The recent evolution of Bitcoin ordinal non-fungible tokens has proven the potential locked in proof–of–work networks. Litecoin is the latest to join the NFT sector after the first NFT series launched on this network last weekend.
Last weekend, Anthony Gurrera, a renowned Bitcoin developer, forked the code behind popular Bitcoin Ordinal NFTs to the Litecoin blockchain, creating the first non-fungible tokens on the Litecoin network.
— Crypto Anthony (@anthonyonchain) February 19, 2023
Litecoin Network Gets The First NFTs
The blockchain developer integrated a copy of the latter’s mimblewimble upgrade whitepaper to the Litecoin network, successfully making new NFTs. Since the Litecoin ordinals are open-source, artists and creators can use the same formula to create more Litecoin NFTs.
Bitcoin NFTs came into the limelight late last month after Casey Rodarmor, a renowned Bitcoin developer, introduced his new digital collectibles on the Bitcoin network. He inscribed Satoshi’s Bitcoin creation concept with the content for digital artifacts using Ordinal theory to launch NFTs.
The Ordinal protocol theory enables users to inscribe reverences to digital arts, creating Bitcoin Ordinal NFTs. Developers and Artists can make Bitcoin NFTs using images, text, SVG, or HTML.
Bitcoin Ordinal Market Health
Even though Bitcoin ordinals initially attracted heated discussion among developers within the crypto community, these NFTs have since gained mainstream adoption and are proving to be reasonably successful.
According to Dune Analytics, the market now has more than 153,000 ordinal tokens, with the majority of them created in the past three weeks. The data aggregator platform has noted that more than 5,000 tokens on Ordinal are created daily on average.
Although ordinals and Bitcoin NFTs are exploding, they are too far compared to behemoths like Ethereum and Solana. These two networks have already reached infrastructure, communities, trading platforms, and collections milestones.
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