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 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 pinpoint 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.
And that's why I decided to establish myself as a creator on the Liverse.io site. I wanted to be one of the pioneers there in the same way I was one of the first to acquire an NFT from Enjin, one of the first to mint an NFT on Open Sea, and one of the first to make use of Wax. For me testing platforms is a great way to feel how they will evolve and I do plan to place a lot more focus on liverserve.io than any other marketplace I played with before I sure hope that other litecoin NFT marketplaces pop up and become compatible with it as well, the same way Nifty is compatible with Opensea on ethereum blockchain. I want to see the Litecoin NFT marketplace flourish and expand making it affordable for any creator to take advantage of the security, speed, and low cost that only the Litecoin network can provide.
So now let's explore the marketplace itself.
Sign-up is easy all we need is an email account and a password and you are good to go.
Quick Tutorial on how to open and fund your liteverse.io Account
The fee structure is fair:
- Bulk Mint: 0.002 LTC/NFT
- Buy/Sell NFT: 2%
- Create Collection: 0.001 LTC
- Deposit NFT: 0.0002 LTC/NFT
- Individual Mint: 0.001 LTC/NFT
- Send NFT: 0.0002 LTC
- Update Holder: 0.001 LTC
Usability is already decent. Follow the instructions to deposit some LTC in the account and anyone is ready to buy from the collections available or mint a collection themselves.
In my case, the first experience I had with the site was claiming the Litecoin Summit collectors badge which was issued for free in October 2022.
Now I have the pleasure of minting a very special collection named: 2023 Team Mighty Event, created in collaboration with Litecoin Lisa, Bitcoin Ben, Clint Westwood, RoadtoRoota and many others who have been supporting the Litecoin Lisa foundation created in honor of our Little Mia, who passed away with Cancer several years ago and has since then become an angel who helps others in difficult situations.
This year this incredible team of friends giving continuity to the Mightly Mia in a very special way... The event nicknamed #Dancing4Joy in honor of joy Jones is benefiting me as I fight my own personal journey with cancer. And each NFT represents a ticket to the physical or online version of the event.
The question is Why me? Well, it is a miracle that I am here today, and I will tell you more about my story and how I was diagnosed with stage 4 cancer this year and how I am putting up a fight no matter what to survive and continue to change the world for us all but most importantly for my daughter Lara Sebatli. I am in the process of still trying to get the right permissions from my incredible team of doctors to be there but in case I do not get cleared I will certainly be present online telling my full story.
If you would like to attend the event you can acquire tickets in two manners:
1. Buy an NFT direct from the Litever.io site for the cost of 1 LTC - collection Link: https://liteverse.io/collections/2023%20Team%20Mighty%20Event%20
2. Buy the traditional way using Fiat for 100 Dollars at Eventbrite: https://www.eventbrite.com/e/dancing4joy-benefiting-team-mighty-tickets-594867303117?aff=ebdssbdestsearch
More Details about the event:
Date and time: April 22nd - 12PM to 3:00PM
Location: Rococo Private Events and Catering 2824 North Pennsylvania Avenue Oklahoma City, OK 73107
We hope to see you there.
If you choose to buy the traditional way make sure to claim your TEAM MIGHTY EVENT NFT
To do so is easy! Just make sure to open an account at the site liteverse.io. After opening the account, send proof of Eventbrite ticket purchase and your Liverse.io wallet address as a message to the Twitter handles @mamaecrypto or by email to mamaecrypto@gmail.com. And you shall receive your unique celebratory Non-Fungible token. Just make sure to claim it until the day of the event Abril 22 2023 and you shall receive your numbered version.
I hope you start enjoying the perks of the Liverse web site, and thank you for your surprisingly sweet support. Thank you, Lisa, and everyone. I could not be more touched.
Love,
Michelle M or better @mamaecryoto
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