Breaking Barriers: Exploring the Future with a Cross-Chain NFTs Marketplace
The trend of NFT has been flourishing in every corner of the world due to its uniqueness and the best way to manage and monetize assets. They stole the spotlight for being the most tradable and value-making asset and became the key factor in running the Virtual world. The trend of NFTs brought together creators from every walk of life to one market, which brought about massive inclusiveness.
As the digital revolution continuously evolves, we see a lot of transition in the NFT sector through the introduction of cross-chain NFTs and the NFT marketplace. This pulls in a huge range of audiences to come and collaborate with your marketplace.
Now, let's dig deeper to understand the dynamics of this cross-chain NFT Marketplace.
First, What is Cross Chain NFT?
Just like the name suggests, the movement of an NFT from one Blockchain to another is termed 'A Cross-Chain NFT'.
Example:
Y00ts NFT launched its transition from Solana Blockchain to Polygon Blockchain right after this, users were asked to bridge their Y00ts NFTs. Simply put, the whole collection was initially deployed on Solana Blockchain and then moved to Polygon.
This whole chain movement isn't as simple as it sounds. The part to be noted here is that once the collections were distributed, they were owned by individuals instead of a project or a company that executed the NFT's smart contract. It is technically infeasible for a project to transition all its issued NFTs unilaterally—every user must separately decide to bridge their NFT from one chain to another (cross-chain)
To make you understand better, around 77% of Y00ts NFTs were bridged to Polygon, and the remaining 23% was still on Solana.
Functioning of Cross-Chain NFTs
If you want to understand the workings of Cross-chain NFT, you must first understand Smart contracts.
Don't worry, it's really easy to understand it.
Smart contracts are basically digital contracts that include all the details about the asset, like when it was implemented, what conditions it has, etc. When a Smart contract is implemented with an NFT, it documents all the details related to it, like implementation, how many are minted, when, the conditions associated with distribution and a lot more.
So, when it comes to a Cross-chain NFT, the NFT would require two smart contracts on the two blockchains and interconnection between them.
Implementation of NFTs
Burn-and-mint
In the process of burning and minting, an individual (NFT Owner) implements a smart contract with its NFT on the source chain and burns it. This is done to remove it from one Blockchain. Upon completion, an equivalent NFT is generated on the destination Blockchain from its affiliated smart contract.
Lock-and-mint
In this case, the individual creates a smart contract and locks it with the source chain, thus creating an equivalent NFT on the other Blockchain. If the owner wants to relocate their NFT back to the original Blockchain, they can burn it, thus unlocking the NFT and moving it back to the original Blockchain.
An equivalent NFT can be created on multiple Blockchains by locking their NFT into a smart contract on the source chain to unlock an NFT on the other Blockchain. But please note that only one NFT can actively be used even if there are multiple instances of that NFT across blockchains.
Why should an NFT be Cross-Chain?
Because it pulls creators and collectors to trade and mint from two different blockchain networks, this, in turn, proves surplus opportunities and collections for users to trade their NFT for a good price and great exposure.
So, What is a Cross-Chain NFT Marketplace?
NFT Marketplaces have gained the trust of millions in the digital world since the day they launched in 2017, and we have all evidently witnessed its tremendous growth. With the ongoing revolution, NFT marketplaces have leaned towards cross-chain compatibility. This has turned out to be one of the greatest advantages for NFTs to skyrocket by bringing many Blockchains under one roof.
Just like every laptop gets a system update in the same way, NFT marketplaces are also updating their platform with a keen focus on an Investor's business model. This has led to more NFT traction than ever before.
Key Features to Explore
Dynamic Storefront
Robust Security Measures
Seamless Interoperability
Multiple Wallet Integration
API Integration Excellence
Benefits Galore
Extensive Collection Offerings
Get a wide range of collections from creators worldwide with multiple Blockchain ecosystems.
Empowerment of Ownership
What you purchase is truly yours, and with the involvement of smart contracts, your ownership is unbreakable.
Smart Contract Capabilities
Cross-chain marketplaces are entirely smart contract-based, which means they're completely secure, and all bugs can be removed easily.
High Return on Investment (ROI)
With a wide range of assets and a wide range of audiences, your yield for high ROI is unstoppable.
Advanced Security Protocols
Since the entire platform is built on Blockchain, your security levels are beyond.
Thinking of developing your own cross-chain NFT Marketplace?
Mobiloitte is here at your service!!
We deliver exclusive marketplaces that up your NFT business. Our services include Blockchain Integration, Smart Contract Development, Wallet Integration, User Authentication, User Interface (UI) and User Experience (UX) Design, Cross-Chain Compatibility, Payment Gateway Integration, Marketplace Features, Security Audits, Community and Governance etc.
Conclusion
In today's world, we see many entrepreneurs smartly invest in cross-chain NFT platforms because of their potential to grow quickly with guaranteed ROI. This is going to be the future, whether you believe it or not. There is never a better time to build your NFT business than NOW!!
Excited to develop your own!!
Contact Mobiloitte today!!