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- A doge-tributed non-fungible token (NFT) has appeared on Ethereum, taking the number one spot for the most valued ERC-1155 token on the blockchain.
- Non-fungible tokens that are being built on such protocols on the Ethereum blockchain are also making waves in the crypto industry.
A doge-tributed non-fungible token (NFT) has appeared on Ethereum, taking the number one spot for the most valued ERC-1155 token on the blockchain. The NFT is called “It’s good to be the King,” which is valued at 1,555,777.1 Enjin ($129,000). The token was only minted a week ago, on March 1, and is a tribute to the popular Doge meme.
The “It’s good to be the King” token is depicted using the famous meme image of the Shiba Inu dog, with a royal crown and a staff, with the name being a swipe at the second-largest ERC-1155 NFT, the Monolith. The gap between the two coins is extremely small, with “It’s good to be the King,” only leading by $0.02 more in value.
The doge meme has largely associated with the Dogecoin within the cryptocurrency industry, an asset that has touted by many individuals for its association of the popular meme culture with finances and currency.
This association has driven Dogecoin to even become the top 33rd best performing cryptocurrency by market cap. “It’s good to be the King” seemingly plays on the same strategy that Dogecoin bought to the market, associating popular culture with finances to gain customer attention and investment.
The doge-tributed token holding the number 1 spot as an ERC-1155 token is also of significance since ERC-1155 is the successor to the ERC-721 protocol. It allows storing multiple tokens within a single, smart contract using very little data requirements to define each token.
Non-fungible tokens that are being built on such protocols on the Ethereum blockchain are also making waves in the crypto industry, as they are finding widespread adoption in industries like gaming with the Enjin ecosystem.
The Multiverse platform from Enjin is a collection of games that integrates different blockchain-based assets and forms a unified experience. Digital assets within a multiverse are stored on decentralized databases that can be shared by the gamers within the games of that multiverse.
The development side of these games has also been seeing improvements as more tools are being developed that allow for building games that integrate NFTs within them. “It’s good to be the King,” acclaiming the first spot for the most valued ERC-1155 NFT is more proof that blending tokenized assets into pop culture is a very promising sector to be explored.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
