3 Ways pNetwork Can Boost NFTs Market Cap
Non-fungible tokens (NFTs) are one of the two major sectors growing by leaps and bounds inside the crypto ecosystem at the time when its worldwide demand continues to surge: the combined market cap of NFT projects increased by 1,785% between January and March and it’s expected to be worth $470 million in October 2021, compared to $338 million in 2020.
The growth of the NFT market is particularly attributed to the development of decentralized initiatives that not only provide means for NFT storage but also, with the increase of blockchains, facilitate NFTs transfer across different chains.
But the management of NFTs — and digital assets in general — has become a prime issue since blockchains have been crafted to behave as if they were single entities — with walls that lock in their own liquidity and ultra-security features — and disconnect movement and communication between entities that belong in the same crypto sphere.
With this in mind, pNetwork has taken the lead, on the one hand, to create a cross-chain composability system to transfer NFTs across blockchain freely, and on the other, to incentivize NFT collectibles to maximize their exposure and value by making them accessible on multiple blockchains.
How can pNetwork catapult the growth of the market at all?
NFT Market Has Some Limits
As the blockchain industry recovers from the May downturn, so is the NFT market. According to DappRadar’s July Industry Overview Report, Axie is now the most valuable NFT collection — ever — with $830+ million in trading volume, with $600 million in June alone.
Moreover, NFTs transfer has undoubtedly been on the rise as well — all we have to do is look at the most valuable collections (CryptoPunks, Meebits, VeeFriends, and Bored Apes) and their volumes that collectively increased 250%.
And to show that the space is only going to grow from here, we’ll just mention that Coca-Cola has also entered the NFT game by launching its first NFT collection on OpenSea.
With all this in mind, we didn’t want to fall behind, so we launched a pNetwork NFT Portal that offers a simple and secure system to move collectibles, art pieces, game items, and more from one blockchain to another.
How pNetwork NFT Portal Will Revolutionize the NFTs Market Cap
The pNetwork NFT Portal is set to disrupt NFTs data transfer limit. The portal enables cross-chain movement of assets and data, initially connecting Ethereum-based NFT artwork to Binance Smart Chain (BSC).
As mentioned earlier, Ethereum is leading the market of NFTs which, thanks to pNetwork’s advocacy for interoperability and composability, NFTs can be distributed cross-chain and become available across gaming platforms, dApps, and collectibles marketplaces on multiple chains as the pNetwork ecosystem continues to grow.
This fully decentralized network will benefit NFTs transfer in three ways.
Enable Cross-Chain NFT Transferability
Blockchains weren’t devised to communicate with one another, missing infinite possibilities to develop parallel to other chains and enhance the solutions that the technology is able to provide.
The pNetwork NFT Portal bridges the gap between major blockchain networks by fostering interconnectivity and instant liquidity, providing a solution to the fragmentation of the industry. The NFT Portal aims to leverage various DeFi protocols harnessed to set the basis for closer interoperability between DeFi ecosystems.
pNetwork Portals establish a direct link between blockchains, allowing either unidirectional or bi-directional connections. It enables unrestrained NFTs transfer across chains via the pTokens infrastructure that provides a simple and secure system for assets to be moved cross-chain.
Transfer Ethereum-Based NFTs to BSC
The first NFTs Portal is now live, connecting Ethereum and the Binance Smart Chain (BSC). To present, BSC has 42 NFTs collectibles with a balance of approximately $5 million that, as opposed to the robust market capped by Ethereum blockchains — representing 70% of the total NFT sales — doesn’t seem to be as competitive YET.
BSC, however, aims to bolster dApp adoption by offering low transaction fees, faster transaction execution, and enabling dApp scalability. The bridge between Ethereum and BSC dApps facilitates NFTs transfer by trading, lending, and collateralizing Ethereum-based assets on the users’ dApp of choice. With this, BSC is set to boost investment due to its liquidity pools, dynamize the dApps built on its blockchain and maximize the exposure of NFTs.
By integrating these two major DeFi ecosystems, BSC gains the ability to support a large variety of NFTs founded on Ethereum via pTokens, enabling the entire blockchain platform to function in an all-encompassing manner.
pNetwork Allows Users to Capitalize on the Offerings of Different NFT dApps
With the pNetwork’s NFTs Portal, users can buy and transfer files to NFTs via pTokens from any dApp built on any of the pNetwork-powered bridges.
This will certainly bolster the market as it offers the possibility to get pegged 1:1 pTokens from BTC, LTC, and other ERC-20 tokens that can be transferred on the Binance Smart Chain (BSC) to purchase NFTs in any marketplace.
That is to say, users can freely rotate their capital where the best opportunities lie. And that means, rightfully, that they can also visualize their assets and transfer NFTs across blockchains bridged in the pNetwork’s NFTs Portal. Integration of blockchains that allow digital assets to move between blockchains seamlessly will not only bolster the benefits of the DeFi ecosystem overall but will, likewise, unlock the perks of the NFT market.
pNetwork is the perfect option to get into the NFT market and boost the value of your portfolio without ever having to leave the dApp of your choice. Join us!
🔗 For any blockchain project looking to integrate pTokens into their infrastructure, we have also built a pTokens JS library.
💌 Excited about pBTC? Sign up for our newsletter and be the first to know which blockchain pTokens will make their home next.