NFTs hit the crypto marketplaces in 2014. But it wasn’t until recently that they garnered widespread global interest. Once they did, there was no stopping them. NFTs have been sold for millions of dollars, often defying the expectations of even their creators.
Yet, NFTs face a persistent problem. NFTs are minted on specific blockchains, where they stay for eternity. Well, at least they were meant to. The current state of the crypto universe is such that the multitude of public blockchains available to users are largely siloed and do not “talk” to each other. So, NFTs must stay and perish with the blockchain on which it’s minted.
This lack of interoperability between blockchains is hurting the DeFi ecosystem in several ways. For instance, the NFTs created on one blockchain can only use the features and functionalities available on that blockchain. Some blockchains do not support smart contracts, so NFTs on those platforms cannot avail of these nifty innovations.
Secondly, most NFTs are created on Ethereum, which has punishingly high transaction fees and gas fees. The absence of interoperability means you cannot move your NFT away from Ethereum to a more cost-effective platform. Also, transactions involving NFTs must use native tokens specific to the blockchain, which is a huge nuisance if nothing else.
While there have been some efforts to bring interoperability between blockchains, they’re largely limited in their scope. In contrast, Snowfallprotocol.io (SNW) intends to hit the ground running!
What is Snowfall?
Snowfallprotocol.io (SNW) is a multi-chain interoperability protocol that bridges practically any blockchain with another, whether they are EVM chains or non-EVM chains. When Snowfallprotocol.io (SNW) is fully implemented and integrated across the crypto universe, users would be able to move their NFT assets between any blockchains. You wouldn’t need a third-party dapp or service to transfer your assets. You will be able to do it natively from within the Snowfallprotocol.io (SNW) dapps. But, Snowfallprotocol.io (SNW) doesn’t stop at just interoperability. It plans to create a fully interoperable ecosystem of cryptocurrencies – a “home” for crypto users.
The transaction fees would be delightfully low on Snowfallprotocol.io (SNW). Intelligent investors can avail staking and yield farming opportunities to enjoy a passive income that aligns with their risk appetites.
In a nutshell, Snowfallprotocol.io (SNW) intends to unite all cryptocurrencies into one ecosystem, where they can contribute to each other’s growth instead of competing against each other.
Which Blockchains Will Snowfallprotocol.io (SNW) Bridge?
Snowfallprotocol.io’s (SNW) first dapp would bring onboard some of the most popular EVM chains in the market, including Ethereum, Polygon, Optimism, Avalanche, Arbitrium, and so on. As the platform expands, stablecoins would be integrated into the Snowfallprotocol.io (SNW) bridge, and eventually, Terra, Fantom, Harmony, and other coins would be brought into Snowfallprotocol.io’s (SNW) fold.
The more users that join Snowfallprotocol.io (SNW), the more transactions are processed on it, ultimately helping the platform grow and bridge more blockchains faster.
Website: https://snowfallprotocol.io
Telegram: https://t.me/+E026J3nTy64OWIO
Presale: https://presale.snowfallprotocol.io
Twitter: https://twitter.com/snowfallcoin
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Source: https://www.thecoinrepublic.com/2022/09/28/how-snowfallprotocol-io-snw-is-changing-the-nft-space/