Do you think dogecoin is a joke? Then what about NFTs? What about a collab of dogecoin and NFTs? Funny Isn’t it. That’s where the world is headed today. People who thought of both dogecoin and NFTs as waste is now having a hard time digesting the fact that they are making millions in the market. Yes, the digital market has gone insane and is now heading towards an even intense level of insanity with emerging trends like this. IndustryWired explores some of the recent developments in drawing the line between dogecoin and NFT.
Fractionalizing DOG coin NFTs for Better Distributed Ownership
In September 2021, the frenzy for digital art networks reached another level when the DOG coin, a fraction of the non-fungible token depicting the famous Shiba Inu dog turned into a near US$500 million asset in a matter of hours. Earlier this year, PleasrDAO bought the NFT for about US$4 million and started offering fractionalized ownership in the form of $DOG recently.
Before becoming a cryptocurrency, the Shiba Inu dog was widely shared on the internet for no big reason. It just started trending on all social media and interaction pages, attracting more people to be interested in the dog called Kabosu. Only after a very long time, dogecoin hit the market. It is a completely different story when it comes to NFTs. Somehow, the two unpredicted forms met and made a lot of money together. Today, each DOG coin is worth about 3 cents. Out of the 17 billion in existence, one-fifth of the DOG coin is already in circulation, while 55% is owned by the original buyer. The concept of fractionalization was brought to effect in September after owners realized that becoming a sole buyer of the NFT could be difficult for anybody and dividing the rationalization and profit would be more helpful.
Interested people can now use the SushiSwap app to convert their ether coins to wrapped ETH. Later, they can head to MetaMask or Rainbow to purchase a fraction of DOG coin.
Using DOGE-ETH for NFT Purchases
Unfortunately, dogecoin price has been going down constantly in recent weeks. The daily transaction has dropped to 16,441 per day, declining below its 2017 transaction rate. Therefore, in order to increase the falling utility, dogecoin co-founder, Billy Markus, has stepped in his motive to use Doge for NFT purchase. He suggested on completing the dogecoin-ethereum bridge and allow dogecoin-ethereum tokens to be used for NFT purchases.
Coinllectibles Initiative to Accept DOGE for Fusion NFTs
A little earlier to this initiative, Coinllectibles, a Metaverse Blockchain Fusion NFT company has announced that they will accept dogecoin and Tronix (TRX) payments for the Fusion NFTs they unleash at auction. However, users have to convert their DOGE or TRX to ether and then use it to buy NFTs.