Interoperability is one of the major obstacles when it comes to blockchain networks and NFT marketplaces. One technology that can solve this issue is cross-chain technology, which facilitates connectivity across various blockchains. The cross-chain NFT marketplace is such a platform that uses cross-chain technology. Developed with the help of a NFT development company, it can enable NFT traders to use NFTs and tokens from other chains. This way, users can share value and data across blockchain networks.
Cross-chain NFT Marketplace
A cross-chain protocol enables users to exchange data between multiple blockchains and enables interoperability between them. Individuals can communicate with one another directly using the cross-chain protocol. As a result, blockchains with comparable networks can exchange value and information.
The ability of two different blockchains to cooperate is known as cross-chain functionality. An NFT developed on Ethereum cannot be sold by a user on another blockchain via a standard NFT marketplace. It restricts the NFT's capacity for mass marketing.
The Working of Cross-chain NFT Platform
Conventionally, NFT marketplaces do not have an interoperability aspect. However, a cross-chain NFT marketplace uses a system of an atomic swap, relay, and simplified payment verification that gives the systems the ability to communicate with different blockchains. This platform uses these systems in the following manner:
Atomic Swap System
An atomic swap system facilitates the transfer of cryptocurrencies from various blockchains. This system in a cross-chain NFT marketplace enables the intersection of many blockchains. It makes communication between blockchains possible.
Relay
A relay is a smart contract that receives and shares information among different blockchains. It makes use of the proof-of-stake (PoS) consensus to allow block validation on the host chain.
Why Develop Cross-chain Platform Over Single Chain Platform
Below we have listed multiple aspects of a cross-chain platform that makes it better than single chain platform:
Interoperability
Interoperability is a primary aspect of a cross-chain NFT marketplace. It enables users to mint and trade NFTs across multiple blockchains. So, the platform is flexible in terms of offering exclusive NFTs.
Further, this aspect of the platform makes enhances the liquidity of various assets.
Greater Scalability
The platform can support a high number of transactions. Users experience high performance without any delay or buffering in the transactions.
Multi-wallet
The platform's multi-wallet capability allows more active users to participate in NFT trading. It allows investors to split their investments into multiple wallets and diversify their assets.
High Return on Investment (ROI)
Several blockchains can communicate with a cross-chain NFT marketplace. As a result, it accepts a range of resources from several domains. This aspect of the platform provides users with a high ROI due to a wider audience.
Also, Read | Blockchain Interoperability: Importance, Challenges, and Solutions
Cross-chain NFT Marketplace Development
Cross-chain NFT marketplace development requires expert knowledge and experience. You can take assistance from a service provider like Oodles.
We offer cross-chainNFT development services. Our developers have experience in creating high-quality solutions. You can discuss your project requirements with our skilled experts. Contact us.
Hire Blockchain Development Company, to build decentralized applications and infrastructure for a transparent, secure, Web3 ecosystem and NFTs