Just a few weeks ago, Ordinals made a lot of noise in the crypto space, providing the possibility to create and store Bitcoin NFTs totally on-chain. Now people can do the same with Litecoin.
Welcome, Litecoin NFTs
— Crypto Anthony (@anthonyonchain) February 19, 2023
Bitcoin developer Anthony Gurrera forked the code powering Bitcoin ordinals to the Litecoin blockchain, creating the first NFT ever. This is the first NFT on the Litecoin network, placing a copy of Bitcoin’s mimblewimble upgrade whitepaper on the Litecoin network.
Related article: A complete guide to Ordinals (Bitcoin NFTs)
Guerrera told Cointelegraph that the 5 LTC prize offered by the anonymous Twitter account Indigo Nakamoto on February 11th (which eventually grew to 22 LTC) motivated him to develop a Litecoin Ordinal fork. The process was allegedly pretty easy and only took a week to complete.
“I knew it was possible because Litecoin has Taproot as well as SegWit. I was in a bit of a mad rush to try and get it done as fast as I could,” Guerrera explained.
While Bitcoin NFTs continue to be on the rise with over 150,000 inscriptions, according to Dune, Litecoin NFTs have just begun. It is likely we’ll see thousands of other NFTs created on the Litecoin network as well in the near future.
The cost to inscribe a litoshi (the LTC equal to a satoshi) is reportedly around two cents, whereas the cost to inscribe a larger image onto the Bitcoin blockchain can cost tens of dollars. So, the cost of Bitcoin NFTs may be similar to Ethereum, while Litecoin NFTs might be something like Polygon or Solana NFTs.
“Pandora’s Box has already been opened and someone was going to do it, so it may as well be me,” Guerrera told in an interview.
The arrival of 2023 has really been bringing a lot of new trends like AI, or NFT creation on cryptocurrencies that people thought is not possible, until now. With the arising competition of NFT blockchains, it could be harder to choose which blockchain to choose.
However, people need to remember why would they do it, and not mindlessly create NFTs without any actual utility whatsoever. While Bitcoin along with Ethereum NFTs will probably play an “OG role” in NFT creation, other blockchains of Litecoin or Solana may play the role of affordable NFTs.