Stealthily launched this week, Gh0stly Gh0sts is the first-ever truly omnichain NFT collection. The collection includes a total of 7,710 NFTs and was free to mint on all Layer Zero compatible blockchains. This includes Ethereum, Binance, Avalanche, Polygon, Arbitrum, Fantom, and Optimism.
But first, let’s break down what omnichain and Layer Zero mean.
What are Omnichain and Layer Zero?
Recently, a Canada-based firm, LayerZero Labs, developed an omnichain interoperability protocol LayerZero. Basically, the protocol allows dApps to efficiently build across multiple blockchains. Currently, the protocol supports all projects that are compatible with the Ethereum Virtual Machine (EVM). However, in the future, it will support non-EVM chains like Terra, Cosmos, Hub, and others.
The launch of the LayerZero protocol has got everyone excited as it allows NFTs to go omnichain. Indeed, there has been a growing interest in omnichain NFTs in recent months due to the capabilities it offers. For instance, a project can have traits that change according to the chain it is on, some utilities when it’s only on a particular chain, and so on.
Gh0stly Gh0sts explained how omnichain NFTs work through the example of an NFT collector named Ligma. Let’s assume Ligma minted his NFT on Avalanche, maybe to save some gas fees.
“He later decides he wants to use his Gh0st as his PFP on Twitter (which currently only supports Ethereum Mainnet verification),” the project elaborated. “So he uses the Layer Zero-enabled `traverseChain` function on Avalanche, with the destination chain set to Ethereum. The result of this traversal is the official Ethereum Gh0stly Gh0sts NFT. Ligma’s NFT can now be verified by Mainnet as an asset of the Gh0stly Gh0sts Ethereum contract.”
How Gh0stly Gh0sts works
Gh0stly Gh0sts is a CC0 (creative commons zero—meaning, no rights reserved) NFT collection. It is the first NFT collection to launch on the LayerZero protocol. The project’s aim is to “pave the path of community-owned, chain-agnostic assets”.
The NFTs are distributed as below:
- ETH – 3,084
- BSC – 1,388
- AVAX – 1,387
- ARB – 617
- POLY – 616
- FTM – 385
- OPT – 233
The background of each NFT reflects the mint chain. But, its border will change to reflect the current chain the NFT is on. Like several other NFT projects, Gh0stly Gh0sts can be integrated into future blockchain games and applications.
However, the project has a major advantage. As it’s an omnichain collection, the future integration won’t depend on a particular blockchain. To explain, take the example of an Ethereum-based NFT project. In the future, it can only be integrated into an Ethereum-based game/application, and not ones based on any other blockchain.
Already, the Gh0stly Gh0sts NFT collection is sold out on all chains and is picking up traction. It is one of the top 10 projects based on the last 7-day transaction volume on OpenSea. While the most trading activity is happening on Ethereum, all the other LayerZero-compatible blockchains too have witnessed transactions.
As Gh0stly Gh0sts noted, “Omnichain NFTs are the future”. And those who truly understand omnichain’s possibilities, are going gaga over the project. As the first-ever omnichain NFT, the collection’s value is only going to rise and may even become a blue-chip collection.
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This article is educational material.
As always, make your own research prior to making any kind of investment.
