Non-fungible tokens (NFTs) are currently one of the most explosive aspects of the entire blockchain and cryptocurrency space. Interest in NFTs have skyrocketed in recent times. Especially with the introduction of blockchain gaming, GameFi, and DeFi.
Not to be left out, Litecoin (LTC) has announced a strategic foray into the NFT space. The global payment processing platform, via OmniLite, will make it possible for interested persons to create and manage NFTs on Litecoin (LTC).
OmniLite for Litecoin will help bring new possibilities to the Litecoin Foundation. Creating more use cases for digital assets. The introduction of NFTs to the Litecoin ecosystem is just one of such possibilities. With OmniLite, interested persons will be able to issue, create, and manage NFTs without leaving the Litecoin ecosystem.
— Litecoin Foundation ⚡️ (@LTCFoundation) January 17, 2022
Omni to OmniLite
The recently launched OmniLite platform is based on the initial Omni protocol, also known as Mastercoin. Bitcoin also made use of OmniLite as its secondary layer on its blockchain. Popular stablecoin Tether (USDT) also initially went live on Omni in 2014. Approximately three years later, USDT became an ERC-20 token, moving from Omni to Ethereum.
The recently launched OmniLite platform was created by the combined effort of both Omni and Litecoin developer Loshan. With OmniLite, Litecoin Foundation users will be able to create and manage assets on the LTC blockchain. Quite similar to Omni, which makes use of the Bitcoin network, OmniLite will operate using the OP_RETURN. This means that tokens generated on OmniLite will be an extension of Litecoin. Therefore, transactions using these tokens will be recorded on the LTC blockchain.
Launched in 2011, payment processing platform Litecoin was a fork of the world’s first digital currency, Bitcoin. Interestingly, Litecoin was once referred to as “the silver to bitcoin’s gold.” According to reports, the introduction of NFTs to Litecoin is a bid to stay relevant. As the NFT space is fast becoming one of the top spheres of the cryptocurrency space.
OmniLite will provide LTC users with the ability to create tokens, smart contracts, NFTs, and also stablecoins.
At the time of writing, Litecoin was trading at $138.26, with a market cap of $9,605,528,575 and a 24-hour trading volume of $788,749,494. The token price is also down by 2.7% in the last 24 hours. And has a circulating supply of 69 million LTC coins and a total supply of 84 million LTC tokens.
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