The value of the low-cost blockchain token Litecoin (CRYPTO:LTC) jumped 6.8% in trading on Monday after introducing a new token standard. At 3 p.m. ET, the token was hitting its daily highs.
Litecoin introduced the experimental LTC-20 token standard, which can be used for non-fungible tokens, or NFTs, and may make the blockchain more usable for developers. The number of transactions and active wallets spiked as much as 500% after the experimental standard was announced.
One of the best use cases for blockchain technology so far has been the introduction of NFTs, which allows the issuer to gate access to websites or prove ownership of an item like a piece of art. If Litecoin can capture some of the NFT markets, it could add value to the ecosystem overall.
Source Fool.com