Someone Just Minted a Doge-Themed Crypto Token Worth $129,000

A Doge-themed non-fungible token (NFT) now appears to comprise the most valuable ERC-1155 in existence. The NFT is backed by over 1,155,777.1 Enjin (ENJ) — worth approximately $129,000 at the time of writing.

The NFT, “It’s good to be the King,” was minted on March 1 and pays homage to the meme-inspired DOGE cryptocurrency depicting the well-know Shiba Inu donned with a regal crown and staff. 

‘It’s good to be the King’ ERC-1155: Enjix

The token’s name appears as though it may be aimed in jest at the now-second-most valuable ERC-1155, The Monolith, which is backed by 1,155,777 ENJ — just 0.1 less ENJ (nearly $0.02) than the Doge-themed NFT.  

ERC-1155 seeks to improve the efficiency of NFTs

Enjin’s ERC-1155 token standard was built to address limitations the company identified as inherent to the ERC-721 protocol. 

Enjin describes the ERC-1155 as storing multiple tokens within a single contract, using the “minimum possible amount of data needed to distinguish the token from other ones." 

By contrast, the company characterizes ERC-721s as requiring the building and deployment of a full smart contract for each individual NFT.

The standard also supports the creation of fungible tokens.

NFTs target the gaming industry

The Monolith is a fungible token that can be used on Enjin’s Multiverse platform.

The multiverse is described as “a collective gaming reality created by integrating a collection of blockchain assets with multiple games.” Game developers share a decentralized database for in-game assets, with each shared database comprising a unique multiverse.

As such, gamers are able to use the same digital assets across multiple games with each multiverse.

The NFT ecosystem is evolving

The NFT ecosystem has gained momentum recently, with an increasing number of protocols seeking to cater to the needs of the applications for which they will be used and the developers who will use them.

On March 5, Dapper Labs, the developers behind the blockchain-powered game CryptoKitties, launched Flow Playground — an interface that lets developers experiment with creating NFTs and smart contract’s Dapper Labs’ Flow blockchain.

At the end of February, Dapper Labs announced a partnership with the UFC that will see a blockchain game featuring tokenized representations of mixed martial arts fights that can be trained and leveled up.