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HomeCrypto NewsMarketDogecoin Founder Says DOGE-Ethereum Bridge Will Boost Token’s Utility, Elon Musk Reacts

Dogecoin Founder Says DOGE-Ethereum Bridge Will Boost Token’s Utility, Elon Musk Reacts

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A bridge between Dogecoin and Ethereum will enable DOGE to be accepted as payment for various non-fungible tokens. 



In a recently published tweet, Shibetoshi Nakamoto, the pseudonymous founder of Dogecoin, stated that creating a token bridge between DOGE and Ethereum will bolster the meme coins utility

According to the Dogecoin founder, the initiative would allow non-fungible token (NFT) marketplaces like OpenSea to accept the cryptocurrency as payment for different digital collectibles listed on the platform. 

Shibetoshi Nakamoto disclosed that the bridge would allow the conversion of DOGE to Wrapped Dogecoin, and vice versa, in order to use the meme coin as payment for web 3.0 assets. 

If dogecoin (in the form of wrapped dogecoin) can be seen in a Metamask wallet, websites can be built to read your wallet, determine that you have dogecoin, and unlock specific features for dogecoin holders. Tons of possibilities,” Nakamoto added. 

 

Rising Interest in NFTs

Non-fungible tokens have attracted a lot of attention in recent times, with billions of dollars traded across various NFT marketplaces. The rising interest in NFTs has prompted the launch of more digital collectibles across diverse chains. 

While some NFTs are hosted on chains like Solana and Ripple, the most popular non-fungible tokens, including Bored Ape Yacht Club (BAYC), have been launched. 

It is worth noting that the preferred cryptocurrency payment for non-fungible tokens launched on the Ethereum network is ETH. 

However, a converter bridge between DOGE and ETH will enable the memecoin to be added as payment for digital collectibles that are based on the Ethereum network. 

Other Suggestions to Increase DOGE Utility 

Meanwhile, aside from developing a bridge between Dogecoin and Ethereum, Shibetoshi Nakamoto noted two other efforts that will increase DOGE utility. 

Getting more businesses to accept the cryptocurrency and adding the memecoin to Twitter’s tipping service will also bolster utility. 

 

Reacting to the Dogecoin pseudonymous founder’s Twitter post, Elon Musk, the founder and CEO of American electric car company Tesla said: 

“First one definitely, second is nice to have and third isn’t needed IMO.” 

 

Moves to Boost DOGE’s Utility

Shibetoshi Nakamoto has been advocating for more ways to boost the utility of the cryptocurrency, which he believes will prompt Dogecoin’s value to soar. 

Earlier this month, the Dogecoin pseudonymous founder urged the team behind the microblogging platform to add DOGE to its tipping service

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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