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First NFT on Dogecoin Blockchain Minted by DOGE Developer - TheNewsCrypto

source-logo  thenewscrypto.com 15 December 2021 16:24, UTC
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  • Dogecoin greatly improves the efficiency of $NFT minting.
  • The developer employed Sha-256 hash algorithms.

A $DOGE developer created the first non-fungible token ($NFT) on the Dogecoin blockchain. On December 13, Twitter handle inevitable360, the developer behind the minted $NFT tweeted about the transaction. According to the transaction records, the mint only cost 0.1 $DOGE (or $0.0018). Furthermore, for the minting of non-fungible tokens, the developer employed Sha-256 hash algorithms.

First $NFT Ever "Minted" on #Dogecoin Blockchain!

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

— inevitable360 (@inevitable360) December 13, 2021

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The $NFT was then saved on Checksum, which is a little chunk of data from a larger chunk of digital data. As a result of the $NFT’s success, inevitable360 gained the backing of additional developers. These include Dogecoin’s inventor Billy Markus. Moreover, some of the commenters used SoDogeTip, a bot that gives money to people who like their work.

Significant Savings on Transaction Fees

Dogecoin greatly improves the efficiency of $NFT minting. NFTs have caught the blockchain industry by surprise in the last few months. However, the expense of minting on top-tier blockchains like Ethereum is a huge concern. To put this into perspective, the cost of minting $NFT on Dogecoin was approximately $0.0018. Moreover, this is a significant saving over Ethereum, where it may go into the hundreds of dollars for $NFT.

On the situation, Michi Lumin, a Dogecoin Core developer, said:

” NFTs without the gas fees and less energy usage. V. nice. Also Doge. Wow .”

This is a new achievement for Dogecoin, conceived as a “joke” cryptocurrency featuring a dog. Recent developments reveal that this cryptocurrency is more than simply a meme currency. Elon Musk, the company’s CEO, said on December 14 that $DOGE would be accepted as a form of payment for certain of its products.

The currency gained within minutes following the news of this momentous milestone. Furthermore, a new use case for the network has been opened up by creating an $NFT on the blockchain, which might lead to a rise in $DOGE’s value on the crypto market.

thenewscrypto.com