A Dogecoin (DOGE) developer calling himself “inevitable360” on Twitter revealed that he was successful in creating the first non-fungible (NFT) token on the Dogecoin blockchain and published the transaction in which he created it.
The first NTF on the Dogecoin blockchain at a record price
The developer pointed out that on the blockchain Dogecoin, the cost to manufacture the NFT was only 0.01 DOGE, which equates to less than a dime at the time of writing. The developer described the creation process, claiming that it uses functions of hash SHA-256 to create the NFT and store it later on a Checksum.
The developer’s tweet caught the attention of various figures in the Dogecoin community, including its co-founder Billy Markus. Some of the users who found the tweet tipped the Dogecoin developer. They also asked for a way to create their own NFTs on the memes-inspired cryptocurrency blockchain.
Michi Lumin, a developer of Dogecoin Core, commented on the development suggesting that it could be used in different ways. He added that the NFT was created “ without gas costs and [avec] less energy consumption Hinting that Dogecoin NFTs could see their adoption skyrocket. Indeed, NFTs on the blockchain Ethereum have significant creation costs due to the high transaction costs of the network.
Dogecoin is making its way into the crypto market
As Cointribune reported, research interest in Dogecoin exploded during the cryptocurrency’s massive 10,000% price hike earlier this year, from an average of 135,000 monthly searches in April 2020 to 16.5 million in April 2021.
Dogecoin was launched in 2013 as a joke. The cryptocurrency community is well known for undertaking philanthropic endeavors, including helping charities. So the corner made headlines in 2014 after raising more than $ 25,000 in Dogecoin to enable Jamaica’s bobsleigh team to attend the Olympic Winter Games in Sochi.
This week, Tesla CEO Elon Musk revealed that he believes Dogecoin is better for transactions than other cryptoassets like bitcoin. The CEO also revealed that Tesla is about to start accepting Dogecoin payments for its goods.
One of the developers ofmemecoinhas developed the first NFT on the Dogecoin blockchain at an unbeatable price. Indeed, the production costs of this NFT cost the developer barely 1 cent. The adoption of the token could then explode, defying the giant Ethereum weakened by its high transaction costs. Dogecoin is gradually asserting its place in the crypto industry and still has many surprises in store for us.
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