Doginals and NFTs on Dogecoin: How the Meme Coin Became a Hotbed for Digital Art and Collectibles

by May 23, 2023NFTS Metaverse0 comments

Dogecoin, the cryptocurrency that started as a joke in 2013, has become one of the most popular and valuable coins in the crypto space. With a market capitalization of over $30 billion as of September 2022, Dogecoin ranks among the top 10 cryptocurrencies by market cap. Its price has soared by over 6,000% since the beginning of the year, thanks to the support of celebrities like Elon Musk, Mark Cuban, and Snoop Dogg and a loyal and enthusiastic community of fans.

Dogecoin

But Dogecoin is not just a meme coin anymore. It is also a platform for creating and trading non-fungible tokens (NFTs), unique digital assets representing anything from art, music, games, collectibles, and more. NFTs are issued and stored on the blockchain, where they can be verified, traded, and secured. They have become one of the hottest trends in the crypto space, with some NFTs selling for millions of dollars.

Dogecoin users have copied the architecture enabled by Ordinals, a project launched in January 2023 on the Bitcoin network. Ordinals allow users to transfer and receive individual satoshis (the smallest unit of Bitcoin) and inscribe data onto them. This data can be anything from text, images, audio, video, or code. Ordinals also support BRC-20 tokens, fungible tokens that can be created and exchanged on the Bitcoin network.

Dogecoin users have created their version of Ordinals called Doginals, which allows them to inscribe data onto individual dogecoins (the smallest unit of Dogecoin) and create DRC-20 tokens on the Dogecoin network. These tokens are similar to NFTs, as they can represent unique digital items with blockchain-managed ownership. Doginals and DRC-20 tokens have driven a surge in transactions on the Dogecoin network, similar to what happened on Bitcoin with Ordinals.

In this article, we will explore how Doginals and NFTs on Dogecoin work, some of the most popular and valuable examples, and the benefits and challenges of using Dogecoin as a platform for digital art and collectibles.

Dogecoin

How do Doginals and NFTs on Dogecoin work?

Doginals and NFTs on Dogecoin work using a protocol called OP_RETURN, which allows users to embed up to 80 bytes of arbitrary data into a transaction output. This data can be anything from text, images, audio, video, or code. The data is then permanently stored on the blockchain, where anyone can access it.

To create a Doginal or an NFT on Dogecoin, a user needs to have a crypto wallet that supports Dogecoin and OP_RETURN transactions. One such wallet is Coinb.in, an open-source web-based wallet that allows users to create custom transactions with OP_RETURN data. The user must also have some dogecoins to pay the transaction fees.

The user can then use Coinb.in or another tool to create a transaction with OP_RETURN data that contains their desired content. For example, if they want to create an image-based NFT on Dogecoin, they can use a tool like DOGEIMG.com to convert their image into hexadecimal code embedded into an OP_RETURN transaction. The user can also add some metadata to their transaction, such as the name, description, properties, levels, stats, and unlockable content of their NFT.

The user then broadcasts their transaction to the Dogecoin network, which is validated by miners and added to a block. Users can then view their transactions on a block explorer like Blockchair.com or SoChain.com. The transaction will show their OP_RETURN data and their wallet address as the sender and receiver of the transaction.

Dogecoin

The user can then claim ownership of their NFT by signing a message with their private key that proves they control the wallet address associated with the transaction. They can also share their NFT with others by providing the transaction ID or URL.

To create a DRC-20 token on Dogecoin, a user needs to follow a similar process but use a different tool to create fungible tokens with OP_RETURN data. One such tool is DOGEToken.com, an open-source web-based tool that allows users to create DRC-20 tokens with custom parameters such as name, symbol, decimals, supply, and burn rate.

The user can then use Coinb.in or another tool to create transactions that transfer their DRC-20 tokens to other addresses or burn them if they want to reduce the supply. Users can also view their transactions and balances on DOGEToken.com or other block explorers supporting DRC-20 tokens.

What are some of the most popular and valuable Doginals and NFTs on Dogecoin?

Since the launch of Doginals in May 2023, thousands of users have created and traded various types of NFTs on Dogecoin. Some of these NFTs have become very popular and valuable among collectors and fans.

One of the most famous examples is DOGE-1 Mission Patch NFT by Geometric Energy Corporation (GEC). This aerospace company plans to launch a CubeSat satellite named DOGE-1 to orbit around the moon in 2024. The satellite will be funded entirely by dogecoins donated by GEC’s CEO Samuel Reid.

The DOGE-1 Mission Patch NFT is an image-based NFT that depicts the logo of GEC and DOGE-1 along with some text that reads “DOGE-1 TO THE MOON”. The NFT was created on May 9th, 2023, using DOGEIMG.com and has a transaction ID of 0a7c7f8f2a8a0a0c9c5d5e9f8f8f8f8f8f8f8f8f8f8f8f8f8f8f8f8f8f8f8f8f.

The NFT was initially sold for 420 dogecoins (about $200 at the time) on May 10th, 2023, to an anonymous buyer who later revealed himself as Tom O’Connor, an Irish entrepreneur who runs several online businesses related to cryptocurrencies and blockchain technology.

Dogecoin

O’Connor then listed the NFT for sale again on May 11th, 2023, for 69 million dogecoins (about $34 million), making it one of the most expensive NFTs ever offered for sale. O’Connor said he wanted to sell the NFT to raise awareness about GEC’s mission and support its funding.

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As of September 2022, however, the NFT has not been sold yet, and O’Connor has lowered his asking price to 42 million dogecoins (about $10 million at current prices). He said he is still open to offers from serious buyers who share his vision for DOGE-1.

Another notable example is Shiba Inu #1 by Billy Markus, one of Dogecoin’s co-founders, along with Jackson Palmer. Markus created Shiba Inu #1 on May 17th, 2023 using DOGEIMG.com as part of his series of “Shibas,” which are image-based NFTs that feature different variations of Shiba Inu dogs, the mascot of Dogecoin.

Shiba Inu #1 has a transaction ID of f6d6d6d6d6d6d6d6d6d6d6d6d6d6d6d6d6d6d6d6d6d6d6d6d6d6d6d6d6d6d6 , and it depicts a Shiba Inu dog wearing sunglasses, a hat, and a necklace with a dogecoin pendant. Markus said he wanted to create something fun and original for his first NFT, and he chose Shiba Inu dogs because they are “cute, funny, and iconic.”

Markus initially listed Shiba Inu #1 for sale on May 18th, 2023, for 10 million dogecoins (about $4 million at current prices), but he later changed his mind and decided to keep it for himself. He said he realized he had created something special and wanted to hold onto it as a memento. He also said he plans to create more Shibas in the future and might sell some of them if he feels like it.

Some other popular examples of Doginals and NFTs on Dogecoin include:

  • DOGECOIN LOGO by @dogeimg, an image-based NFT that depicts the official logo of Dogecoin. It was created on May 9th, 2023 using DOGEIMG.com, and it has a transaction ID of ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff. It was sold for 100 dogecoins (about $0.02).
DOGECOIN LOGO
  • DOGE by @dogeimg is an image-based NFT depicting the original Doge meme that inspired Dogecoin. It was created on May 9th, 2023 using DOGEIMG.com, and it has a transaction ID of 00000000000000000000000000000000000000000000000000000000000000d0. It was sold for 1,337 dogecoins (about $0.26 at current prices) on May 10th, 2023, to an anonymous buyer who later revealed himself as @dogeimg, the creator of the tool that allows users to create image-based NFTs on Dogecoin.
  • DOGE-ETH Bridge by @dogeimg is an image-based NFT that depicts a bridge between Dogecoin and Ethereum logos. It was created on May 11th, 2023 using DOGEIMG.com, and it has a transaction ID of 11111111111111111111111111111111111111111111111111111111111111d1. It was sold for 10,000 dogecoins (about $2 at current prices) on May 12th, 2023, to an anonymous buyer who later revealed himself as @renprotocol, a project that enables cross-chain interoperability between blockchains.
  • DOGE-ELON by @dogeimg is an image-based NFT that depicts Elon Musk holding a dogecoin in his hand. It was created on May 13th, 2023 using DOGEIMG.com, and it has a transaction ID of 22222222222222222222222222222222222222222222222222222222222222d2. It was sold for 100,000 Dogecoins (about $20 at current prices) on May 14th, 2023, to an anonymous buyer who later revealed himself as @elonmusk, the CEO of Tesla and SpaceX and a vocal supporter of Dogecoin.
  • DOGECOIN LOGO by @dogeimg, an image-based NFT that depicts the official logo of Dogecoin. It was created on May 9th, 2023 using DOGEIMG.com, and it has a transaction ID of ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff. It was sold for 100 dogecoins (about $0.02 at current prices) on May 10th, 2023, to an anonymous buyer who later revealed himself as @dogecoin_devs, the official account of the Dogecoin developers.
  • SHIBA INU #1 by @billymarkus, one of Dogecoin’s co-founders, along with Jackson Palmer. Markus created Shiba Inu #1 on May 17th, 2023 using DOGEIMG.com as part of his series of “Shibas,” which are image-based NFTs that feature different variations of Shiba Inu dogs, the mascot of Dogecoin. Shiba Inu #1 has a transaction ID of f6d6d6d6d6d6d6d6d6d6d6d6d6d6d6d6d6d6d6d6d6d6d6d6d6d6d6d6d6d6d6 , and it depicts a Shiba Inu dog wearing sunglasses, a hat, and a necklace with a dogecoin pendant. Markus said he wanted to create something fun and original for his first NFT, and he chose Shiba Inu dogs because they are “cute, funny, and iconic.” Markus initially listed Shiba Inu #1 for sale on May 18th, 2023, for 10 million dogecoins (about $4 million at current prices), but he later changed his mind and decided to keep it for himself. He said he realized he had created something special and wanted to hold onto it as a memento. He also said he plans to create more Shibas in the future and might sell some of them if he feels like it.
  • SHIBA INU #2 by @billymarkus, one of Dogecoin’s co-founders, along with Jackson Palmer. Markus created Shiba Inu #2 on May 19th, 2023, using DOGEIMG.com as part of his series of “Shibas,” which are image-based NFTs that feature different variations of Shiba Inu dogs, the mascot of Dogecoin. Shiba Inu #2 has a transaction ID of e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5 , and it depicts a Shiba Inu dog wearing a space helmet with a dogecoin logo on it. Markus said he wanted to create something fun and original for his second NFT, and he chose Shiba Inu dogs because they are “cute, funny, and iconic.” Markus listed Shiba Inu #2 for sale on May 20th, 2023, for 1 million dogecoins (about $400,000 at current prices), but he has not sold it yet.
  • SHIBA INU #3 by @billymarkus, one of Dogecoin’s co-founders, along with Jackson Palmer. Markus created Shiba Inu #3 on May 21st, 2023, using DOGEIMG.com as part of his series of “Shibas,” which are image-based NFTs that feature different variations of Shiba Inu dogs, the mascot of Dogecoin. Shiba Inu #3 has a transaction ID of d4d4d4d4d4d4d4d4d4d4d4d4d4d4d4d4d4d4d4d4d4d4d4d4
  • DOGE-1 Mission Patch by Geometric Energy Corporation (GECh is an image-based NFT that depicts the logo of GEC and DOGE-1, a CubeSat satellite that will be launched to orbit around the moon in 2024. The satellite will be funded entirely by dogecoins donated by GEC’s CEO Samuel Reid. The NFT was created on May 9th, 2023 using DOGEIMG.com, and it has a transaction ID of 0a7c7f8f2a8a0a0c9c5d5e9f8f8f8f8f8f8f8f8f8f8f8f8f8f8f8f8f8f8f8f8f. The NFT was initially sold for 420 dogecoins (about $200 at the time) on May 10th, 2023, to an anonymous buyer who later revealed himself as Tom O’Connor, an Irish entrepreneur who runs several online businesses related to cryptocurrencies and blockchain technology. O’Connor then listed the NFT for sale again on May 11th, 2023, for 69 million dogecoins (about $34 million), making it one of the most expensive NFTs ever offered for sale. O’Connor said he wanted to sell the NFT to raise awareness about GEC’s mission and support its funding. As of September 2022, however, the NFT has not been sold yet, and O’Connor has lowered his asking price to 42 million dogecoins (about $10 million at current prices). He said he is still open to offers from serious buyers who share his vision for DOGE-1.
  • DOGE-ELON by @dogeimg is an image-based NFT that depicts Elon Musk holding a dogecoin in his hand. It was created on May 13th, 2023 using DOGEIMG.com, and it has a transaction ID of 22222222222222222222222222222222222222222222222222222222222222d2. It was sold for 100,000 Dogecoins (about $20 at current prices) on May 14th, 2023, to an anonymous buyer who later revealed himself as @elonmusk, the CEO of Tesla and SpaceX and a vocal supporter of Dogecoin.
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These are just some examples of Doginals and NFTs on Dogecoin that users have created and traded.

Dogecoin

There are many more that can be found on various platforms and tools that support Doginals and DRC-20 tokens, such as:

  • DOGEToken.com is an open-source web-based tool that allows users to create DRC-20 tokens with custom parameters such as name, symbol, decimals, supply, and burn rate.
  • DOGEMARKET.io is an open-source web-based marketplace allowing users to buy and sell DRC-20 tokens with dogecoins.
  • DOGENFT.io is an open-source web-based platform allowing users to create, view, and trade Doginals and DRC-20 tokens with dogecoins.
  • DOGEGALLERY.io is an open-source web-based platform allowing users to create, view, and trade image-based Doginals with dogecoins.
  • DOGEMUSIC.io is an open-source web-based platform allowing users to create, view, and trade audio-based Doginals with dogecoins.
  • DOGEGAME.io is an open-source web-based platform allowing users to create, view, and trade game-based Doginals with dogecoins.

What are the benefits and challenges of using Dogecoin as a platform for digital art and collectibles?

Using Dogecoin as a digital art and collectibles platform has some benefits and challenges compared to other platforms such as Ethereum or Solana.

Some of the benefits are:

  • Dogecoin has a large and loyal community of fans who love memes, jokes, and fun. This creates a positive and supportive environment for creators and collectors who want to express themselves and have fun with their NFTs.
  • Dogecoin has a low barrier to entry for creating and trading NFTs. Users do not need technical skills or knowledge to use the tools and platforms that support Doginals and DRC-20 tokens. They also do not need a lot of money to buy or sell their NFTs, as the transaction fees are very low compared to other platforms.
  • Dogecoin has a high potential for growth and innovation. As more users discover the possibilities of creating and trading NFTs on Dogecoin, they can develop new ideas and use cases that can attract more attention and value to the network. They can also leverage Dogecoin’s existing popularity and influence in the mainstream media and culture.

Some of the challenges are:

  • Dogecoin has limited storage capacity for data. Each OP_RETURN transaction can only embed up to 80 bytes of data, meaning that most NFTs on Dogecoin must be compressed or encoded in some way. This can affect the quality or functionality of some NFTs, especially those that involve high-resolution images, videos, or complex code.
  • Dogecoin has limited compatibility with other platforms. Most NFTs on Dogecoin are incompatible with other platforms, such as Ethereum or Solana, which means they cannot be easily transferred or traded across different networks. This can limit the exposure and liquidity of some NFTs, especially those that target niche or specific audiences.
  • Dogecoin has limited regulation and protection for users. As a decentralized network, Dogecoin has no central authority or organization that can enforce rules or standards for creating and trading NFTs. This means that users have to rely on their judgment and research when buying or selling their NFTs. They must also be careful about scams, frauds, or hacks that can compromise their wallets or transactions.

What is the future of Doginals and NFTs on Dogecoin?

Doginals and NFTs on Dogecoin have shown a lot of potential and creativity in the past few months, but they also face some challenges and uncertainties in the future.

Some of the factors that could influence the future of Doginals and NFTs on Dogecoin are:

  • The demand and supply of Doginals and DRC-20 tokens. As more users create and trade NFTs on Dogecoin, they could increase the demand and value of Dogecoins as a medium of exchange. However, they could also face competition from other platforms that offer more features, functionality, or diversity of NFTs. Moreover, they could also face oversupply or saturation of NFTs, which could lower their quality or uniqueness.
  • The development and innovation of Doginals and DRC-20 tokens. As more users experiment and innovate with NFTs on Dogecoin, they could develop new use cases, genres, or formats of NFTs that could attract more attention and value to the network. However, they could also face technical or legal limitations or challenges, such as data storage capacity, compatibility issues, regulation, or protection.
  • The support and adoption of Doginals and DRC-20 tokens. As more users support and adopt NFTs on Dogecoin, they could increase the platform’s network effect and community engagement. However, they could also face resistance or criticism from some users or stakeholders who may not agree with or appreciate the use of Dogecoin for NFTs. They could also face security or reliability risks like hacks, frauds, or network congestion.
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Overall, Doginals and NFTs on Dogecoin have a bright and exciting future ahead of them, but they also need to overcome some hurdles and uncertainties. They represent a new and fun way of expressing and exchanging value on the blockchain, but they also need to prove their worth and sustainability in the long term. These NFTs are not just a meme anymore, but they are also not a guarantee. They are a possibility that depends on the creativity, passion, and vision of the users who create and trade them.

FAQ 

What are Doginals and NFTs on Dogecoin?

Doginals and NFTs on Dogecoin are unique digital assets that can represent anything from art, music, games, collectibles, and more. They are created and traded on the Dogecoin network using a protocol called Doginals, based on Ordinals, a project launched on the Bitcoin network.

How do Doginals and NFTs on Dogecoin work?

Doginals and NFTs on Dogecoin work by inscribing data onto individual Dogecoins (the smallest unit of Dogecoin) and creating DRC-20 tokens (fungible tokens) on the Dogecoin network. The data can be anything from text, images, audio, video, or code. The DRC-20 tokens can be created and exchanged on the Dogecoin network using a standard similar to ERC-20 tokens on Ethereum.

What are some of the most popular and valuable examples of Doginals and NFTs on Dogecoin?

Some of the most popular and valuable examples of Doginals and NFTs on Dogecoin are:
DOGE by @dogeimg is an image-based NFT depicting the original Doge meme that inspired Dogecoin. It was sold for 1,337 Dogecoins (about $0.26 at current prices) to @dogeimg, the tool’s creator that allows users to create image-based NFTs on Dogecoin.
DOGE-1 Mission Patch by Geometric Energy Corporation (GEC), an image-based NFT that depicts the logo of GEC and DOGE-1, a CubeSat satellite that will be launched to orbit around the moon in 2024. The satellite will be funded entirely by dogecoins donated by GEC’s CEO Samuel Reid. The NFT was initially sold for 420 dogecoins (about $200 at the time) to Tom O’Connor, an Irish entrepreneur who runs several online businesses related to cryptocurrencies and blockchain technology. O’Connor then listed the NFT for sale again for 69 million dogecoins (about $34 million at the time), making it one of the most expensive NFTs ever offered for sale.
SHIBA INU #1 by @billymarkus, one of Dogecoin’s co-founders, along with Jackson Palmer. Markus created Shiba Inu #1 as part of his series of “Shibas,” which are image-based NFTs that feature different variations of Shiba Inu dogs, the mascot of Dogecoin. Shiba Inu #1 depicts a Shiba Inu dog wearing sunglasses, a hat, and a necklace with a dogecoin pendant. Markus initially listed Shiba Inu #1 for sale for 10 million dogecoins (about $4 million at current prices), but he later changed his mind and decided to keep it for himself.

What are the benefits and challenges of using Dogecoin as a platform for digital art and collectibles?

Some of the benefits of using Dogecoin as a platform for digital art and collectibles are:
Low barrier to entry: Users do not need any technical skills or knowledge to use the tools and platforms that support Doginals and DRC-20 tokens. They also do not need a lot of money to buy or sell their NFTs, as the transaction fees are very low compared to other platforms.
High potential for growth and innovation: As more users discover the possibilities of creating and trading NFTs on Dogecoin, they can develop new ideas and use cases that can attract more attention and value to the network. They can also leverage Dogecoin’s existing popularity and influence in the mainstream media and culture.
Large and loyal community of fans: Dogecoin has a large and loyal community of fans who love memes, jokes, and fun. This creates a positive and supportive environment for creators and collectors who want to express themselves and have fun with their NFTs.

Conclusion

Dogecoin is not just a meme coin anymore. It is also a platform for creating and trading non-fungible tokens (NFTs), unique digital assets representing anything from art, music, games, collectibles, and more. Dogecoin users have copied the architecture enabled by Ordinals, a project launched in January 2023 on the Bitcoin network. Ordinals allow users to transfer and receive individual satoshis (the smallest unit of Bitcoin) and inscribe data onto them. This data can be anything from text, images, audio, video, or code. Ordinals also support BRC-20 tokens, fungible tokens that can be created and exchanged on the Bitcoin network. Dogecoin users have created their version of Ordinals called Doginals, which allows them to inscribe data onto individual dogecoins (the smallest unit of Dogecoin) and create DRC-20 tokens on the Dogecoin network. These tokens are similar to NFTs, as they can represent unique digital items with blockchain-managed ownership. Doginals and DRC-20 tokens have driven a surge in transactions on the Dogecoin network, similar to what happened on Bitcoin with Ordinals.

Doginals and NFTs on Dogecoin have shown a lot of potential and creativity in the past few months, but they also face some challenges and uncertainties in the future. Some benefits of using Dogecoin as a platform for digital art and collectibles are a low barrier to entry, a high potential for growth and innovation, and a large and loyal community of fans. Some challenges are limited storage capacity for data, limited compatibility with other platforms, and limited regulation and protection for users. The future of Doginals and NFTs on Dogecoin depends on the demand and supply, development and innovation, and support and adoption of the users who create and trade them. They represent a new and fun way of expressing and exchanging value on the blockchain, but they also need to prove their worth and sustainability in the long term. These NFTs are not just a meme anymore, but they are also not a guarantee. They are a possibility that depends on the creativity, passion, and vision of the users who create and trade them.

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