The first NFT to appear on the Dogecoin blockchain was created by a Dogecoin developer. In a Twitter thread, the developer known as inevitable360 explained how the transaction involves storing their digital asset’s checksum on the blockchain.
What is an NFT (Non-Fungible Token)?
NFTs are pieces of digital content linked to blockchains, the digital databases that support cryptocurrencies such as Bitcoin and Ethereum. Like dollar bills, those assets are fungible, meaning they can be exchanged for another identical one of the same value.
NFT Created on Dogecoin Blockchain
Blockchains like Ethereum and NFTs are dominating the blockchain space at the moment. However, there is a major issue with the cost of minting on these blockchains.
The user claimed to have completed the minting process using Sha-256 hash functions in a comprehensive Twitter thread. Additionally, the minting process involves storing the digital asset on a Checksum or a small size block of data that is often derived from another computational block.
By authenticating the Checksum embedded in the digital asset, it is possible to cross-verify ownership. The creator received support and attention from other developers, including the Dogecoin founder, Billy Markus, after posting their NFT transaction.
Dogecoin NFTs were praised for their low transaction fees when compared to Ethereum, for example. Michi Lumin, a Dogecoin Core developer, said: “NFTs without the gas fees and less energy usage. Also Doge. Wow.”
According to the NFT developer, anything can be easily converted to an NFT and proved to be original, and with almost no cost to anyone.
Many Dogecoin holders tipped the developer, using the SoDogeTip bot that was launched on Twitter earlier this month, in addition to giving them high praise. The comments were largely free of speculation about prices, or predictions about DOGE’s value explosion in future.
