Another crypto network is throwing its hat into the non-fungible token (NFT) ring. Litecoin (CCC:LTC-USD) is one of the latest to add NFT capabilities to its platform, and users are obviously becoming quite excited about it. Litecoin prices stand to gain quite a bit from this entry into the huge NFT market, and the news is bringing Litecoin into the conversation alongside other NFT plays like Solana (CCC:SOL-USD) and Internet Computer (CCC:ICP-USD).
Litecoin is a fork of Bitcoin (CCC:BTC-USD), born back in 2011. The network has retained a steady following, good enough to make it the 15th largest crypto in terms of market capitalization right now. Today though, the coin stands to gain a good chunk of capital from its new NFT product.
Litecoin Prices Stand to Grow With Introduction of OmniLite
NFTs are surging in popularity this year. Since last fall, demand for NFTs has ramped up significantly; billions of dollars have traded hands over the tokens. Typically, the NFT market has been relegated to the Ethereum (CCC:ETH-USD) network. A vast majority of NFT transactions take place on this network. Solana is announcing today its foray into NFTs with a platform it shares with crypto exchange FTX. Meanwhile, Internet Computer is entering the sphere as well via its 10,000 token “ICPunk” NFT drop.
Litecoin is coming into the fold now with its very own NFT platform. The introduction of the OmniLite protocol is making NFT trades available on the LTC network. It is allowing one of the longest existing networks in blockchain a chance to capitalize on a huge trend. Not only this, but the network will also allow for the creation of stablecoins and smart contracts on the network. Beyond simple NFT trading capabilities, the network will see increased transaction efficiency and scaling thanks to the automated smart contract process.
All in all, this spells great things for the Litecoin network and Litecoin prices. Unfortunately, the news couldn’t make the coin immune to today’s flash crash, which is tanking many cryptocurrencies. LTC is down 20.5% on the day.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
