Litecoin NFT: The LTC-20 standard is coming
The Litecoin community unveiled the LTC-20 standard dedicated to the creation of Non-Fungible Tokens (NFT).
Meanwhile, the price of LTC is following the trend of major cryptos, losing ground over the past seven days.
Litecoin and the LTC-20 standard for NFTs: How the protocol being tested works
Litecoin follows the evolution of Bitcoin at the same pace, so much so that after the boom of Bitcoin NFT oracles based on the BRC-20 standard, here comes The LTC-20 standard for Litecoin NFT ordinals. The development of this protocol, which is still in the experimental stage, is not led by the official Litecoin account, but by Litecoin Punksthe collection of the first 100 Litecoin Ordinals with entries from #642 to #834.
Therefore, this is one the test phase directly conducted by members of the Litecoin community against the new LTC-20 standard. At least the official LTC-20 the document states the following:
“This is just a fun experimental standard that shows you can create off-chain equilibrium states with inscriptions. It should by no means be considered the standard for fungibility on litecoin with ordinals, as I think there are almost certainly better design choices and optimization improvements that need to be made. Consequently, this is an extremely dynamic experiment, and I strongly advise against making financial decisions based on its design. However, I encourage the litecoin community to tinker with standard designs and optimizations until a general consensus on best practices is reached (or to decide that this is a bad idea!)“.
Litecoin Ordinals NFTs: Was the LTC-20 standard the result of a bet?
It was back in February when Twitter user Indigo Nakamotoist, in the wake of the launch of Bitcoin Ordinals NFTs, offered 5 LTC to anyone who could bring Ordinal’s NFTs to Litecoin.
Then other users joined the “bet”raise the premium to 22 LTC.
Developer Anthony Guerrera reportedly responded by saying that Litecoin was the only other blockchain that Ordinals could run on, thanks to SegWit and Taproot, to convince himself that it was feasible.
And indeed, on February 18, Guerrera announced that he had succeeded in his mission to create the first Litecoin Ordinals NFTreceives the 22 LTC reward on his wallet address.
The goal of this initiative was to enable Ordinal’s NFT transactions without having to pay the high fees required to record transactions on the Bitcoin blockchain. After all, Litecoin was born to be the digital silver, the crypto that only replaces Bitcoin when the digital gold network becomes overloaded.
Bitcoin Ordinal’s NFT Record Number
Only this week, Bitcoin Ordinals NFT Inscriptions has literally risenand reached 3.6 million today, with May 1 being the day when daily BTC transactions hit their all-time high.
It was actually on Monday 372,000 listings in just 24 hours, incl 682,281 BTC transactions.
Not only that, but these record numbers were accompanied by network commissionswhich also reached 23 BTC or about $656,000 on Monday.
Yesterday, May 4th, there were 206,669 daily Bitcoin Ordinals NFT registrations, with 14.92 BTC in commissions paid in 24 hours.
LTC Crypto Price and Charlie Lee’s Predictions
Despite the big news for Litecoin, LTC seems to be following the trend of the major cryptos. And indeed, over the past 7 days, the price of LTC have seen a small fall, it brings at $88 at the time of writing.
Nothing to worry about, or maybe just a price correction. The fact is that from the beginning of 2023 until today, the price of LTC has been on a bull run.
If you listen to the words of Charlie Leethe founder of Litecoin, then you can expect a large profit from LTC, especially considering cryptois planned to halve in August next year.
In fact, according to Lee, tThe LTC/BTC pair could rise to 0.025 BTC or over 700% in the next bullish cyclewith Litecoin having higher throughput by design, scalability with extension blocks, better fungibility and privacy from MWEB.
Litecoin’s miner reward halving from 12.5 LTC to 6.25 LTC.
