Dogecoin, one of the most well-known cryptocurrency brands, has achieved significant leaps with the creation of the first-ever NFT on the blockchain. The project has made strides in recent months, adding new use cases, and now a developer has added NFT minting skills to the list. It’s a significant step from a ‘joke’ endeavour to a prominent participant in the sector.
After sharing a screenshot of the transaction on Monday, a developer going by the handle Inevitable360 became the first individual to mint an NFT on the Dogecoin network. Inevitable360 made headlines with this tweet after demonstrating that it is feasible to mint NFTs on a blockchain that is not a smart contract platform.
The transaction cost just 0.1 Doge, a pittance in comparison to the cost of minting NFTs on other blockchains. The developer noted that they were awaiting confirmation from Dogecoin Core devs that what they uploaded worked.
The ability to mint NFTs on a blockchain such as the Dogecoin blockchain will undoubtedly alter the game since transactions in Doge will become substantially cheaper. Additionally, Dogecoin’s millions of fans will have other use cases for their Doge beyond storing it and transacting with it. The digital asset has almost completely overcome its image as a joke, and this increased value may be the last piece in the puzzle.
Adoption Is Increasing
When it comes to functionality, Dogecoin is on its way to becoming a key player in the market. Tesla is the latest company to accept Doge payments, after CEO Elon Musk’s recent statement that the vehicle maker will begin taking the digital currency for items.
Musk, dubbed the Dogefather, has been an outspoken promoter of Dogecoin from its inception. In early 2021, after tweeting about it, the CEO single-handedly pushed the token’s price to spike many times. This time was no exception, as the Tesla news drove the price of Dogecoin skyrocketing by around 30% after the tweet’s publication.
Tesla consumers would be able to use Dogecoin to buy items such as tiny Tesla automobiles and T-shirts. This has been a long time coming since the CEO initially proposed taking Doge payments publicly in May. Although the carmaker’s initial emphasis was on taking Doge for its electric cars, the ability to pay for products with the meme currency is a start, given Musk’s tweet indicating the company was doing a test run utilising the meme coin’s items.
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