- May 29, 2023
- Posted by: [email protected]
- Category:
NFTrade, a popular marketplace for nonfungible tokens (NFTs), has introduced a ground-breaking feature that enables cross-chain purchases on multiple networks, including Ethereum, Polygon, Avalanche, and BNB Chain. This new feature allows collectors to purchase items on one network while making payments on another network, giving users more flexibility and accessibility.
As announced on May 23, the integration of NFTrade’s cross-chain buying feature was made possible through a partnership with the cross-chain messaging protocol Rarimo. Users can now purchase NFTs on the Avalanche network using the native currency of any of the other three supported networks. The protocol facilitates the automatic swapping of the buyer’s tokens on the sending chain for the desired token on the receiving chain. This decentralized process ensures that the developer does not have custody of the buyer’s funds at any point, guaranteeing security and transparency.
Furthermore, NFTrade’s cross-chain purchase feature is integrated with Circle’s Cross-Chain Transfer Protocol (CCTP). This integration empowers buyers who choose to pay with USD Coin to seamlessly burn their tokens on one chain and have them re-minted on another chain, expanding the possibilities for cross-chain transactions.
NFTrade is committed to continuously enhancing its platform and has plans to extend cross-chain purchases to other networks in the future. Immutable X, Skale, Palm, and Moonbeam are among the networks that will likely be integrated, further expanding the interoperability and usability of NFTrade’s marketplace.
According to Lasha Antadze, the founder of Rarify Labs, the service provider behind Rarimo, this new functionality is a big step toward tackling user-experience concerns in the world of Web3. Antadze emphasized the importance of seamlessly transferring digital assets and identities across different chains, highlighting that NFT checkouts are merely the starting point of a broader initiative.
As the competition among NFT marketplaces heats up, each platform attempts to attract customers by offering unique features and improvements. LooksRare, for example, debuted a new version with lower costs on April 7, while Blur debuted perpetual lending with NFT collateral on May 1. These developments demonstrate the dynamic nature of the NFT ecosystem and the ongoing efforts to enhance user experiences and expand the possibilities within the space.
