Cross-Chain NFT Marketplace Development: Why Cross-chain Bridge is Required for NFT Platform?

The NFT market has been soaring high in recent years, and this has abruptly made entrepreneurs wander in search of the best options to establish their mark in this lucrative market. The NFT sales volume has spiked up to great numbers in 2021, and this is the result of the extreme understanding of NFTs among people. Entrepreneurs are lining up their ideas to work them out in the market. As the market is undergoing a huge transition towards advancements, multi-chain NFT marketplaces are the best way to attract a large number of users to the platform.

As you all know, NFT marketplaces engage with the support of blockchain technology; they play a major role in securing NFTs and transactions. But the market is yet to explore the variations of multiple blockchain networks. Here is a blog that will deal with cross-chain NFT marketplace development.

What Is A Cross-Chain NFT Marketplace Platform?

Cross-chain NFT marketplace is something that has become a hot discussion in the NFT market. Entrepreneurs wanted to explore something so unique that it would draw the attention of users. When it comes to blockchain networks, each of them is developed with certain specifications. So what happens when all the blockchains are brought into one zone of the platform? It will create a great platform for people to trade their digital collectibles.

Several NFT businesses have come forward to address this challenge, and a cross-chain NFT platform is one of the best ways to attain that. The multi-chain NFT platforms will enable the users to develop their NFTs with the exposure of multiple blockchains. Interoperability is the major factor that is driving people to opt for cross-chain NFT platforms.

Just imagine a situation if a mobile network brand allows its users to only contact people with similar networks? Quite hard to imagine, right? Cross-chain NFT marketplace tries to bridge this gap and enable users to trade NFTs irrespective of their blockchain network. Moreover, the users will be able to mint, buy and sell their NFTs using any of the non-native currencies that will suit them.

Why Are Cross-Chain NFT Platforms Preferred In The Market?

Decentralized Finance companies are the first ones to show much emphasis on developing multi-chain NFT platforms. Cross-chain NFT marketplace development focuses on several pain points involved in the NFT platform functionalities. The cross-chain NFT marketplaces will address the challenges like interoperability, sustainability, and energy efficiency. Focusing on cross-chain NFT platforms will lead us in the journey of transformation for the Metaverse.

K2M, Key to the Metaverse, is the term often used to address the transition to Metaverse. The keys will facilitate access control for the variety of apps to enter into the Metaverse. When you take, for instance, Metaverse, they are confined to not just one blockchain network where it is a collective term used for addressing all the blockchain networks. Even those users with their key in the Ethereum blockchain should be able to move their keys from Ethereum to Solana or any other blockchain network. This is the reason why cross-chain NFT platforms are needed in the market.

OpenSea, the popular NFT marketplace, is also in its initial stage of inducting the cross-chain compliance in its platform.

Virtues Enjoyed By The Users In A Cross-Chain NFT Platform

As we have already discussed how interoperability is the best factor that will be addressed in the cross-chain NFT marketplaces. But there are a lot more facilities that creating a cross-chain NFT platform will provide to the users.

• Interoperability will allow the blockchain networks to communicate with other users without the need for any intermediaries.
• The platform will solicit cross-chain transactions in multiple blockchains.
• The security features of the platform are enhanced with encryption.
• The transactions and efficiency of the platform will be ensured in a cross-chain NFT platform.
• The platform will provide support for multi-token wallet systems.
• The ownership of data is preserved in multi-chain compliance.

How Does A Cross-Chain NFT Platform Work?

The cross-chain NFT platform will be involved in more than one aspect, and their transactions will become successful in the market. The multi-chain NFT platform will function in the following ways.

• The atomic swap system is the mastermind that facilitates the intersection of more than one blockchain network. The possibility of letting two blockchains communicate with other blockchain networks is something that is not at all possible. However, the atomic swap system will empower this.
• Relay is the next big thing in the cross-chain NFT platform, where the host chain is verified by the proof of stake ledgers.
• Simplified Payment Verification (SPV) is a stateless payment system that does not trace transactions. However, it will allow the smart contracts to verify the subsets of proof of work consensus.

Characteristic Features Of An NFT Platform On Cross Chain Compatibility

Cross-chain NFT platforms are designed with certain specific characteristics that make them stand unique from the other platforms. Have a look at the important characteristics found in the cross-chain NFT platform.

Transaction speed

In NFT platforms, the speed of the transactions is the important factor that keeps the users glued up to them. In cross-chain NFT platforms, the transaction speed can be assured where they can easily carry out their transactions. While offering high-speed transactions, the platform will not compromise the security and transaction costs.

Transaction cost

In Spite of the blockchain networks, the transaction cost should be feasible for all the users so that they can peacefully trade their NFTs. As an NFT platform owner, you should not only focus on the million-dollar transaction but also on the microtransactions. These microtransactions will account for the purchase of NFT gaming assets. So the cross-chain NFT platform should set minimum transaction costs for making your NFT platform more interesting.

Smart contracts

Smart contracts are the most important function to indulge in the NFT marketplace platform. They play a major role in displaying the conditions to be met for a transaction to be successful. The smart contracts should be sturdy enough to withstand the functionality of the blockchains. When the smart contracts are stronger, the security of the platform cannot be hampered.

Blockchain Technologies That Are Adopted In Cross Chain NFT Platforms

Even though cross-chain platforms support more than one blockchain network for functioning, only a few blockchain technologies can be utilized for the same. Have a deep look at the blockchain networks that can be utilized for the NFT platform development,

Ethereum

Ethereum network is the most commonly adopted blockchain network in terms of NFTs. The network’s exclusivity, smart contracts, and token standards are the reason why NFT development is made easy in this blockchain.

Polygon

It is not a typical blockchain network where it is claimed as a layer two protocol of Ethereum. So this blockchain network will perform every activity that a typical Ethereum blockchain performs on its scale. The immense scalability of the blockchain will also let the transactions process efficiently within every second.

Binance Smart Chain

BSC has the capability to run in parallel to the Binance chain, through which it will also achieve its scalability. When compared to the other networks, BSC has the lowest transaction cost in the industry and provides swift transaction processes.

Wrap Up

When the NFT market is spiking up, adapting to changing scenarios will help you run in pace with the market. So this will be the perfect time for you to launch a cross-chain NFT platform in the market. Hurry up and start planning your NFT venture!