A $DOGE developer going by inevitable360 on Twitter has revealed they managed to create the first non-fungible token (NFT) on the Dogecoin blockchain and posted the transaction in which he minted it.
The developer pointed out that on the Dogecoin blockchain the cost to mint the NFT was only 0.01 DOGE, which equals less than one cent at the time of writing. The developer described the minting process, saying he used SHA-256 hash functions to mint the NFT and store it on a Checksum.
The pseudonymous developer’s tweet got the attention of various prominent figures in the Dogecoin community including its co-founder Billy Markus. Some of the users who found the tweet tipped the developer in DOGE and asked for a way to mint their own NFTs on the meme-inspired cryptocurrency’s blockchain.
Michi Lumin, a Dogecoin Core Developer, commented on the development suggesting it could be used in a number of different ways and added that the NFT was created “without the gas fees and [with] less energy usage,” hinting that DOGE NFTs could see their adoption explode, as NFTs on the Ethereum blockchain have significant minting costs because of the network’s high transaction fees.
As CryptoGlobe reported, search interest for Dogecoin exploded during the cryptocurrency’s massive 10,000% price rally earlier this year, going from an average of 135,000 monthly searches in April 2020 to 16.5 million in April 2021.
Dogecoin was created back in 2013 as a joke. The cryptocurrency’s community is well-known for taking on philanthropic projects, which included helping charitable organizations. It made headlines in 2014 after raising more than $25,000 worth of DOGE to let the Jamaican bobsleigh team attend the Winter Olympics in Sochi.
This week, Tesla CEO Elon Musk revealed he believes Dogecoin is better for transactions than other cryptoassets like Bitcoin. The CEO has also revealed Tesla is set to start accepting Dogecoin payments for merch.
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