While the market for non-fungible tokens, or NFTs, continues to boom, Bitcoin’s (BTC) experimental ordinal craze has been causing shockwaves throughout the entire world of crypto. Litecoin (LTC) has become an unlikely beneficiary of this rise in ordinal trading, and other adopters of the potential of NFTs like DogeMiyagi (MIYAGI), are also expected to see profits from this lucrative market.
Bitcoin’s Extraordinary Ordinals
Bitcoin (BTC) ordinals are “sats”, or satoshis, the smallest unit of BTC that have been inscribed with a piece of information, not dissimilar to NFTs. While the core value of a sat is very low, the fact that it has been encoded adds additional value to them, and instead of being worth 0.00000001 BTC they can be worth far far more.
These ordinals have opened up the possibility of BTC being used not only for financial transactions but also for a decentralised way to store data, which increases the utility and therefore demand for the coin. This has led to an increase in fees paid to BTC miners, meaning that there is a greater incentive to become involved in the BTC mining process, driving up the value of the currency.
Litecoin Living it Large
Litecoin (LTC) has also been testing a new standard on its blockchain, known as LTC-20, which follows the BRC-20 standard that has been gaining popularity in Bitcoin (BTC) where its ordinals and inscriptions are based. By emulating the success seen by BTC with their ordinals, LTC have seen increased interest in their own ordinal initiative.
With LTC’s halving event less than 100 days away, due to take place on the 3rd of August, 2023, the coin is expected to continue with a bullish momentum, only made stronger by the addition of ordinals into what LTC can offer. The halving event paired with this development will increase demand for LTC, and when this comes with reduced rewards for miners the demand will outweigh the supply, causing the price of LTC to skyrocket.
DogeMiyagi Starting On the Right NFooT
DogeMiyagi (MIYAGI) is a new meme coin that has established itself as a potential frontrunner in the NFT market from the outset. Despite still being in its presale stage, MIYAGI has made it clear that it intends to create a flourishing community of MIYAGI NFT holders, by rewarding them not only with ownership of these non-fungible tokens but also with access to exclusive content and benefits within the MIYAGI ecosystem.
If the successes seen by Bitcoin (BTC) and Litecoin (LTC) in adopting NFT-style offerings are anything to go by, MIYAGI will see an incredible boom in value when their NFT platform is launched.
NFTs may have seen ups and downs since their advent, but as more and more platforms are realising the potential value in them like Bitcoin (BTC) and Litecoin (LTC), it is becoming increasingly clear that those who make NFTs a core part of their platform, as DogeMiyagi (MIYAGI) are doing, will be the ones who will find it easier to transition into the market in the most profitable way.
DogeMiyagi:
Website: https://dogemiyagi.com
Twitter: https://twitter.com/_Dogemiyagi_
Telegram: https://t.me/dogemiyagi