Shibetoshi Nakamoto, the pseudonymous founder of Dogecoin has stated in a recent tweet that creating a token bridge between DOGE and Ethereum will boost the coins’ utility.
According to him, this bridge will allow non-fungible token (NFT) marketplaces like OpenSea to adopt the meme coin as payment means for different virtual and digital collectibles on the platform.
Shibetoshi Nakamoto revealed that creating this bridge would allow the conversion of DOGE to Wrapped Dogecoin, and vice versa, making it useful as payment for web 3.0 assets.
“If dogecoin (in the form of wrapped dogecoin) can be seen in a Metamask wallet, websites can be built to read your wallet, determine that you have dogecoin, and unlock specific features for dogecoin holders. Tons of possibilities,” Nakamoto added.
NFTs Are Among The Hottest Projects In The DeFi
Non-fungible tokens industry has experienced huge progress in recent times. It has gradually grown into a mega marketplace, with billions of dollars traded across NFT platforms. And more digital collectibles are launched to meet the rising demand of collectors and investors.
The Ethereum network boasts the highest holder of NFT projects, and the preferred cryptocurrency payment for any NFT launched on this network is ETH.
However, a bridge between DOGE and ETH will still benefit the meme coin, as it makes it possible to use the token as payment for digital collectibles on the Ethereum Network.
Other Suggestions to Increase DOGE Utility
Meanwhile, aside from developing a bridge between Dogecoin and Ethereum, Shibetoshi Nakamoto noted two other efforts that will increase DOGE utility.
Getting more businesses to accept the cryptocurrency and adding the memecoin to Twitter’s tipping service will also boost its utility.
Reacting to the Dogecoin pseudonymous founder’s Twitter post, Elon Musk, the founder and CEO of American electric car company Tesla, said:
“First one definitely, second is nice to have and third isn’t needed IMO.”
Aggressive Measures to Boost DOGE’s Utility
Shibetoshi Nakamoto has been rooting for more ways to increase the utility of the cryptocurrency, which he believes will cause the meme coin’s value to surge.
Earlier this month, the Dogecoin pseudonymous founder urged that the team behind the microblogging platform Twitter consider adding DOGE to its tipping service.