NFT

NFT marketplace enables cross-chain purchases on multiple networks

05/24/2023
Bitcoin Ethereum News

A new feature on nonfungible token marketplace NFTrade allows collectors to purchase items on one network while paying on a separate one. The feature was created through an integration with cross-chain messaging protocol Rarimo, according to a May 23 announcement.

The cross-chain purchases with NFTrade work on Ethereum, Polygon, Avalanche and BNB Chain. For example, if users want to buy an item on Avalanche, they can pay with a currency from any of the other three networks. The protocol will automatically swap the buyer’s tokens on the sending chain for the token the seller wants on the receiving chain, allowing it to then pay the seller and release the NFT to the buyer. This entire process is done in a decentralized way, and at no point does the developer take custody of the buyer’s funds, the announcement stated.

The feature is also integrated with Circle’s Cross-Chain Transfer Protocol (CCTP), which allows buyers who pay with USD Coin (USDC) to burn their tokens on one chain and have them be re-minted on another chain.

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Cross-chain purchases will also be expanded to Immutable X, Skale, Palm and Moonbeam at some point in the future.

Lasha Antadze, the founder of Rarimo service provider Rarify Labs, said the new feature was just one of many steps toward solving user-experience issues in Web3:

“The ability to seamlessly transfer digital assets and identities across chains is vital to the success of Web3. NFT checkouts are an essential part of this, but they are also just the start.”

The competition between NFT marketplaces continues to heat up as they try to attract users with new features. LooksRare released a new version with lower fees on April 7, and Blur offered perpetual lending with NFT collateral beginning on May 1.