- Dogecoin greatly improves the efficiency of NFT minting.
- The developer employed Sha-256 hash algorithms.
A DOGE developer created the first non-fungible token (NFT) on the Dogecoin blockchain. On December 13, Twitter handle inevitable360, the developer behind the minted NFT tweeted about the transaction. According to the transaction records, the mint only cost 0.1 DOGE (or $0.0018). Furthermore, for the minting of non-fungible tokens, the developer employed Sha-256 hash algorithms.
First NFT Ever “Minted” on #Dogecoin Blockchain!
How can it be done? Proof on scrrens!
Opinions please pic.twitter.com/XXrjdCXjB6
— inevitable360 (@inevitable360) December 13, 2021
The NFT was then saved on Checksum, which is a little chunk of data from a larger chunk of digital data. As a result of the NFT’s success, inevitable360 gained the backing of additional developers. These include Dogecoin’s inventor Billy Markus. Moreover, some of the commenters used SoDogeTip, a bot that gives money to people who like their work.
Significant Savings on Transaction Fees
Dogecoin greatly improves the efficiency of NFT minting. NFTs have caught the blockchain industry by surprise in the last few months. However, the expense of minting on top-tier blockchains like Ethereum is a huge concern. To put this into perspective, the cost of minting NFT on Dogecoin was approximately $0.0018. Moreover, this is a significant saving over Ethereum, where it may go into the hundreds of dollars for NFT.
On the situation, Michi Lumin, a Dogecoin Core developer, said:
” NFTs without the gas fees and less energy usage. V. nice. Also Doge. Wow .”
This is a new achievement for Dogecoin, conceived as a “joke” cryptocurrency featuring a dog. Recent developments reveal that this cryptocurrency is more than simply a meme currency. Elon Musk, the company’s CEO, said on December 14 that DOGE would be accepted as a form of payment for certain of its products.
The currency gained within minutes following the news of this momentous milestone. Furthermore, a new use case for the network has been opened up by creating an NFT on the blockchain, which might lead to a rise in DOGE’s value on the crypto market.
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