A developer for the meme coin, DOGE, has launched the first-ever Non-fungible token (NFT) on the Dogecoin blockchain. The details of the process show that the cost of this was only 0.1 DOGE, indicating a major advantage over minting in other blockchains.
The person who launched the first-ever Non-fungible token on the Dogecoin blockchain, is known on Twitter as inevitable360. He revealed the details of the transaction in a tweet on December 13. The details of the transaction show that the minting cost only 0.1 DOGE (or about $0.0017). Describing the minting process, the developer said that he used Sha-256 hash functions. The NFT was then stored in a Checksum, which is a small block of data from another block of digital data.
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
This achievement of inevitable360 shows that Dogecoin makes NFT minting more efficient. The cost of minting NFTs on Dogecoin was only $0.0017, which is a huge efficiency compared to minting NFTs on Ethereum, which can cost hundreds of US dollars. In addition, he showed that the capabilities of the Dogecoin blockchain can be effectively extended.
Dogecoin continues to thrive with the backing of some influential people and companies. On December 14, Tesla CEO Elon Musk announced that the company will be testing the use of DOGE as payment for some of its goods. Despite the ongoing fluctuations in the price of the coin, this marked an important milestone in the history of DOGE.
The popular meme coin is already one of the best options for completing transactions quickly and cheaply. The creation of an NFT on the Dogecoin blockchain has now opened up a new use case for the network that is likely to further increase its relevance and possibly push DOGE up in the crypto market.
© 2021, Eva Fox | Tesmanian. All rights reserved.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.