A Dogecoin DOGE/USD developer claimed to have minted the “first-ever” NFT on the Dogecoin blockchain on Monday.
What Happened: In a tweet on Dec. 13, the developer, known by his Twitter handle “inevitable360”, shared details of the DOGE-powered non-fungible token (NFT).
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
According to the developer, the cost to mint the NFT on the Dogecoin blockchain was 0.01 DOGE worth just $0.0018.
The developer tagged Dogecoin core developers and co-creator Billy Markus in the Twitter update and said he would share how to transfer NFT ownership after he received feedback.
It stores the Checksum of a digital asset is this case an JPG file.— inevitable360 (@inevitable360) December 13, 2021
It tells us that the original i have asset is original and was not modified and also tell us that it belongs the the Dogecoin Address, in this case my test Address.
NFT = Non Fungible Token, and proves it is :) pic.twitter.com/GC2WGhxqdj
“You considering making a utility or something so that normal folks can do this? I think you should...or integrate it into something so that people can build sites around it,” commented Dogecoin core developer Michi Lumin.
Although any utility or ownership transfer functionality appears to still be in a “development phase”, the community response was largely positive, with a general consensus that Dogecoin’s low fees for minting an NFT could be a game-changer for the space.
By comparison, it often costs hundreds of dollars to mint an NFT on the Ethereum ETH/USD blockchain.
What Else: DOGE’s price surged 20% on Tuesday after Elon Musk tweeted that Tesla Inc TSLA would begin accepting Dogecoin as payment for merchandise.
The meme-based cryptocurrency saw its price spike significantly, despite Musk denying that his tweets play a role in influencing the movement of stock and crypto markets.
Price Action: As of Wednesday morning, DOGE was trading at $0.17, losing 14.29% in the last 24 hours.
Photo: Executium on Unsplash
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