XP.NETWORK Drives Global Interoperability for Hedera NFTs
Interoperability for the Future
The XP.NETWORK platform has taken a significant step in the enhancement of interoperability by allowing the trade and transfer of Hedera NFTs on more than 30 blockchains, including Ethereum, Polygon, and Solana. This integration opens up new opportunities for projects and collectors to access a global cross-chain marketplace, including leaders such as OpenSea, facilitating up to 80% of global NFT trading.
Cross-Chain Collaborations
Hedera platforms, such as Zuse and SentX, can now interact with NFT collections on other chains, fostering exchanges within the Hedera ecosystem and strengthening collaboration between projects such as Bored Apes Yacht Club and Crypto Punks.
Improved Liquidity and Exposure
This integration has significantly improved liquidity and exposure for Hedera’s native NFTs, as they are now available to users on more than 30 chains. This increased liquidity not only benefits creators and collectors on Hedera but also provides projects based on Hedera NFTs the opportunity to scale success to other protocols.
Scaling in Both Directions
Projects based on NFTs on Hedera can now expand their success to other protocols, and dApps from other networks can offer services on Hedera, creating a unique bi-directional scalability system.
Bridge Operation
The process of using the bridge involves each collection locking into a contract deployed on the native chain to retain outbound NFTs. Another contract is deployed on the target protocol according to the standards accepted by that network. The NFTs are then minted in the receiving accounts on the destination chain. If sent to another foreign chain or back to the originating native chain, the encapsulated NFTs are burned by the bridge contract and re-signed on the new destination chain or released on the originating chain, respectively.
Hypothetical Example
For instance, if someone moves a Bored Ape Yacht Club (BAYC) to Hedera, XP.NETWORK deploys a contract on Ethereum to hold the BAYC and then deploys a BAYC contract on Hedera, using HTS to mint the encapsulated BAYC. Now, the target account in Hedera owns the NFT. The account owner in Hedera can then either send the BAYC NFT to another non-native chain or return it to Ethereum.
Benefits for Hedera NFT Collectors
The integration of XP.NETWORK has opened new doors for the Hedera ecosystem, allowing projects and collectors to connect more broadly and explore opportunities in a global marketplace of NFTs. This development marks a significant milestone in Hedera’s evolution as a leading force in the cryptocurrency and NFTs space.
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