Feature Highlight: NFT Bridge
If you want to buy an NFT right now, you’d be rather limited in your options and we’re not just talking about marketplaces. There’s no denying that even with its high gas fees Ethereum is still the most popular chain for NFTs. The competition is slowly rising with alternatives like Solana, Cardano, Tezos and Binance Smart Chain but they’re still nowhere near ETH. The biggest smart contract chain has some answers of its own on the way that will drastically reduce transaction fees and lower congestion. Polygon is one of the biggest scaling solutions and ZK rollups like Immutable X are already on the way. These layer 2 solutions are definitely a step in the right direction and they’ll no doubt make it all better but, at the end of the day, you’re still stuck on Ethereum. That’s a problem.
Most NFT marketplaces are locked on a single chain or in the best case scenario offer you transfer between Ethereum and Polygon. Users get isolated from numerous NFT collections due to the fact they’re based on a different chain. Currently, the only workaround is at the expense of the user. You’ll have to make a new wallet, swap for another currency and visit a marketplace on the correct chain. This is not only frustrating but also time-consuming. During this tedious process, many people would simply give up and scratch that project off their list. But what if there’s a way to avoid all that hassle?
NFTing envisions a multi-chain NFT marketplace that will resolve all the issues listed above. You’ll be able to buy, sell or transfer seamlessly across various chains. As a result, the marketplace will enjoy greater versatility and the end-user no longer has to limit themselves to a single chain. Tribe mentality will be a thing of the past as inclusivity takes the stage. NFT fans will have a lot more variety when it comes to choosing a collection. This means more volume for popular projects and better visibility for the upcoming ones. Artists and creators also benefit from a multi-chain platform as they’ll no longer be forced to choose Ethereum as the status quo.
So how will all of that be made possible? The answer is quite simple and it’s called an NFT Bridge. If you’ve been following crypto for some time then you’ve probably heard of ERC-20 converters. Here’s a quick rundown. Some of the layer 1 smart contract chains offer this feature as a way to snatch some projects from Ethereum. With it, dapps can freely migrate from Ethereum to any platform that has an ETH bridge.
We’ll be applying the same concept but for NFTs. By utilizing the NFTing Bridge you’ll be able to move non-fungible tokens from chain to chain with the lowest possible fees. With one of the biggest problems in the NFT market resolved, users will be able to freely choose a project regardless of the chain it’s on.
The multi-chain future of NFTs is only a matter of time!