NFT Marketplace Dank Bank has just efficiently raised a complete of $ four,206,900 and ideas to use this capital to fragment and challenge NFTs for “legendary memes”.
Since the preliminary round, Dank Bank has been funded by giants like Mechanism Capital, Samsung Next, and former Coinbase CTO Balaji Srinivasan.
According to a press release, the NFT marketplace will fragment NFTs that come from iconic memes to assistance creators’ revenue and construct an NFT neighborhood by way of ownership of these NFTs.
Dank Bank co-founder and CEO Harry Jones spoke to CoinDesk about how Dank Bank would like to do away with the need to have for only the elite to personal “huge” assets by assigning ownership to all supporters by way of the fragmentation of the NFT.
A preferred meme can produce ten,000 Peps.
Harry Jones mentioned:
“Meme Economy is the finest NFT fragmentation app. We can ultimately unlock the likely of investing in collectible content material. “
Put only, the NFT fragmentation model would search like this:
one NFT token (in the kind of ERC-721) -> locks this token in a wise contract -> The wise contract presents several ERC-twenty tokens
These ERC-twenty tokens signify ownership of a portion of the native NFT and are tradable. Therefore, it is understandable that if you have a fractional NFT, the consumer mainly does not have a exclusive NFT, but only an ERC-twenty token.
The fragmented meme marketplace is not unique to Dank Bank. The record sale of DOGE NFT in September for eleven,000 ether demonstrated the need to have for shared ownership of culturally iconic assets. This “meme economy” started with the Nyan Cat meme occasion which offered for 300 ETH in February 2021.
Dank Bank will commit a good deal on culturally iconic memes to incorporate in its marketplace. This will motivate creators to passionately style and record NFTs for which they will acquire a hundred% of the revenue.
Dank Bank will cross-examine the creators primarily based on their actual-planet identities and examine the “copyrighted documents” to make certain they actually personal the meme.
Dank Bank is presently lively on Ethereum and will quickly be distributed on Polygon. Jones additional, “Dank Bank plans to subsidize gas commissions for traders on Polygon.”
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