With the huge popularity of the Dogecoin project, it was inevitable that an NFT for the project would launch one day. That is exactly what happened when an NFT for the iconic Dogecoin meme image was launched in June 2021. Now there is a Dogecoin NFT.
Dogecoin NFT and Fractionalization
The Dogecoin NFT was minted by Atsuko Sato, who owns the image of the famous Doge meme. Soon after the NFT was minted, it was fractionalized on PleasrDAO, allowing everyone to own a piece of internet history. This NFT was fractionalized on its own blockchain and there are 17 billion DOG tokens.
Initially, only 20 percent of the DOG tokens were made available to the public via auction. Another 25 percent of the DOG tokens were allocated to the DOG community programs and development.
Anyone can visit the PleasrDAO art collection for a chance to own the fractionalized version of the Doge meme. They simply need some ETH in the crypto wallet such as MetaMask, and they can head over to SushiSwap, where the ETH can be converted into Wrapped ETH, to make it compatible with the auction on Miso.
Dogecoin and the NFT Sector
The Dogecoin sector has been inevitably intertwined with the NFT sector. Just like Doge grew to fame as an internet sensation, most of the hype around NFTs has been driven by social media.
This connection with NFTs deepened on December 13, 2021, when the first NFT minted on the Doge blockchain was announced via Twitter.
The Dogecoin Blockchain NFT
According to details of the transaction revealed via Twitter, the NFT minted on the Dogecoin blockchain cost just 0.1 DOGE or around $0.0018 at the time.
The mint was carried out by a Dog developer, who said he used Sha-256 hash functions to mint the NFT. This NFT was then stored on a Checksum, which is a small block of data for a huge block of digital data.
Following the minting of the NFT, the event got attention and support from the Dogecoin community, including the founder, Billy Markus.
Some of those who responded to the tweet even tipped the developer via SoDogeTip, which is a tipping bot that makes it possible to tip people in Doge.
Minting NFTs on Dogecoin is Cheaper
NFTs are quite costly to mint on the Ethereum blockchain, this price will only keep rising as Ethereum NFTs become more popular. However, minting NFTs on the Dogecoin blockchain is much cheaper, at just $0.0018. T
he minting on the NFT on Dogecoin has also helped to create a new use case for the blockchain. The result could be increased relevance for the meme coin, which could push its price higher.
There are other use cases for Doge, including their acceptance by Tesla as payment for merchandise.
Since the company’s CEO, Elon Musk, made the announcement, fans of the meme coin have taken up the offer and bought billions worth of Tesla merchandise using Doge Coins.
