While a nascent wave of skepticism towards ownership and functionality of NFTs has sprouted, they are proving to solve these issues by their own nature: NFTs provide certified ownership and create scarcity, and the acknowledgment of these aspects will usher in a new era of digital art. However, the lack of interconnection among blockchains makes NFT artwork hard to collect and trade like non-digital art.
In creating infrastructures that can uphold the development of the NFT market, pNetwork has launched the NFT Portal with the aim to create a base to move NFTs across various blockchains. The launch of pNetwork v2 and the new Postman component will make it even easier for NFTs to be cross-chain compatible.
Let’s take a closer look at the features that pNetwork’s NFT cross-chain functionalities offer in regard to the development and demands of the market.
What Is an NFT?
A non-fungible token (NFT) is a certificate of ownership recorded on a blockchain that validates the uniqueness and immutability of the digital asset. In other words, these are blockchain-based digital representations of photos, films, audio, and other forms of digital media.
And as they are blockchain-based assets, artists can mint their digital artworks on a chain of their choice, trade them, and earn royalties.
At first glance, it seems that NFTs cannot be moved to a different blockchain since they are disconnected from each other.
But does it mean that you need to mint an NFT artwork on every blockchain you want to hold it on? Yes and no.
Yes, for now — if you limit your activities to individual chains.
And no — if you use pNetwork’s NFT Portal to move digital assets cross-chain.
pNetwork’s NFT Portal Bridges the NFT Ecosystem Seamlessly
The NFT ecosystem has grown exponentially since late February 2021, boosting the market by an unprecedented surge, as shown in the chart below:
NFT market growth, as revealed in the chart, is classified by blockchains — all of which operate independently from the other — impeding the movement of NFTs cross-chain.
But to what extent could the NFT market develop and grow if NFT artwork blockchains could be linked, allowing NFTs to move across the DeFi ecosystem?
That would enable NFT collectibles to move freely and be traded like any other art piece on a variety of NFT marketplaces such as OpenSea or Binance NFT Marketplace. And this is precisely what pNetwork aims to achieve with its NFT Portal that allows the movement of NFTs across blockchains, starting from Ethereum-based NFTs to the Binance Smart Chain (BSC).
That said, pNetwork’s NFT Portal enhances three advantages of NFT art blockchains:
- Increased value of NFTs: This is an immediate consequence of making NFTs available across different blockchains, improving the visibility of NFTs, and strengthening the development of the market.
- Easier to store: Since pNetwork’s NFTs Portal establishes a direct link between blockchains, users can simply store their NFTs on their wallets and visualize them on the Portal.
- Supported in more marketplaces: NFTs supported on several blockchains translate into more availability of NFT artwork marketplaces, and therefore more potential customers. It’s a domino effect.
Move Your NFTs Across Blockchains
Postman and pNetwork Portals are powerful features built on top of pTokens (bridges that enable the movement of assets between two blockchains) that support advanced interactions across smart contracts on different blockchains.
In that sense, pNetwork Portals (along with the Postman messenger) convert actions on one ecosystem into actions on another chain, creating a channel of communication for DeFi and NFTs ecosystems to interact as if they belong in the same environment.
For moving NFTs cross-chain, all you need to do is to connect the wallet that holds your NFT to the NFT Portal of the NFT series you wish to transfer and move it freely across different NFT art blockchains — as simple as indicated in the image below.
As an artist, you can make your NFT artworks available on marketplaces across multiple blockchains via pNetwork. Custom NFT Portals can be created for specific NFT series as showcased in the examples here (or via the upcoming Postman feature). That way, you can pass it through any of the other pNetwork supported blockchains and maximize its exposure in cross-chain NFT artwork marketplaces.
And this is just the beginning.
Jump into the NFT revolution with pNetwork and make its cross-chain connections your secret weapon across the DeFi ecosystem!
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