A meme coin DOGE developer has launched the first-ever Non-fungible token (NFT) on the Dogecoin blockchain. The person behind the minted 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 he used Sha-256 hash functions to mint the non-fungible token. The NFT was then stored on a Checksum, which is a small block of data from another block of digital data.
Following the successful minting of the NFT, inevitable360 got attention and support from other developers, including Dogecoin founder, Billy Markus. Some of the commentators tipped the developer using SoDogeTip, a tipping bot launched earlier this month.
Dogecoin makes NFT minting way more efficient
NFTs have recently taken the blockchain space by storm. However, a major issue is a cost of minting on top blockchains like Ethereum.
Interestingly, the cost of minting the NFT on Dogecoin was only $0.0018, representing an enormous efficiency when compared with NFT minting on Ethereum which can cost upwards of hundreds of U.S. dollars.
On the matter, a Dogecoin Core developer, Michi Lumin said:
“NFTs without the gas fees and less energy usage. V. nice. Also Doge. Wow.”
New use case for Dogecoin
Dogecoin was created as a “joke” coin with a dog theme. However, recent developments show it can be used for other purposes than just as a meme coin.
Tesla (NASDAQ: TSLA) CEO Elon Musk on 14 December announced that the company will be experimenting with DOGE as payment for some of its merchandise. This was a major milestone in the coin’s history that led to over $4 billion flowing into it just minutes after the announcement.
Minting an NFT on the blockchain has now opened a new use case for the network, which is likely to further increase its relevance and possibly push DOGE higher up the ladder on the crypto market.