Bitcoin NFT "Ordinals" migrates to Litecoin, but on-chain data shows a decrease in popularity.
The crypto community has successfully forked the Ordinals code and launched Litecoin Ordinals on GitHub. However, this development seems to have not received much attention. Meanwhile, Bitcoin NFTs are cooling off, with on-chain data trending downwards from the peak on 2/14.
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Ordinals Introduces Litecoins
The initial idea of introducing Inscriptions to Litecoin came from a Twitter user, Indigo Nakamoto, who tweeted on 2/10 that anyone who ports Ordinals to Litecoin will receive a reward of 5 Litecoins.
He later increased the reward to 15 Litecoins, and eventually raised it to 22.
5 $LTC to whoever ports this to #Litecoin #Bitcoin #Ordinals https://t.co/7X4JfMzq97
— Indigo | Nakamotoist (@indigo_nakamoto) February 11, 2023
In the early hours of 2/20, Twitter user Crypto Anthony inscribed the privacy protocol MimbleWimble MWEB's whitepaper into the Litecoin blockchain in Inscription form.
He forked the Ordinals code and launched Litecoin Ordinals on GitHub.
However, this initiative seems to have not received much attention.
The first #Litecoin #Ordinal has been inscribed on the Litecoin blockchain.
The mimblewimble whitepaper will live within Litecoin forever Ⓜ️🕸 #MWEB!$LTC $BTC #NFT @SatoshiLite @finitemaz @ryanwrights @MASTERBTCLTC @ChiefLitecoin @indigo_nakamoto pic.twitter.com/ICLkTMjwRW
— Crypto Anthony (@anthonyonchain) February 19, 2023
Bitcoin NFT Hype Cools Down
According to data from BTC.com, transaction fees, block size, and Mempool memory pool on the Bitcoin chain have seen significant growth in the past few weeks.
Dune data related to Ordinals also peaked around Valentine's Day on 2/14, as of now:
Mempool levels have dropped to around 14M in early February
Average block size has decreased to 2.15MB
Daily transaction fees have fallen to 17.8 BTC
