into a large number of tokens, each of which symbolizes a small share of ownership and can be sold at a much lower price.
For example, each single $DOG token currently on MISO is priced at only 0.0000035186 WETH, which is obviously 0.0000035186 ETH, or only $0.013 USD. It must be said, however, that it corresponds to about one-seventeenth of the ownership of the original NFT. This has allowed nearly 1,800 buyers to take small ownership stakes in a digital asset with a total valuation in excess of $200 million.
