Quick take:
- Litecoin has become the latest Proof-of-Work blockchain to introduce NFTs.
- Bitcoin developer Anthony Gurrera forked the code behind Ordinals Protocol to inscribe the first Litecoin NFT.
- Ordinals NFTs have created a buzz in the industry with over 154,000 inscriptions so far.
Proof-of-Work NFTs are creating a buzz in the industry thanks to the rapid rise in the number of Bitcoin Ordinals inscriptions since the start of February. Litecoin, another Proof-of-Work blockchain just got its first NFT.
One developer forked Bitcoin Ordinals, placing its privacy and scalability protocol on the Litecoin Blockchain. Crypto Anthony inscribed the MimbleWimble whitepaper making it the first NFT on Litecon Network.
This comes at the back of a 3-week period that has seen Bitcoin Ordinals create a buzz around the industry with over 154k inscriptions to date. Since the start of February, developers are inscribing Ordinals NFTs at an average rate of 7,000 per day based on Dune Analytics data.
The MimbleWimble inscription on Litecoin happened barely a week after one crypto Twitter user challenged the community to try to fork ordinals to the Litecoin network for a bounty of 15 LTC. “Rules: Must work with Litecoin Core 0.21.2.1. Submit the Github repo below. First successful submission to port to Litecoin wins,” Twitter user Indigo said.
Although inscriptions appear to have slowed down recently, inscription spending per block still remains relatively higher. So far, the total fee spent on inscriptions stands at about $1.16 million.
As demonstrated in the Dune Analytics dashboard by Dataways above, the number of Ordinals minted on Monday fell from the previous day, while the fees spent inscribing went up.
However, given the latest developments around Ordinals NFTs, it seems that high fees are not really a deterrent.
In fact, according to an opinion piece on CoinDesk, one crypto research firm argues that this could spur a resurgence in the crypto market. The author drew parallels with the current spike in the BTC price to back his claim.
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