The most recent NFT marketplace has raised $4,206,900 in order to tokenize and fractionalize the internet’s dankest memes.
According to a news release, Dank Bank, as it’s called, received unexpected pre-seed funding from primary investors Mechanism Capital, Samsung NEXT, and Balaji Srinivasan, according to a news release.
The marketplace offers fractionalized, non-fungible tokens of iconic moments in order to recompense producers while also building community via shared ownership.
Dank Bank, according to Harry Jones, the former head of markets at blockchain-based information markets platform Polymarket, intends to dismantle the “collective of elites” who own rare items by dispersing ownership among enthusiasts via fractionalization.
Fractional NFTs enable the sharing of ownership of a single digital asset. After the makers mint an NFT, they divide it into smaller tokens that may be purchased by several owners rather than just one.
Dank Bank is not the only company with a market for fractionalized memes. The record DOGE NFT sale in September for 11,000 ether demonstrated the need for shared ownership of culturally famous material. The sale of the Nyan Cat for 300 ETH in February 2021 sparked this “meme economy.”
According to Jones, Dank Bank will use its capital to acquire the intellectual property of numerous “culturally famous” and unusually popular memes to supply its marketplace. It will encourage inventors to list their own NFTs, for which they will earn 100% of the proceeds.
