DOGE Theme Crypto Backed by $129,550 Worth Enjin is Minted March 7, 2020 March 7, 2020 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsMarch 7, 2020 by Kelly Cromley

DOGE Theme Crypto Backed by $129,550 Worth Enjin is Minted

Arguably the most valuable non-fungible token (NFT) that complies with ERC-1155 standard, with Doge as the underlying theme, has been created.

1,155,77.10 Enjin (ENJ) cryptocurrencies, worth roughly $129,550 at the time of writing this article, is backing the NFT.

Enjin’s ERC-1155 token standard was created to resolve constraints recognized as intrinsic to the ERC-721 protocol.

As a token of respect to the meme-motivated DOGE crypto, the NFT, named “It’s good to be the King,” was created on the first of this month.

Doge portrays the popular Shiba Inu dressed with a royal crown and staff. It can be remembered that Monolith, another ERC-1155 standard based NFT was created with a backing of 1,155,777 ENJ, a difference of just 0.1ENJ (~$0.02) compared with Doge-themed NFT.

Enjin explains the ERC-1155 as holding numerous tokens within one contract, utilizing the “minimum possible amount of data needed to distinguish the token from other ones.”

On the other hand, the company prescribes ERC-721s as necessitating the creation and employment of a complete smart contract for every standalone NFT.

The standard also backs the development of fungible tokens. The Monolith, being a fungible token, can be utilized on Enjin’s Multiverse platform. Multiverse is explained as “a collective gaming reality created by integrating a collection of blockchain assets with multiple games.”

For in-game assets, a decentralized database is shared. Furthermore, a distinct multiverse is included in each of the shared database.

Per se, gamers will be able to utilize the same digital assets in multiple games with every multiverse.

Recently, the NFT ecosystem has gathered pace, with a rising number of covenants on the outlook for requirements of the applications for which they will be utilized and the coders who will utilize them.

Two days back, Dapper Labs, the team behind the blockchain backed game CryptoKitties, rolled out Flow Playground, a platform that allows programmers trial with the development of NFTs.

At the end of last month, Dapper Labs revealed collaboration with UFC for the creation of a blockchain game traiting tokenized depictions of mixed martial arts combat that can be tutored and advanced to higher stages.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.