NFT EveningNFT Evening
    Facebook Twitter Instagram Reddit
    NFT Evening NFT Evening
    • NFT News
      • Collectibles
      • Crypto Art
      • Blockchain games
      • Metaverse
      • Music
      • Interviews
      • Columns
    • NFT Guides
      • Top NFT Projects
      • Top Blockchain Games
      • NFT Marketplaces and Tools
    • Learn here!
      • What is an NFT?
      • How to keep your NFTs safe
      • NFT Glossary
    • NFT Calendar
      • NFT Drops
      • NFT Conferences
      • NFT Launchpad
    • Newsletter
    NFT EveningNFT Evening
    NFT Guides

    Home » NFT Guides » What Are Omnichain NFTs? A Guide To This New Trend

    What Are Omnichain NFTs? A Guide To This New Trend

    By Reethu RaviApril 20, 2022Updated:November 15, 20223 Mins Read

    Omnichain NFTs are the latest buzzword in the Web3 world. It all started when LayerZero Labs, a Canada-based firm, developed LayerZero, an interoperability protocol. In a nutshell, LayerZero forms the backbone of omnichain NFTs. Hence, you first need to understand what LayerZero is to better grasp all that omnichain NFTs entail.

    Omnichain NFTs are now the buzzwords in Web3

    What is the LayerZero protocol?

    Put simply, LayerZero is an omnichain interoperability protocol that enables decentralized applications (dApps) to build across multiple blockchains in “a trustless, efficient manner”. In other words, it serves as a transport layer using which smart contracts can communicate across blockchains. 

    Over the last couple of years, the growing crypto ecosystem has given rise to several blockchain applications like NFT marketplaces, gaming, and more. However, there is a severe lack of infrastructure to support cross-chain operability. As a result, “users, data, and liquidity” are spread across applications built on different blockchains. 

    This is where LayerZero comes into the picture. It solves this issue through its omnichain interoperability protocol that brings together dApps across multiple blockchains. 

    LayerZero protocol
    LayerZero seamlessly connects multiple blockchains. Credit: LayerZero

    “LayerZero unlocks a future of blockchains without borders,” said Ryan Zarick, CTO and co-founder, LayerZero Labs. “Users will interact with omnichain dApps that exist on multiple blockchains. These dApps will seamlessly communicate over LayerZero without the user even realizing it.”

    Last month, LayerZero Labs raised $135 million from Sequoia Capital, FTX Ventures, Andreessen Horowitz, and others. With this, the firm will accelerate its development of the cross-chain dApps powered by LayerZero. 

    “By unlocking cross-chain composability, LayerZero is enabling developers to build decentralized applications that simply weren’t possible before,” added Ali Yahya, general partner at Andreessen Horowitz.

    As of now, the protocol supports all the blockchains that use the Ethereum Virtual Machine (EVM). These are Ethereum, Binance, Avalanche, Polygon, Arbitrum, Fantom, and Optimism. In the future, the team will add support for non-EVM chains such as Terra, Cosmos, and Hub, among others.

    Gh0stly Gh0sts NFT collection
    Gh0stly Gh0sts, the first omnichain NFTs.

    Understanding Omnichain NFTs

    Ever since the LayerZero protocol’s launch, the wider NFT community has been very excited about the prospects it brings to the NFT ecosystem. Essentially, thanks to LayerZero, NFTs can now become truly omnichain and enjoy wider capabilities. 

    For example, omnichain NFTs can have traits that are activated depending on the chain it is on. Or it can have certain utilities only when it’s on a particular chain. Alternatively, you can avoid paying exorbitant gas fees to buy an Ethereum-based NFT by simply choosing the same NFT on another network. The possibilities are quite endless!

    For these reasons, NFT projects are now exploring omnichain interoperability. In fact, early this month, Gh0stly Gh0sts made history as the world’s first omnichain NFT collection. The stealthily dropped collection of 7,710, free-to-mint NFTs were quickly picked up in the market. Today, the project’s floor is at 0.41 ETH and has generated $16.4 million in trading volume so far on OpenSea. 

    To be sure, this is just the beginning of bigger things to come. As Gh0stly Gh0sts rightly said, “Omnichain NFTs are the future”. That said, omnichain NFTs are not limited to LayerZero. Some earlier protocols like UMA’s Optimistic Oracle offer similar capabilities.

    In the coming weeks and months, we can surely expect more developments in the omnichain space. We can also expect more projects to hop on the bandwagon to reap the benefits omnichain has to offer. 

     


    All investment/financial opinions expressed by NFTevening.com are not recommendations.

    This article is educational material.

    As always, make your own research prior to making any kind of investment.

    featured
    Previous ArticleCool Cats NFT Floor Price Falls Sharply As Moonbirds’ Rises
    Next Article US Air Force Files For Metaverse Trademark ‘SpaceVerse’
    Reethu Ravi
    • Twitter
    • LinkedIn

    Reethu Ravi is a journalist currently based in the UK, covering environment, sustainability, tech and innovation. When not found between the pages of a book, she can be seen catching up on the latest developments in the tech world. A naval architect-turned-journalist, she loves bringing stories of change and innovation to the limelight.

    More great NFT Evening content:

    Yuga Labs : A Complete Guide to the Web3 Giants

    May 31, 2023
    Mongraal won Yuga Labs' Dookey Dash

    Everything You Need to Know About Dookey Dash Winner Mongraal

    May 30, 2023

    Everything You Need to Know About Beeple

    May 24, 2023

    Rug Pull Guide: From Infamous Schemes to How to Avoid Them

    May 23, 2023

    What is MetaMask? A Guide to the Most Popular NFT Wallet

    May 22, 2023

    From Comic, Alt-Right Symbol, to Meme NFT, to Viral Coin – the Pepe Journey

    May 22, 2023
    Dynamic NFTs are helping bring Web3 into the mainstream

    A Guide to Dynamic NFTs

    May 9, 2023

    Bored Ape Kennel Club: All You Need to Know About the BAYC Canine Companions

    April 26, 2023

    NFTevening is the biggest website for NFT news. We cover; breaking news, upcoming mints, plus, interviews with top NFT artists and projects. Put simply, we are the best place for new and experienced non-fungible token fans — making content fun & accessible

    Privacy policy
    Terms and conditions

    Article Categories
    • Blockchain games
    • Collectibles
    • Columns
    • Crypto Art
    • Interviews
    • Metaverse
    • Music
    • NFT Guides
    • NFT Marketplaces and Tools
    • NFT News
    • Sponsored Content
    • Top Blockchain Games
    • Top NFT Projects
    NFT Calendar
    • Today’s NFT Drops
    • Upcoming NFT Drops
    • Solana NFT Drops
    • NFT Calendar
    • NFT Calendar : Add Your NFT Event
    Get In Touch
    • Advertise (Media Kit)
    • Job Opportunities
    • About Us
    • Contact Us
    • Newsletter
    NFT Beginners Guides
    • How to Sell NFT Art
    • How to Create NFT Art
    • How to Display NFT Art
    • How To Make Passive Income With NFTs
    • Best Crypto Wallet
    • Best NFT Coins
    • Best NFT Rarity Tools
    • What is a DAO ?
    • What Are Crypto Gas Fees ?

    Type above and press Enter to search. Press Esc to cancel.

    Go to mobile version