NFTrade introduces an innovative feature that allows cross-chain purchases on Ethereum, Polygon, Avalanche, and BNB Chain. Here’s everything you need to know.
NFTrade Enables Cross-chain Purchases on Multiple Networks
In an announcement on May 23rd, NFTrade revealed its joining with the messaging protocol Rarimo. This collaboration enables people to buy items on one network while making payments on another. Furthermore, this breaks down walls between different blockchain networks and expands the possibilities for NFT transactions.
How does it work? Well, let’s say you want to buy an item on Avalanche. With NFTrade’s new feature, you can pay using any currency from Ethereum, Polygon, or BNB Chain. In addition, the protocol automatically facilitates the token swap between the buyer’s network and the seller’s desired network, making sure that the transaction is easy. Crucially, NFTrade points out that this process is decentralized, meaning the developer never takes custody of the buyer’s funds.
To further enhance the process, NFTrade has joined with Circle’s Cross-Chain Transfer Protocol (CCTP). As a result, buyers who use USD Coin can burn their tokens on one chain and have them re-minted on another chain, adding another layer of flexibility to the buying experience.
NFTrade’s cross-chain purchases are just the beginning. Significantly, NFTrade plans to expand the feature to include Immutable X, Skale, Palm, and Moonbeam in the future, making its reach across various ecosystems larger.
Lasha Antadze, the founder of Rarify Labs, a service provider for Rarimo, discussed the importance of this feature in improving user experience in the Web3 space. He points out that the easy transfer of digital assets and identities across chains is crucial for the success of Web3, and NFTrade’s cross-chain checkouts mark a significant step toward reaching this goal.
The Competition Intensifies
As competition heats up among NFT marketplaces, NFTrade’s introduction of cross-chain purchases adds another layer of innovation to attract users. With other platforms making strides in reducing fees and offering lending options, the NFT industry continues to evolve. This promises exciting developments and greater access for buyers and enthusiasts alike.