Dogecoin, one of the most well-known names in the cryptoverse, has made major progress with the minting of the first-ever NFT on the blockchain.
In recent months, the project has progressed with more use cases to discuss, and now a developer has just added NFT minting capabilities to that list.
On Twitter, a $DOGE developer known as inevitable360 announced the creation of the first non-fungible token (NFT) on the Dogecoin blockchain and posted the transaction in which he did it.
What you should know
The developer pointed out that minting the NFT on the Dogecoin network costs merely 0.01 DOGE, or less than one cent at the time of writing. The developer explained how he created the NFT by using SHA-256 hash functions and storing it on a Checksum.
The anonymous developer’s post drew the attention of several important members of the Dogecoin community, including Billy Markus, the coin’s co-founder.
Some of the individuals who discovered the tweet sent DOGE to the developer and asked if they could mint their own NFTs on the meme-inspired cryptocurrency’s blockchain.
The ability to mint NFTs on a blockchain like the Dogecoin network will undoubtedly be a game-changer, as transacting in Doge will be substantially cheaper.
In addition to holding their Doge and conducting transactions with it, Dogecoin’s millions of supporters will have other use cases to work with.
The digital asset has almost successfully shed its reputation of being a joke and this newfound utility could be the completion of that process.
Dogecoin was founded as a joke in 2013. It made waves in 2014 when it raised more than $25,000 in DOGE to help the Jamaican bobsleigh squad compete in the Sochi Winter Olympics.
Recall that Elon Musk recently announced that Tesla Inc. will accept payment in Dogecoin for some products, causing the meme coin to increase by 20%.