Thu, 13 May 2021

Update: NFTs Are Coming to the DigitalBits Blockchain

Brand Story
14 Apr 2021, 05:55 GMT+10

The XDB Foundation, one of the leading contributors to the DigitalBits blockchain, announced today the addition of Litemint, a technology company connecting crypto enthusiasts, collectors and gamers to unique experiences, to the DigitalBits ecosystem. Litemint is among the initial organizations supporting the addition of NFT functionality to the DigitalBits blockchain.

Litemint, a platform built on Stellar since its inception, recently unveiled its NFT and Collectibles marketplace. Litemint introduces on-chain collectibles and NFTs to the online gaming experience, affording players the benefits of blockchain technology such as true asset ownership and seamless transfer and tradeability that are lacking within today's leading online gaming environments. The integration of the DigitalBits network, which began in 2017 as a fork of Stellar, activates numerous potential synergies.

"With its unique closeness to the mainstream, gaming industry and core compatibility with the Stellar technology, DigitalBits is a perfect match for our NFT and collectibles platform," stated Frederic Rezeau, founder and CEO of Litemint. "I am confident that together, provided our ability to execute on the open-source Stellar technology, we can leverage exceptional business opportunities with a seamless integration of DigitalBits and their consumer-oriented market."

Certain other organizations are also looking to integrate the DigitalBits blockchain to support their respective NFT initiatives. The network's ability to support high transaction throughput at scale provides a significant advantage over Ethereum, the current market leader for the creation of NFTs, where network congestion has led to long wait times and exorbitant gas fees. NFTs have long been tied to esports and gaming, however they have yet to become mainstream given such friction. The integration of the DigitalBits network with platforms such as Litemint will help to streamline the issuance, transfer and trade of NFTs, while also supporting lower fees, enabling NFTs to become more widely adopted.

"I'm very excited to see the upcoming integration of the DigitalBits Network into Litemint's NFT and collectibles marketplace," said Michael Gord, Managing Director of the XDB Foundation. "NFTs have the ability to add an entirely new layer to the user experience, allowing for unique activations that can be implemented across numerous different industries. I look forward to seeing the ongoing innovation that continues to emerge from this new asset class as more and more people begin to use NFTs."

About Litemint

Litemint is a tech company that breaks barriers and creates innovative products to connect crypto enthusiasts, collectors and gamers to unique experiences. By leveraging the Stellar blockchain, Litemint enhances the user experience with asset ownership (NFT and collectibles) and decentralized micro-transactions executed on the Stellar DEX. Litemint has acquired Stellarport in January 2020, the interaction between crypto users and gamers creates huge opportunities with tradable assets and brings unmatched dynamism to both platforms. Connecting the dots, Litemint is currently releasing a bespoke NFT and collectibles marketplace.

About DigitalBits

The DigitalBits Project is an open-source project that developed the DigitalBits blockchain protocol and a secure, low-cost global transaction network, and tools. This blockchain protocol and network layer support various use cases including consumer digital assets, such as non-fungible tokens (NFTs) and branded cryptocurrencies including branded stablecoins.

About XDB Foundation

The XDB Foundation is a non-profit organization focused on assisting DigitalBits and related technologies. The XDB Foundation's core objectives include: supporting the innovation and adoption of the DigitalBits blockchain and the use of cryptocurrency in enhancing the consumer experience and corporate social responsibility initiatives, shaping commercial standards and requests for technical expansion, growing the DigitalBits community through the inclusion of diverse regions; providing accountability and sustainability practices; and facilitating partnerships and ecosystem development.

Media Contact

Robert Penington

Disclaimer: This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest. XDB tokens and virtual currencies, in general, are not legal tender, in any country, and are not backed by any government as legal tender, nor should they be treated as such.

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