Elaine Jean Tech 12.15.2021 15:Dec PM EST

First NFT Minted on DOGE Blockchain; Dogecoin Low Minting Fees Could Be A Game Changer

A DOGE developer claimed to have minted the "first-ever" NFT on the Dogecoin blockchain on Monday (December 13) confirming the transaction on Twitter.

First NFT Minted by DOGE Developer

The developer, who goes by the Twitter handle "inevitable360," revealed information of the DOGE-powered non-fungible token in a tweet on Dec. 13.

According to the developer, it cost 0.01 DOGE ($0.0018) to mint the NFT on the Dogecoin blockchain. Not only other coders but also Billy Markus, the founder of Dogecoin, took notice of the NFT's creator, Inevitable360.

As reported by Benzinga, in a Twitter update, the developer mentioned Billy Markus, one of Dogecoin's key developers and co-creators, was delighted and stated he would offer instructions on how to transfer NFT ownership once he received feedback.

With that, Inevitable360 was rewarded for his efforts with a gratuity from SoDogeTip, a tipping bot available on Twitter and Reddit that was established earlier this month.

Dogecoin's Low Minting Fees

According to Cryptoglobe, Michi Lumin, a Dogecoin Core Developer, commented on the development, stating that it could be used in a variety of ways and that the NFT was created "without the gas fees and with less energy usage," implying that DOGE NFTs could see a surge in adoption, as NFTs on the Ethereum blockchain have high transaction fees, which means that minting costs are high.

You considering making a utility or something so that normal folks can do this? I think you should... I dunno, or integrate it into something so that people can build sites around it.. NFTs without the gas fees and less energy usage. V. nice. Also Doge. Wow.
— Michi Lumin (@michilumin) December 14, 2021

Furthermore, amid Dogecoin's dramatic 10,000 percent price increase earlier this year, search interest soared, jumping from an average of 135,000 monthly searches in April 2020 to 16.5 million in April 2021. Although it is the first NFT to be coined on the Dogecoin blockchain, the transaction's efficiency could make it a feasible endeavor.

Future of DOGE Holders

In 2013, Dogecoin was created as a joke. The bitcoin community is known for supporting charitable organizations and other philanthropic activities. It made headlines in 2014 when it raised moreover $25,000 in DOGE to support the Jamaican bobsleigh team at the 2014 Winter Olympics in Sochi. Dogecoin and other meme tokens are speculative assets, and the sentiment is often one of the most important price drivers in that category.

On the other hand, some cryptocurrency investors believe that dogecoin is a fad comparable to "meme stocks" such as GameStop and AMC and that it should not be taken seriously. In addition to that, the CEO of crypto business Ripple told CNBC that dogecoin is not excellent for the crypto market. However, Dogecoin, which is presently ranked as the tenth-largest cryptocurrency, will have an intriguing year in 2022. The success of its initial NFT could signal a longer-term commitment to that market.

Dogecoin Spike With Tesla Merchandise

Dogecoin has proven its strength throughout the whole year with its skyrocketing growth. Another example of its recent price spike, Dogecoin has risen by more than 20% after Elon Musk announced that Tesla will accept it as payment for merchandise. As reported by CNBC, the rise of Dogecoin has been aided by its most prominent supporter, Tesla CEO Elon Musk, who stated that the altcoin will be accepted as payment for Tesla items.

On Tuesday (December 14), the meme-inspired cryptocurrency soared by as much as 23 percent when Elon Musk announced that Tesla would accept dogecoin as payment for some of its products. It was the last trading at a gain of 18.9%. In a tweet, Tesla CEO Elon Musk said, "Tesla will make some stuff buyable with Doge and see how it goes."