TL;DR Breakdown
- A $DOGE developer claims to have created the first NFT using the Dogecoin network.
- The developer provides proof of the first NFT made using network through a Tweet.
On December 13th a developer tweeted a post claiming that Dogecoin had facilitated its first- NFT. The Twitter account by the handle @inevitable360 posted the proof of the completed NFT later on.
The developer said that developing this asset only cost him 0.01 DOGE, which is below 1 cent. He explained that he made this asset using SHA-256 hash functions and Checksum to store it.
Dogecoin network facilitates the making of the first-ever NFT
On Monday, $DOGE holders were hit by a shocking reveal from one of its developers after he gave proof of minting an NFT using its network. The developer said that the expense of achieving this fate was almost negligible, but he is waiting for the chief developers of the coin to give feedback about his project.
NFTs are the current talk of the crypto space. As a result, any cryptocurrency associated with NFTs is gaining much attention from investors. The news from this developer caught the attention of almost everyone, including Billy Markus.
Other Twitter users who saw the post sent tips to the developer, while others wanted him to show them how to make an NFT using the network. If this process of making NFTs using the coin’s network matures, it may dominate the market again very soon.
Dogecoin finds utility away from being just another memecoin
The story behind Dogecoin’s creation is very amusing. It was made in 2013 by two software engineers as a joke coin. These developers were making it for tipping others on social media and never thought that it would be any bigger. However, this dog coin has proven everyone wrong, including Billy Markus, its co-founder.
Markus sold his initial shares at a throw-away price since he did not imagine the coin making any big moves in the future. However, he decided to rejoin the dogecoin team as its board member after some time. He is also a senior advisor to the Doge team.
Dogecoin first made news in 2014 when its team decided to help a Jamaican athletic squad compete in Olympics. This team had qualified to participate in the competitions but lacked resources to facilitate their expenses. As a remedy, the ‘Doge army’ offered the team tokens worth $25,000 to facilitate their Winter Olympics participation.
Even though many people think Tesla’s CEO, Elon Musk, has just been hyping Dogecoin for ‘fun,’ it is pretty different. Elon holds a high rank in the Dogecoin board and is a senior advisor to the board. He has frequently said that he thinks that the constant innovations behind Dogecoin give it an edge over BTC. He also likes to say that Dogecoin is likely to continue gaining more utility with time, and he may also use it as currency on his Mars territory.
These developments might send Dogecoin’s core developers back to the drawing board to consider the minting of NFTs. If this happens, Dogecoin may dominate the markets once again.
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