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A Dogecoin developer claims to have minted the “first-ever” NFT on the blockchain network on Monday, confirming the transaction on Twitter.
First NFT Minted on Dogecoin Blockchain
On Dec. 13, a developer behind the Dogecoin blockchain known by his Twitter handle "inevitable360" posted a screenshot of the first-ever DOGE-powered non-fungible token (NFT).
Providing details of the transaction, the developer said it cost him just 0.01 DOGE ($0.0018) to mint the NFT on the Dogecoin blockchain. In a detailed Twitter thread, he claimed to have employed Sha-256 hash functions to complete the minting process.
He further explained that the minting process involved storing the digital asset on a Checksum or a small size block data, which is often derived from another computational block. The ownership of the asset can be cross-verified by authenticating the Checksum embedded in the digital asset.
The developer tagged Dogecoin core developers and co-creator Billy Markus in the Twitter post, saying he would share how to transfer NFT ownership after he received feedback.
“You considering making a utility or something so that normal folks can do this? I think you should…or integrate it into something so that people can build sites around it,” commented Dogecoin core developer Michi Lumin.
Community Response Mostly Positive
The community response was largely positive, with the general overview that Dogecoin’s low fees for minting an NFT could be a game-changer for the space. In fact, many supporters praised the Doge-powered NFTs for their low transaction fees when minting compared to Ethereum, which often costs hundreds of dollars. Dogecoin Core developer, Michi Lumin, said "NFTs without the gas fees and less energy usage. V. nice. Also Doge. Wow."
The recent surge of Dogecoin was mostly fuelled by its most famous fan, Tesla CEO Elon Musk, who recently announced on accepting the altcoin as payment for Tesla merchandise. Upon the announcement, the meme-inspired cryptocurrency soared by as much as 23 percent.