The latest reports reveal that a Doge-themed non-fungible token (NFT) now seems to consist of the most valuable ERC-1155 in existence. This NFT is entirely backed by more than 1,155,777.1 Enjin (ENJ) which are valued at almost $129,000 at the time of writing.
The NFT goes by the slogan, “It’s good to be the King,” and was minted on March 1. Interestingly, it pays homage to the meme-inspired DOGE crypto showing the well-known Shiba Inu donned with a regal crown and staff.
This crypto’s name seems like it may be aimed in jest at the current second-most valuable ERC-1155, The Monolith. The Monolith is backed by 1,155,777 ENJ, which is roughly 0.1 less ENJ (nearly $0.02) than the Doge-themed NFT.
ERC – 1155 aims to enhance the efficiency of NFTs
Enjin’s ERC-1155 token standard was meticulously created to address limitations the company identified as inherent to the ERC-721 protocol. By description Enjin, says the ERC-1155 stores multiple tokens within a single contract while simultaneously using the:
“minimum possible amount of data needed to distinguish the token from other ones.”
On the contrary, the company went on to characterize ERC-721s as needing the building and deployment of an entire smart contract for every individual NFT. The standard also fully supports the creation of fungible tokens.
NFTs go for the gaming industry
The Monolith is a fungible token that can be efficiently used on Enjin’s Multiverse platform. Multiverse is described as:
“a collective gaming reality created by integrating a collection of blockchain assets with multiple games.”
In this platform, the game developers share a decentralized database for their in-game assets. Every shared database features a unique multiverse. As such, gamers can use the same digital assets across multiple games with every multiverse.
The NFT ecosystem is changing
The nascent NFT ecosystem has gained momentum recently. The gains have come with an increasing number of protocols seeking to cater to most of the needs of the applications for which they will get implemented and developers who will utilize them.
Dapper Labs, on March 5, the developers that created the famous blockchain-powered game CryptoKitties, unveiled Flow Playground, which is an interface that enables developers to experiment with creating NFTs and smart contract’s Dapper Labs’ Flow blockchain.
At the end of last month, Dapper Labs announced a partnership with the UFC that will see a blockchain game consisting of tokenized representations of mixed martial arts fights that can be trained and meticulously levelled up.