Developers are forking Bitcoin ordinals to give older proof-of-work networks such as Litecoin their first set of non-fungible tokens (NFT). The code for Bitcoin Ordinals was forked to the Litecoin blockchain over the weekend by Bitcoin developer Anthony Gurrera, who also uploaded a copy of the Litecoin network’s mimblewimble upgrade white paper, effectively making it the first NFT on Litecoin.
A Crypto Twitter user offered a public bounty of 15 litecoin (LTC) tokens to any developer who could fork Ordinals to the Litecoin blockchain. This is probably where the effort originated. “Work with Litecoin Core 0.21.2.1 is required. Submit the Github repo below. First successful submission to port to Litecoin wins,” Indigo stated on Twitter.
By using the Ordinals Protocol, users can make brief transactions on the Bitcoin blockchain that contain references to digital art, effectively producing non-fungible tokens based on Bitcoin.
According to a report from the research firm FSInsight, the price of Bitcoin should increase due to the development of the Ordinals and the expansion of the total value transacted and secured over the Bitcoin blockchain.
As a result, the Litecoin ordinals are open source, allowing anyone to update and make changes to the code.
In the meantime, despite initially causing controversy among Bitcoin community purist developers, Bitcoin Ordinals are proving to be fairly successful. In just over three weeks since launch, over 153,000 inscriptions—a term for unique tokens on Ordinals—have been created, with more than 5,000 created daily on average, according to Dune Analytics data.