TL;DR Breakdown:
- Dogecoin co-founder says an Ethereum bridge and NFT supports will help the tenth-largest crypto.
- DOGE is now accepted by over 1,700 merchants. AMC Theatre could join soon.
Billy Markus, one of the founders of Dogecoin, has shown he’s in support of an Ethereum bridge for the tenth-largest digital currency. In a recent tweet, Markus opined that there are two things that would help boost the utility and adoption of the popular meme cryptocurrency, which include the Ethereum bridge and the inclusion of the coin in the NFT ecosystem.
Dogecoin-Ethereum bridge is necessary
In blockchain, a bridge is a connection that allows the easy transfer of digital currency from separate chains. In this case, a DOGE-ETH bridge will enable easy conversion of DOGE to Ethereum-compatible tokens. This will extend Dogecoin’s accessibility to the Ethereum decentralized finance and non-fungible token market.
In the NFT market, Markus also believes that Dogecoin adoption will increase if platforms like OpenSea support it (the Ethereum version) as one of the payment currencies. “NFTs purchasing is high demand with crypto. Allowing for DOGE purchases of NFTs greatly increases its utility,” he said.
Dogecoin began as a meme cryptocurrency solely for payment. However, it currently has a market capitalization of over $26 billion. It has gained massive attention from crypto investors, including prominent figures like Tesla and SpaceX founder Elon Musk. DOGE is also accepted by over 1,700 merchants globally.
AMC Theatre is considering DOGE for payments
DOGE might also be used for payments in the world’s largest movie theatre chain. The CEO of AMC, Adam Aron, conducted a poll on Twitter on whether they should support the meme cryptocurrency for payments. About 82% of the respondents voted in support of cryptocurrency. Later this year, the entertainment company plans to roll out support for Bitcoin and other cryptocurrencies for people to pay for tickets.
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