Dogecoin, one of the most recognizable names in the crypto space, has made remarkable strides with the minting of the first-ever NFT on the blockchain. The project has been moving forward in recent times with more use cases to speak of and now, a developer has just added NFT minting capabilities to that list. It is a big leap from being a ‘joke’ project to being a major player in the space.
Minting NFTs On Dogecoin Blockchain
A developer that goes by the name Inevitable360 on Twitter officially became the first person to mint an NFT on the Dogecoin blockchain after posting a screenshot of the transaction on Monday. Inevitable360 made a splash with this tweet after proving that it was essentially possible to mint NFTs on a blockchain that is not a smart contracts platform.
First NFT Ever “Minted” on #Dogecoin Blockchain!
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
— inevitable360 (@inevitable360) December 13, 2021
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The transaction only cost 0.1 Doge to carry out, an incredibly small fee compared to the cost of minting NFTs on other blockchains. The developer added that they were waiting for Dogecoin Core developers to actually confirm that what they posted actually worked.
Costs to mint an NFT: 0.01 Doge
Transfer ownership of NFT’s screens soon 🙂 after i recive some feedback from Dogecoin Core Devs to confirm my teory tested live 🙂 pic.twitter.com/4TqGaCwD2z
— inevitable360 (@inevitable360) December 13, 2021
Being able to mint NFTs on a blockchain like the Dogecoin blockchain will no doubt be a game-changer as it will be significantly cheaper to transact in Doge. Additionally, Dogecoin’s millions of supporters will also have more use cases to work with besides holding their Doge and carrying out transactions with it. The digital asset has almost successfully shed its reputation of being a joke and this newfound utility could be the completion to that process.
Doge rises back to $0.17 | Source: DOGEUSD on TradingView.com
Adoption On The Rise
Dogecoin is moving towards being a major player in the space when it comes to utility. Tesla is the latest to accept payments in Doge after a recent announcement from CEO Elon Musk that said the automobile manufacturer would begin accepting the digital asset for merchandise.
Musk, aka the Dogefather, has always been a vocal supporter of Dogecoin. In early 2021, the CEO singlehandedly caused the price of the token to surge multiple times after tweeting about it. This time was no different as the Tesla announcement had sent the price of Dogecoin surging about 30% after the tweet went live.
Tesla will make some merch buyable with Doge & see how it goes
— Elon Musk (@elonmusk) December 14, 2021
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Tesla customers would be able to purchase things like miniature Tesla vehicles and T-shirts using Dogecoin. This has been a long time coming as the CEO had first publicly floated the idea of accepting Doge payments months ago back in May. Although the focus was on accepting Doge for its electric vehicles, being able to pay for merchandise with the meme coin is a start given that Musk’s tweet suggested the automaker was doing a test run using its merchandise.
Featured image from CoinDesk, chart from TradingView.com
