Billy Markus has talked up a proposed Doge-Eth bridge in order that DOGE can be utilized on high NFT marketplaces corresponding to OpenSea with Doge-eth token. so, Opensea NFT platforms allowing doge-eth token for purchase of NFT collection.
Dogecoin (DOGE) co-founder Billy Markus has set his sights on nonfungible tokens (NFTs) and an Ethereum-to-Dogecoin bridge to assist result in for mass adoption of the meme coin.
In a Sept. 30 tweet, Markus emphasized the significance of completing the Ethereum-Dogecoin bridge in order that the asset may very well be built-in with top Ethereum-based NFT platforms such as OpenSea enabling non-fungible purchases with DOGE.
Markus mentioned that there’s “high demand” to purchase NFTs within the crypto community and that enabling NFT purchases with DOGE “greatly increases its utility.”
The in-development DOGE-ETH bridge would enable users to send DOGE from the Dogecoin blockchain to the Ethereum blockchain and transact with the asset in sectors corresponding to decentralized finance (Defi) and NFTs through ERC-20 DOGE token contracts.
The bridge would offer further utility for DOGE, because it may present a fun alternative to Ether which dominates NFT payments, whereas additionally ramping up transaction levels and usage via circulation in varied DeFi protocols on Ethereum.
In an interview with podcaster Lex Fridman on June 4, Ethereum co-founder and DOGE investor Vitalik Buterin additionally emphasized the bullish potential that an Ethereum-bridge could have for DOGE, noting that:
“If DOGE wants to somehow bridge to Ethereum, after which folks can commerce DOGE thousands of times a second inside a loop ring, then that might be wonderful.”
In Markus’s Twitter thread, he was asked if the bridge is within the works, and responded that “persons are engaged on the DOGE-ETH bridge, yes,” without naming names.
Organizations corresponding to DogeLabs — a collaboration of developers focused on the Dogecoin chain — introduced on June 18 that it was exploring the concept of constructing a Doge-ETH bridge that might allow hodlers to make use of the asset in Ethereum-based DeFi staking.
DogeLabs additionally acknowledged that it was seeking to the event of a DOGE burn pockets the place builders can construct “applications that ship a small portion of Doge to a public burn wallet to assist in building a deflationary mode around DOGE inflationary growth.”
Markus stepped away from working on Dogecoin in 2015 — promoting his stash for the equal of a used Honda Civic — however, the co-founder is a member of the advisory board of the Dogecoin foundation that was re-established in August. Buterin can also be a member of the advisory board.
The non-profit foundation supports and advocates for the development of Dogecoin, whereas additionally defending its trademark from the likes of copycats such as Dogecoin 2.0.