Utilize Multi-chain NFT Development to Widen Your Business Scope in Web3!
Currently, the world is undergoing rapid changes in terms of technology, with the decentralization of the internet under progress. Benefits traditionally in the hands of centralized corporations have now been divided among the masses. Blockchain technology has enabled such possibilities to become true within a decade of its inception, and it is set to host the Web3 space that will consist of other emerging technologies. Talking about blockchains, we know that cryptocurrencies and non-fungible tokens (NFTs) have been the central points of Web3. We have already seen quite a lot about NFTs and marketplaces in the previous blog. Now, we will discuss multi-chain NFT development, which has recently been popular among Web3 businesses.
An Icebreaker on Multi-chain NFT Development
Multi-chain NFT development is where people create NFT platforms that work on multiple blockchain networks. Here, one can find extensions of a platform to numerous blockchains separately, simply put as versions of the same platform based on various networks. NFT marketplaces, games, launchpads, and exchanges can be created under the multi-chain NFT development process. Even metaverses, which are essentially virtual worlds based on NFT land assets, can be built on multiple blockchains.
Advantages of Multi-chain NFT Development
- Developing NFT applications on multiple blockchains enables ventures to reach a wider target market while staying the same brand without restrictions.
- Users who want to try new blockchain networks can benefit from multi-chain NFT development as the interfaces will mostly remain the same, easing their user experience.
- For businesses, working in multiple chains can lead to overall success as business imbalances will be balanced out. For example, if a venture does not earn huge profits in the blockchain ‘X,’ and earns more in the blockchain ‘Y,’ the owner can still reap some profits.
- Also, working as a Web3 business based on multiple blockchains offers owners the opportunity to help creators to list their NFTs in various blockchains while benefitting from similar interfaces.
Examples of Multi-chain NFT Development Applications
- NFT Marketplace Platforms — OpenSea, NFTrade, Rarible, and tofuNFT.
- NFT Gaming Platforms — Alien Worlds, Splinterlands, Axie Infinity, Prospectors, DeFi Kingdoms, and Crazy Defense Heroes.
While there are a few NFT launchpads and NFT exchanges, multi-chain NFT development has not truly picked up in the space to mention worthy examples. In essence, the niche is still evolving as there are innovations dug up every day.
Final Thoughts
What next? If you ask this question, you will probably have to think about your venture intentions. If it aligns along the lines of multi-chain NFT development, then you know what you should do. The platform can be an NFT marketplace (which we had seen previously) or an NFT game (which we will see in the future) but on multiple blockchains. For assistance in platform development, consider working with an experienced Web3 application development firm that can cater to all your business needs within the provided resource constraints.
