Who needs NFT Bridges?
XP.Network is working on the integration of Internet Computer into the Multi-Chain NFT Bridge. It is an important step for Dfinity as well as the global NFT ecosystem. The two systems become connected impacting each other like communicating vessels.
Without token bridges, blockchains are limited to their ecosystem. Assets cannot leave or enter the community boundaries. The bridge opens the gates for the “foreign goods,” turning trade into “international” geometrically increasing the number of transactions with every bridged chain.
There’s no question that trading cryptocurrencies is a lucrative business. However, tokens are only a means of payment for goods and services. Transaction fees are the native services, while NFTs are the most natural goods that can be bought and sold for fungible tokens.
Keeping all the NFTs at home means bounding them to the local ecosystem user base. Quickly increasing the demand for the goods whose life cycle is at its decline can be achieved by moving them to a new market on another blockchain. That is where our bridge comes into play.
Collection’s Product Life
There’s no doubt that NFT Projects can easily prolong their collections’ lives by bridging them to the other blockchains. But there’s an alternative. The product’s peak can be doubled or tripled by bridging parts of the collection to other environments and simultaneously launching on different chains using the base chain as proof of the collection’s integrity.
NFT-centered games can go cross-chain. That adds new, previously unavailable interaction to the game flow. NFT armies can invade the foreign kingdoms of the other chains. NFT explorers can travel in the parallel worlds of foreign chains and either return promoted with treasure and experience or be burned on the other sides of reality.
NFT guests can visit Metaverse locations on various chains and gain experience or earn tokens for completing complicated quests. Colledges and universities can open metaverse courses and lectures for NFT students from different chains and accept foreign ledger currencies as tuition.
The biggest NFT bridge connecting 10+ EVM with 4+ Non-EVM chains is a one-window solution for the biggest NFT ecosystems in the industry.
Our superior multilayer security system protects the bridged assets following the best cybersecurity practices.
NFT projects can earn part of the bridge transaction fees.
The bridge is supplied with the cross-chain transactions explorer, which is critical for tracking NFT history and greatly impacts the asset’s value.
Which NFT standard are you considering from the IC world?
IC will one day allow canisters to interop with Ethereum directly. See WIP proposal. Does this change anything for you? With the eth integration, you’d be able to “bridge” EVM data securely without a custodial system. However, I see huge blockers for other blockchains unless a direct integration for each protocol is created.
Once the framework is in place there is nothing stopping any interested party from integrating other networks with ICP or their projects. In fact, we probably do want it this way.
NFT Standards on ICP:
At the moment of writing the bridge supports:
ERC-721/ERC-1155 fro Ethereum, Ploygon, Aurora, Fuse, Velas
BEP-721/BEP-1155 for BSC
TRC-721/TRC-1155 for Tron & BTT
XRC-721/XRC-1155 for IoTeX
ESDT for Elrond
ASA-003 for Algorand
FA2 for Tezos
SPL for Solana
ADR 43 for Cosmos Ecosystem
NEP-178 for NEAR Protocol
We will be supporting 2 NFT standards to comply with the majority of the dApps on ICP:
ICP-721 (AKA ERC-721)
EXT (AKA ERC-1155)
I’m sure it is a great event for the ICP community as well as the residents of Ethereum.
It is true that Ethereum is THE chain where NFT started booming. However there are more emerging distributed ledgers climbing up the stage and taking their lucrative and juicy niches. Regarding the potential impact on our technology, we have a lot more to offer hence we are welcoming this novelty without fear)) since it does not cancel the majority of our advantages.
- We are the bridge connecting more Non-EVM chains than any other NFT bridge. Adding a protocol for interactions with Ethereum does impact them at all.
- We’re the only NFT bridge to/from Elrond, Algorand, Tezos, Velas, Fuse, GateChain, etc. There’s no other way one can send or receive NFTs to/from those chains.
- We have a widget which you can use and embed the bridge into your UI in a matter of minutes without writing a line of code.
- We are a rare bridge exemplar accompanied by an explorer, where cross chain transactions can be tracked between different protocols.
Thanks for the good notion. However, there are three substantial BUTs:
- Integrating more networks will require additional development, testing and maintenance, while we’re offering a ready to go solution.
- Integration with Ethereum only paves the way for integration with other EVM chains. Even though it might seem that integrating them will be a walk in the park after Ethereum - it is a common misconception. Some of them have custom components incompatible with Ethereum without adapters. We’ve already encountered those differences and adapted to them.
- Integration with EVM does not open the gates to Solana, Cardano, Elrond, Cosmos, Polkadot, Algorand, Tezos and many more solutions, while our bridge does.
A short video on the topic: