World’s first Bitcoin enabled non-fungible token or NFT marketplace debuts in Bitcoin Latinum [LTNM], an insured asset-backed cryptocurrency in association with Unico NFT. The proposed NFT platform will accommodate thousands of virtual artwork that can be traded exclusively with Bitcoin and Bitcoin Latinum. Typically NFTs were traded primarily using cryptocurrencies such as Ethereum [ETH] and the latest announcement would enable the option of buying and selling the digital collectibles using assets other than Ethereum which is known for its high gas fees.
According to the blog post, Unico utilized a patented technology to facilitate the purchase using Bitcoin and Bitcoin Latinum. The latest venture, as per the press release, will not only create new opportunities to hold unique artworks but also open up the burgeoning liquidity available in the crypto industry.
For the uninitiated, Bitcoin Latinum is basically an enhanced Bitcoin fork created to handle large-scale transactions, cyber-attacks, and other use cases. Built based on the Bitcoin architecture, the asset was developed by California-based Monsoon Blockchain Corporation on behalf of the Bitcoin Latinum Foundation.
With respect to its founder, Monsoon Blockchain, has recently tied up with Unico to launch a decentralized platform called UnicoNFT. The marketplace consists of a wide range of digital collections, live auctions, and encompasses many diverse categories such as entertainment, pop culture, gaming, influencers, and celebrities.
NFT spearheading the Blockchain landscape
NFTs utilize the blockchain algorithm to record the ownership of digital components such as images, videos, collectibles, and even real estate in the virtual realm. Donald Basile, CEO of the Monsoon of Blockchain Corporation stated,
NFTs we believe mark the beginning of widespread adoption of blockchain by end consumers. We expect 5-10x the number of consumers currently involved in digital assets to adopt them over the next 24 months.
Apart from the recent launch, networks like Cardano and Solana are also gradually making their mark in the realm of digital collectibles. As a matter of fact, Solana recently launched a $5 million fund in 2021 to bring influential creators and their fans into its ecosystem. Similarly, Cardano’s successful Alonzo upgrade has enabled smart contracts, following that CardanoKidz was launched this year and is the first NFT project on the ecosystem.
