finbold.com
A meme coin $DOGE developer has launched the first-ever Non-fungible token ($NFT) on the Dogecoin blockchain. The person behind the minted $NFT known on Twitter as inevitable360 gave details of the transaction in a tweet on December 13.
The details of the transaction show that the mint cost only 0.1 $DOGE (or $0.0018). Describing the minting process, the developer said he used Sha-256 hash functions to mint the non-fungible token. The $NFT was then stored on a Checksum, which is a small block of data from another block of digital data.
Following the successful minting of the $NFT, inevitable360 got attention and support from other developers, including Dogecoin founder, Billy Markus. Some of the commentators tipped the developer using SoDogeTip, a tipping bot launched earlier this month.
First $NFT Ever "Minted" on #Dogecoin Blockchain!
— inevitable360 (@inevitable360) December 13, 2021
How can it be done? Proof on scrrens!
Dogecoin $NFT "Minted" Transaction: 19aeaa88859c04a333257f1119a77438ac08feec424c6ad3645a0679c8be9882@dogecoin_devs @JRossNicoll @KBluezr @michilumin @BillyM2k @mishaboar
Opinions please 🙂 pic.twitter.com/XXrjdCXjB6
Dogecoin makes $NFT minting way more efficient
NFTs have recently taken the blockchain space by storm. However, a major issue is a cost of minting on top blockchains like Ethereum.
Interestingly, the cost of minting the $NFT on Dogecoin was only $0.0018, representing an enormous efficiency when compared with $NFT minting on Ethereum which can cost upwards of hundreds of U.S. dollars.
On the matter, a Dogecoin Core developer, Michi Lumin said:
“NFTs without the gas fees and less energy usage. V. nice. Also Doge. Wow.”
New use case for Dogecoin
Dogecoin was created as a “joke” coin with a dog theme. However, recent developments show it can be used for other purposes than just as a meme coin.
Tesla (NASDAQ: TSLA) CEO Elon Musk on 14 December announced that the company will be experimenting with $DOGE as payment for some of its merchandise. This was a major milestone in the coin’s history that led to over $4 billion flowing into it just minutes after the announcement.
Minting an $NFT on the blockchain has now opened a new use case for the network, which is likely to further increase its relevance and possibly push $DOGE higher up the ladder on the crypto market.