Exploring Liteverse.io: The first NFT marketplace on the Litecoin network with my first collection dedicated to the Mighty Mia Event #dancingforjoy + Quick Sign up and funding tutorial

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

High Ethereum Fees Disrupting Developed Platforms

Ethereum transaction fees, also known as gas, have been extremely high in the last few weeks. Consequently disrupting the business model of a few emerging platforms and apps that rely on the Ethereum network for sending micro and small payments to its users. Some are rethinking their strategy or considering creating their own blockchain as a solution. On Wednesday, September 2nd, 2020 BitInfoCharts recorded that the average transaction fee on Ethereum went as high $14.50. That's the highest average cost of an Ethereum transaction since 2018 and many crypto enterprises are having problems processing their payments to their customers on time.

Publish0x, a crypto agnostic publishing platform that uses Ethereum and other Ethereum token as payments to content creators and readers, recently announced a delay in payments due to extremely high Ethereum gas fees. With over 30.000 registered accounts, Publish0x was able to complete all the delayed payments requested within a few weeks. And surprisingly without charging users extra fees or changing the withdrawn threshold.

But in order to adapt to the current environment change, Publish0x has decided to pay its users once a month rather than once a week. Despite being a less flexible solution to users by decreasing the number of payments issued, Publish0x was able to maintain the free transfer fees and its low withdrawn threshold of 0.002883 ETH. 

Another crypto enterprise that has reported payment delays and serious concerns for the current high costs of processing payments on the Ethereum network is Presearch. 

Presearch is an open-source, decentralized search engine that rewards its users with Presearch Tokens for their searches. Presearch tokens were issued on the Ethereum blockchain and because of that, they are directly affected by the high cost of Ethereum fees. The result as reported by the platform: Payment delays.  

According to Presearch "Currently, PRE counts thousands of on-chain token holders. This number has been increasing rapidly as our user base continues to grow, with more than 1.6 million registered users currently.

Every month, we process hundreds of withdrawals for our users. We’ve covered the gas fees for these withdrawals since 2017, which wasn’t a problem as fees were usually around $0.10. However, with the increasing popularity for the Ethereum Network and Defi projects, fees for ERC-20 token transactions have recently been costing up to $10 per transaction." that is an increase of 1000%

Preseach has announced serious plans to adapt its business plan and is considering adopting a few solutions to maintain the viability and sustainability of the platform. These are:

  • "A return to average gas fees (somewhere in the $0.25 — $0.50 range) driven by market forces
  • Passing along gas costs to those requesting withdrawals (either in whole or in part)
  • Implementing a new blockchain with lower transaction costs
  • Batching transactions in a different way to reduce transaction fees — this could include facilitating internal transactions that enable holders to sell/transfer PRE to other holders within the Presearch ecosystem"

In conclusion, there is no dough these platforms must adapt to their environments in order to survive, and in the long run many may choose to build or adapt different blockchains to guarantee their longevity but at the same time, it is truly nice to rely on an established network such as Ethereum. We can only hope Ethereum 2.0 will help Ethereum with its scalability issue and help prevent fees from increasing as high as 1000% as we have seen in the last few weeks. It is certainly too big of a pump of crypto projects to handle. Most are trying their best to hang in there.

Thank you for the read,

All my best,

Michelle M.


Lbry Channel English: @Mammycrypto
Lbry Canal Português: @MamãeCrypto



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My opinions are simply my opinions and not investment advice. I strongly recommend everyone investing or looking to earn or acquire cryptocurrencies to do their own research and get very educated about risks and security before acquiring, earning or investing. The content in this blog/ website is not investment advice. Please note that this web site also features sponsored content and referral affiliate links. Which means that when you click on some links and sign up for a product or service I may receive I small commission or credit for the referral. Most the the links also will give you an invite incentive that most often you would not receive if you do not use a referral invite link.


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