A meme coin developer DOGE has launched the first non-fungible token (NFT) on the Dogecoin blockchain. The person behind the coined 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 that he used the Sha-256 hash functions to mint the non-fungible token. Then the NFT was stored in a checksum, which is a small block of data from another block of digital data.
Following the successful minting of the NFT, inevitable360 received attention and support from other developers, including Dogecoin founder Billy Markus. Some of the commenters tipped the developer using SoDogeTip , a tip bot released earlier this month.
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
Dogecoin makes NFT minting much more efficient
NFTs have recently taken the blockchain space by storm. However, a major issue is the cost of coining superior blockchains like Ethereum.
Interestingly, the cost of minting NFT in Dogecoin was only $ 0.0018, representing enormous efficiency compared to minting NFT in Ethereum, which can cost more than hundreds of US dollars.
In this regard, a Dogecoin Core developer, Michi Lumin said:
“NFT without gas fees and less energy use. V. nice. Also Doge. Woof.”
New use case for Dogecoin
Dogecoin was created as a ‘joke’ coin with a dog theme. However, recent developments show that it can be used for other purposes than just as a meme coin.
Tesla (NASDAQ: TSLA) CEO Elon Musk announced on December 14 that the company will experiment with DOGE as payment for part of its merchandise. This was a major milestone in the history of the coin that led to more than $ 4 billion flowing in just minutes after the announcement.
The minting of an NFT on the blockchain has now opened up a new use case for the network, likely to further increase its relevance and possibly carry DOGE further up the ladder in the cryptocurrency market.
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