Liteverse.io tutorial

Exploring Liteverse.io: The first NFT marketplace on the Litecoin network my first collection dedicated to the Mighty Mia Event #dancingforjoy posted by Mamaecrypto on April 16, 2023

As one true OG Litecoin enthusiast, I wanted to test the site, or better, the NFT marketplace Liteverse.io since its launch in 2022. At first, I claimed Litecoin Summit collectors NFT. But, for several reasons, the test of minting my first NFT got a bit delayed. But now I finally have the time and the need to make use of it for a larger cause.

I am sad I procrastinated a little. As it would have been a great honor to be the first one to give it a try, but given my lack of technical skills to use just code to mint outside of a marketplace, waiting was a great idea since the site is super user-friendly and it's quality has improved considerably. I would say Liteverse.io is ready for the mainstream. Minting on it or acquiring an NFT on the Litecoin network is now a Piece of cake!

In this article I will describe my experience, the reason why my first series of NFTs was created, and most importantly the advantages and disadvantages of creating an nft (Non-fungible Token) or an nft series in the Litecoin blockchain. I will do my best to be biased as I have tried several NFT blockchains before such as Enjin, Ethereum as well as Wax among others, but it will not be hard to see that I do have a big preference for the Litecoin proof of work network. It has great bones.

So let's first start talking about Litecoin. According to Investopedia: "Litecoin (LTC) is a cryptocurrency created from a fork in the Bitcoin blockchain in 2011. It was initially designed to address the developer's concerns that Bitcoin was becoming too centrally controlled and to make it more difficult for large-scale mining firms to gain the upper hand in mining. While eventually unsuccessful in preventing enterprise miners from taking over the lion's share of Litecoin mining, the cryptocurrency has reworked itself into a minable coin and a peer-to-peer payment system."

Similar to Bitcoin Litecoin use the proof of work mining method, but it is much faster and much cheaper to transact. Recently Litecoin code has been improved and pushed out by developers to allow smart contracts to give life to NFTS and many other possibilities in one of the most secure blockchain networks in the world.

Some of the advantages of minting an NFT on the litecoin are:

1. Security - The Litecoin Network has been active for over 11 years. Using script algorithm and joining mining with dogecoin, the network has never been down. The cost for a 51% attack in the Litecoin Network is extremely high making it one the most secure blockchain networks available.

2. Speed - The Litecoin Network is fast. With a larger supply than Bitcoin and a block being generated every 2.5 minutes, we can say that Litecoin is Bitcoin improved for efficiency and that can be easily felt when minting or acquiring an NFT. It is fast and effective.

3. Cost - One of the best advantages of them all is cost. It is extremely inexpensive to transact in the Litecoin network and unlike ethereum, which has the smart contract coded in its main layer for example, the Litecoin network remains Lite with a second layer smart contract coded into it similar to the lightning network. even when congested we can expect to mint an NFT for fractions of cents rather than hundreds of dollars that we normally encounter in ethereum marketplaces such as Nifty or Open Sea.

In my opinion the advantages are easy to see for someone very familiar with comparing networks

What are the disadvantages?

1. Popularity - while ethereum possesses the competitive advantage of being the first smart contract network, Litecoin has been lagging behind several promising proof-of-stake networks. Famous ethereum killers such as ADA, polygon, and Wax have been developing cool sites, features, and marketplaces and we can see that the market is very well developed in those spaces it will take time for artists and creators alive to recognize the pros of transferring their pieces into the Litecoin network.

2. Lack of mainstream artists - Given the reason above the Liteverse.io site still lacks a variety of artists, creators, and consumers and it will take time for it to get some traction. Some artists take pride in being on The Ethereum network for example and being able to sell their high-end pieces with transfers that are unaffordable to mainstream consumers, while others simply are distracted by so many options in existence right now. Time will tell which networks will survive but given its stability chances are Liverse.io will survive and grow as more people enjoy the perks of the Litecoin network.

Please continue the article here: https://www.mammycrypto.com/2023/04/exploring-liteverseio-first-nft.html