Fractional ownership of the original Doge photograph: Atsuko Sato's 2010 picture of Kabosu, held in a vault and split into 16,969,696,969 ERC20 claims.
Historical Significance
Kabosu's photograph is the source image for Dogecoin, for a decade of reaction images, and for a long line of tokens that borrowed the dog without ever touching the picture. This contract is where the picture itself was given an owner, and then given several thousand of them.
The supply is the tell that this was a community rather than a fund: 16,969,696,969 is a number chosen to be read aloud, not to divide neatly. And the reserve price is worth looking at as social data instead of financial data. Holders were each asked what the whole thing was worth, and their weighted answer came back at a figure that no buyer will ever meet. That is a vote, taken in the only language the contract speaks, and the result was not to sell.
Token Information
Key Facts
Description
The vault holds Zora token 3366, titled Doge, and its metadata does not hedge about which image it is: the original photo that started it all. Atsuko Sato photographed her Shiba Inu Kabosu on 13 February 2010 and posted the frames to her personal blog under the title Taking a walk with Kabosu-chan. One of them became the most reproduced dog photograph in history.
The address people hold is 252 bytes of proxy. InitializedProxy, written by Anna Carroll for fractional.art, stores one immutable address and delegatecalls everything to it: the constructor delegatecalls its initialization calldata, and the fallback forwards every later call. All of the ERC20 behaviour, and all of the buyout machinery, lives in a shared TokenVault deployed once and reused by every vault, alongside a single Settings contract that holds the platform limits.
The vault owns the artwork outright and the tokens are claims on it. Anyone may take the NFT away, but only by buying out every holder at once: reservePrice is the weighted average of the buyout prices individual holders have voted for, and start() refuses a bid below it. There is a second lock as well. Settings requires holders of at least half the supply to have voted a price before any auction can begin, so a quiet holder base is itself a veto.
Holders of under one percent of the supply have voted a price, which puts the current reserve at over two million ether. Both numbers point the same way. The reserve is priced far beyond any plausible bid, and turnout is nowhere near the half required to open an auction, so the photograph is not for sale by two independent mechanisms at once.
Source Verified
Bytecode Overview
Verified Source Available
Source verified on Etherscan.
View Verification ProofShow source code (Solidity)
// SPDX-License-Identifier: MIT
pragma solidity ^0.8.0;
/**
* @title InitializedProxy
* @author Anna Carroll
*/
contract InitializedProxy {
// address of logic contract
address public immutable logic;
// ======== Constructor =========
constructor(
address _logic,
bytes memory _initializationCalldata
) {
logic = _logic;
// Delegatecall into the logic contract, supplying initialization calldata
(bool _ok, bytes memory returnData) =
_logic.delegatecall(_initializationCalldata);
// Revert if delegatecall to implementation reverts
require(_ok, string(returnData));
}
// ======== Fallback =========
fallback() external payable {
address _impl = logic;
assembly {
let ptr := mload(0x40)
calldatacopy(ptr, 0, calldatasize())
let result := delegatecall(gas(), _impl, ptr, calldatasize(), 0, 0)
let size := returndatasize()
returndatacopy(ptr, 0, size)
switch result
case 0 {
revert(ptr, size)
}
default {
return(ptr, size)
}
}
}
// ======== Receive =========
receive() external payable {} // solhint-disable-line no-empty-blocks
}
// zf was here :)