Developer creates the first NFT mined on the Dogecoin Blockchain – DiarioBitcoin

For Hannah perez

A trial operation showed that minting NFT on the Dogecoin network can be much cheaper than minting Ethereum. A new use case for DOGE?

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A developer of the digital currency space claims to have created and mined the first token non-fungible (NFT) on the blockchain of Dogecoin. The news medium Finbold reported first.

Identified on Twitter as inevitable360, the anonymous developer announced the milestone via a tweet this week, where he provided some details about the operation. As he explained, he used the functions hash Sha-256, the mining algorithm of Bitcoin, to mint the digital collectible. The NFT was then stored in a CheckSum, or checksum, a simple function used to detect that a series of data or files has not been modified.

However, the most striking thing about the operation was its low cost. The transaction details show that undermining the token non-fungible on the blockchain Dogecoin It cost just 0.1 DOGE (or $ 0.017 based on current prices).

Blockchain Dogecoin Sees Its First NFT

As such, the first NFT mined in Dogecoin is a JPG file With a simple design, it shows nine paintings with the head of the emblematic puppy against a background of different vibrant colors. The animated canine heads also appear to be accompanied by a body made of sticks.

NFTs have become one of the strongest trends in the crypto space this year. These collectibles based on Blockchain they can represent almost anything, from an image, a song, a video, to genetic code. NFT’s most successful series can sell for up to millions of dollars a piece.

However, one of the latent challenges within this space is the high costs to create or mine an NFT. In EthereumThe most widely used blockchain for decentralized and NFT app development, mining a single collectible can cost up to more than $ 100 today. In this regard, the use of Dogecoin to mint an NFT was much cheaper, in comparison.

The achievement of inevitable360 drew attention within the Twitter cryptocurrency community. Many developers applauded the initiative and even the founder of Dogecoin, Billy Markus, commented about; although he didn’t seem too impressed. Some of the users supported the developer with tips through SoDogeTip, a bot released earlier this month.

Dogecoin, originally created as a joke cryptocurrency inspired by the famous meme of a Shiba Inu, it has become very popular in terms of adoption as a payment mechanism and now you may have found a new utility for your network with NFTs.

However, not everything is resolved and it could be a long way before the NFTs in the network Dogecoin become overcrowded. Having been a test transaction, the developer inevitable360 highlighted that there are features that still need to be figured out to be able to bring the use case to more users, including the ability to send the NFT to other addresses.

DOGE price remains down

Earlier this year, the DOGE market rallied to the upside amid widespread adoption and repeated comments from Elon Musk supporting the token via Twitter. The memecoin rose more than 10,000% in price to trade at an all-time high of $ 0.7 in May. At that time, investors and enthusiasts of Dogecoin they forecast the record of a dollar.

But the canine-like token has been progressively losing its momentum since then, even in light of the latest messages from the billionaire entrepreneur. On Tuesday of this week, a tweet by Musk Announcing the Adoption of DOGE Payments by His Electric Car Company Tesla managed to take off the price of the coin more than 25%.

However, the last impulse was short-lived, since a few hours after the news the price of Dogecoin it began to slowly withdraw. At the time of publishing, the cryptocurrency registers losses of 8% in the last 24 hours to trade around USD $ 0.17.

doge criptomercados 1
DOGE price evolution during the last 12 months – CryptoMarkets

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Article by Hannah EstefanĂ­a PĂ©rez / Daily bitcoin

Unsplash image edited in Canva

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Developer creates the first NFT mined on the Dogecoin Blockchain – DiarioBitcoin

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