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Light Nite: the first NFT on Liquid
Light Nite: the first NFT on Liquid
Blockchain

Light Nite: the first NFT on Liquid

By Marco Cavicchioli - 15 May 2020

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Satoshis Games has announced the release of the first non-fungible token based on Liquid’s sidechain and used in a game, Light Nite NFT

It also announced the release of the sidechain-based NFT utxo explorer, available at explorer.lightnite.io

Liquid Network is a Bitcoin sidechain created by Blockstream that wants to offer fast and confidential transactions but also allows for the issuance of NFTs, otherwise impossible on the Bitcoin blockchain. 

How does Light Nite work

Light Nite is the result of a collaboration between Satoshis Games and Blockstream, aimed at giving in-game assets a new dimension of security.

The fact that NFTs help to uniquely identify a digital asset, avoiding reproduction, forgery and counterfeiting, enhances the security and functionality of gaming assets, with the gaming industry being the first to benefit. 

Most NFTs are developed on the Ethereum blockchain, but thanks to the Liquid sidechain it is possible to issue NFTs based on utxo bitcoin

This allows NFTs to be traded with bitcoin natively within Satoshis Games, for example, creating a secondary market that allows the monetization of earned assets, while reducing barriers to purchase.

These tokens also prove the ownership of a specific asset and demonstrate its scarcity

Thanks to the Liquid wallet, these assets can be transferred or even used in other games. 

In Light Nite, every skin that can be purchased within the game, such as characters, weapons, hoverboards, is associated with a specific Liquid asset issued on-chain, but which can also be traded off-chain. 

The explorer can be used to check the attributes of these assets, such as the total amount of units issued in a series, the amount purchased by users, the amount still available for purchase, etc.. 

To make users aware of the benefits of using NFTs, Liquid, Satoshis Games and Blockstream will distribute over 20,000 free Light Nite assets during the Consensus livestream event. 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 25 thousand subscribers.

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