A Doge-themed not-fungible token (NFT) now appears to comprise the virtually valuable ERC-1155 in existence. The NFT is backed by over one,155,777.1 Enjin (ENJ) — worth approximately $129,000 at the time of writing.

The NFT, "Information technology's adept to exist 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

'It's skillful to be the Rex' ERC-1155: Enjix

The token's name appears as though it may exist aimed in jest at the at present-second-most valuable ERC-1155, The Monolith, which is backed past ane,155,777 ENJ — just 0.1 less ENJ (most $0.02) than the Doge-themed NFT.

ERC-1155 seeks to improve the efficiency of NFTs

Enjin's ERC-1155 token standard was congenital to address limitations the visitor 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 dissimilarity, the visitor characterizes ERC-721s as requiring the building and deployment of a full smart contract for each private NFT.

The standard too 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 equally "a collective gaming reality created by integrating a collection of blockchain avails 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 utilize 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 volition be used and the developers who will utilize 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' Menstruum blockchain.

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