TL;DR Breakdown
- Billy Markus Dogecoin co-founder to auction new NFT
- Dogecoin co-founder says NFTs doesn’t harm the environment
Top software engineer and co-founder of Dogecoin, Billy Markus, has announced that he will be adding a new non-fungible token (NFT) to his weekly series collection dubbed “Crappy Dogecoin Doodles.”
Billy Markus, via his official Twitter handle, disclosed that his Crappy Dogecoin Doodle collection would get the addition of a fifth token. The newly added token is a poorly self-drawn image of a Shiba Inu dog lying in a field.
The tokens are minted on the Ethereum blockchain and auctioned via Rarible, a top NFT token marketplace. The current asking price for the token is 0.069 ETH, although only 10 percent of the proceeds from the token sale will go to Markus.
Notably, 420 copies of the NFT will be up for auction until the sale closes next week. The Dogecoin co-founder revealed that unclaimed doodles in the Crappy Dogecoin Doodle series are burned before each new drop mainly to create scarcity.
Markus began creating the Crappy Dogecoin Doodles NFT collection in June this year. While the series have produced five tokens, Markus has however created a total of 39 Dogecoin-themed NFTs. Remarkably, Markus first NFT sold for $3,192, attracting 1,500 times the initial asking price.
Billy Markus says NFTs doesn’t harm environment
Meanwhile, the NFT marketplace has recently come under fire for causing harm to the environment. However, the Dogecoin co-founder has defended the NFT space noting that NFTs simply piggyback on existing blockchains.
According to him, NFTs doesn’t have a major impact on the climate because it relies on existing blockchain to operate and invariably doesn’t put in additional waste from transactions.
Also, the meme coin is solely used as a tipping system on popular social media platforms like Twitter and Reddit in order to reward the creation or sharing of quality content.
Although no longer part of the Dogecoin project, Markus is still a major contributor to the meme token. It is worth noting that Markus currently works for an education company in the San Francisco Bay Area.
Also, the token has recently suffered a bearish run. Currently, the eighth-most valuable crypto asset by market cap, DOGE, has dropped by 21.8 percent in the last 14 days and was trading around $0.20, according to Coingecko.
