Billy Markus, the co-founder of Dogecoin (DOGE), has set his eyes on nonfungible tokens (NFTS) and an Ethereum-to-Dogecoin bridge to aid in the meme coins broad acceptance.
Markus emphasized the importance of completing the Ethereum Dogecoin bridge in a tweet on Sept. 30. This will allow the asset to be integrated with top Ethereum-based NFT platforms like OpenSea, allowing non-fungible purchases with DOGE.
The crypto community has a “strong demand” for NFTs, according to Markus, and permitting NFT purchases using DOGE “greatly enhances its utility.”
The DOGE-ETH bridge, which is currently in development, would allow users to transmit DOGE from the Dogecoin blockchain to the Ethereum blockchain and interact with the asset using ERC-20 DOGE token contracts in areas like decentralized finance (DeFi) and NFTS.
The bridge would add value to DOGE by providing a pleasant alternative to Ether, which now dominates NFT payments, as well as increasing transaction volumes and use through circulation in other DeFi protocols on Ethereum.
Vitalik Buterin, the co-founder of Ethereum and a DOGE investor, also underlined the positive potential of an Ethereum-bridge for DOGE in a conversation with podcaster Lex Fridman on June 4, adding that:
“If DOGE can somehow connect to Ethereum, individuals would be able to trade DOGE thousands of times per second inside a loop ring, which would be incredible.”
Markus was asked if the bridge was in the works on Twitter, and he replied, “People are working on the DOGE-ETH bridge, sure,” without identifying names.
DogeLabs, developer cooperation centered on the Dogecoin chain, stated on June 18 that it was looking into the possibility of constructing a Doge-ETH bridge that would allow Dogecoin holders to participate in Ethereum-based Defi staking.
DogeLabs also said it was working on a DOGE burn wallet, which would let developers create “applications that transfer a tiny percentage of Doge to a public burn wallet to assist in establishing a deflationary mode behind DOGE inflationary: growth.”
Markus took a break from working on Dogecoin in 2015, selling his holdings for the price of a used Honda Civic, but he is again a member of the Dogecoin Foundation’s advisory board, which was re-established in August. Buterin is on the advisory board as well.
Dogecoin is supported and advocated for by the non-profit organization, which also protects the Dogecoin trademark from copycats like Dogecoin 2.0.