There has been a huge increase in the popularity surrounding non-fungible tokens (NFTs). This is due to the fact that many creatives are starting to embrace blockchain technology as a means of bringing their art in front of the eyes of many collectors, and as such, this has proven to be a solid revenue stream for them.
Litecoin is one of the oldest, as well as one of the most well-known blockchain networks currently available, which has stood the test of time and is regularly available to develop on. If you are a creative that aims to develop their NFTs on top of the Litecoin blockchain network, today, we are going to go over just about everything you need to know about completing this task. Let’s dive in.
- Litecoin is a secure network that makes privacy a much more straightforward process and has low fees, which is one of the main reasons why it might be the preferred option to mint NFTs. This means that you can create a Litecoin NFT.
- The Litecoin network is also utilized as a payment method, which means that many cryptocurrency payment processors accept the cryptocurrency as a form of payment, which opens up a lot more gateways for creatives to capitalize on their art through it.
- LTC is the native cryptocurrency token of the network, and it is a cryptocurrency that can be mined due to the fact that the network utilizes the proof-of-work (PoW) consensus mechanism.
- Anyone can easily connect to a Litecoin (LTC) node through the utilization of NOWNodes, after which they will be fully able to get any blockchain data that they require.
NFTs on Litecoin: Pros and Cons
Pros of building NFTs on Litecoin:
- Reliability – the underlying software that powers Litecoin has historically proven to be extremely reliable, and this is complemented on due to the fact that it is one of the oldest cryptocurrency networks that are active to this very day. The developer behind the project is a scientist known as Charles Lee, who worked for Alphabet’s Google and Coinbase.
- Performance – Litecoin features numerous improvements over the blockchain network that it was competing with at the time, specifically Bitcoin. LTC is much quicker due to the fact that transactions take about 2.5 minutes to verify, and this speed makes it easier to scale over time.
- Reputation – Litecoin is well known throughout the crypto industry, and as such, there isn’t as much second-guessing when it comes to developing on top of it. You can easily create a LTC NFT and post it on NFT marketplaces as a result.
Cons of building NFTs on Litecoin:
- Not as popular as the other blockchain networks – Litecoin lacks the popularity competing platforms have, such as Ethereum (ETH), for example, which is one of the largest blockchain networks on top of which NFTs are typically minted.
- Slower Speed when Compared to PoS blockchains – Blockchain networks that utilize the Proof-of-Stake (PoS) consensus mechanism are typically much quicker when it comes to throughput, which might make them a bit more appealing when it comes to minting NFTs.
Creating NFT on LTC: Guide
The main way through which non-fungible tokens are developed on top of the Litecoin (LTC) blockchain network is through the utilization of OmniLite.
- Step 1: Install Omnilite
OmniLite is a platform based on the Omni protocol, known as Mastercoin. What this means is that in order for you to begin development, you will have to navigate to the official OmniLite website, after which you will be able to download and install it. This will enable you to create NFT Litecoin.
- Step 2: Run the Software
Once OmniLite has been installed, you will need to run the application, after which you will need to navigate to the Receive tab as a means of creating a new OmniLite Litecoin address.
Here, you will need to send some LTC tokens to this address. This is required for you to be able to mint each NFT on the network as it is used as a means for payments on the Litecoin network.
You can navigate to the overview tab to see what amount or balance you have available, after which you can go to the Window and then click on Console, where you will be creating the NFT.
- Step 3: Create the NFT
Begin by typing omni_sendissuancefixed, after which you will need to enter the OmniLite M address, with the LTC balance here, as well as the name of the token that you want to create, You can enter the URL, as well as the data description, and you can set this value to the amount of NFtTs you want to mint, so if its one, you’d just add 1.
The URL location is where you can enter the URL of an image, a gif, or a video. This is what will be featured eventually on the marketplace, where you would sell the NFT.
Note that the token needs to be the LO-22 token standard. This is the code to enter in the Console on OmniLite core:
Here is what it should look like:
- Step 4: Send the NFTs
You will now need to go to the Send tab, after which you can click on the Omni Layer Tab. Here, you can enter the send to address, as well as the amount.
Note that by utilizing the NOWNodes blockchain-as-a-service provider, you can easily connect to a Litecoin (LTC) node.
To do so, all you have to do is navigate to the official NOWNodes website, and all you really have to do is connect with your email and click on ” GET FREE API KEY” in order to get started.
Through connecting, you can get access to block height, transaction status, wallet balances, and similar types of information. Note that NOWNodes gives you an API key where you can connect to over 50 additional nodes.GET ACCESS TO LITECOIN
Hopefully, now you have a heightened level of understanding when it comes to creating your own NFTs on top of the Litecoin (LTC) blockchain network.
Ensure that you have solid access to an LTC node, so you can get all of the required blockchain data at the point in time when you decide to mint your NFT.