Dank Bank successfully raised $4.2 million for the legendary NFT meme fragmentation & release plan

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2022-04-15 12:15:44

NFT Marketplace Dank Bank has just successfully raised a total of $4,206,900 and plans to use this capital to fragment and issue NFTs for “legendary memes”.

Dank Bank successfully raised $4.2 million for the legendary meme fragmentation & release plan

From the pre-seed round, Dank Bank has been funded by giants such as Mechanism Capital, Samsung Next and former CTO of Coinbase, Balaji Srinivasan.

According to a press release, the NFT marketplace will fragment NFTs that come from iconic memes to support income for creators and build an NFT community through ownership of those NFTs.

Dank Bank Co-Founder and CEO Harry Jones spoke to CoinDesk about how Dank Bank wants to eliminate the need for only elites to own “huge” assets by allocating ownership to all fans through NFT fragmentation.

One popular meme can spawn 10,000 Peps.

Harry Jones said:

“The meme economy is the best app for NFT fragmentation. We can finally unlock the potential of investing in collectibles content.”

Roughly speaking, the NFT fragmentation model would look like this:

1 NFT (in the form of an ERC-721) token -> lock this token into a smart contract -> Smart contract gives a lot of ERC-20 tokens

These ERC-20 tokens represent owning a portion of the native NFT and are tradable. Thus, it is understandable that if one owns a Fractional NFT, the user basically does not own a unique NFT, but just an ERC-20 token.

The fragmented meme market is not unique to Dank Bank. The record DOGE NFT sale in September for 11,000 ether demonstrated a need for shared ownership of culturally iconic assets. This “meme economy” started with the Nyan Cat meme event that sold for 300 ETH in February 2021.

Dank Bank will spend heavily on culturally iconic memes to include in its marketplace. This will incentivize creators to passionately design and list NFTs for which they will receive 100% of the profits.

Dank Bank will cross-check creators based on their real-world identities and review “copyright documents” to make sure they really are the owners of the meme.

Dank Bank is currently live on Ethereum and will be deployed on Polygon soon. Jones added: “Dank Bank plans to subsidize gas fees for traders on Polygon.”

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