Updated: May 3
A white-paper was released today on a new utility token on Omnilite, a layer-2 for the Litecoin Network that allows for tokens to be created using the Litecoin blockchain.
The utility tokens will be distributed equally between the first three Litecoin NFT marketplaces to launch that meet certain requirements. There will only be 84 billion tokens created with 28 billion being set aside for up to three potential Litecoin Marketplaces.
As of now there are no Litecoin NFT marketplaces supporting Litecoin and Omnilite. There are though (2) different teams currently working on building Litecoin NFT marketplaces.
As of this writing no Litecoin NFT marketplaces have received any grants.
To be selected as one of the three Litecoin NFT marketplaces the following criteria must be met. This is a first come, first serve basis:
1. Website URL linking to a Litecoin NFT marketplace
2. Ability to mint NFTs on omnilite using an online marketplace
3. Ability to list, buy and sell omnilite tokens on the Litecoin NFT marketplace
4. Ability to allow for royalties (even if centrally controlled)
5. Must launch prior to Litecoin's next block rewards halving (estimated in August 2023)
6. Grant recipients must agree to the requirements outlined in this white paper
Any remaining LNFT grants after the Litecoin block rewards halving will be distributed in equal amount to previous grant recipients fully distributing the 84 billion LNFT tokens.
The white paper is available below: