Interoperability Boost: XP.NETWORK Connects Hedera NFTs to 30+ Blockchains
The XP.NETWORK platform has achieved a significant milestone in the NFT space by integrating Hedera’s NFTs with more than 30 blockchains, including major players like Ethereum, Polygon, and Solana. This move, valued at $7.71 billion, marks a major development in the maturing process of Hedera’s NFT ecosystem, offering improved exposure, liquidity, and scalability.
Interoperability for the Future
With this integration, projects and collectors now have the ability to trade and transfer Hedera NFTs across the diverse networks previously integrated by XP.NETWORK. This leap in interoperability provides access to a global marketplace, expanding the reach of Hedera-built projects and fostering collaboration with recognized marketplaces such as OpenSea.
Cross-Chain Collaborations
The integration empowers Hedera platforms like Zuse and SentX to interact with NFT collections on other chains, including notable collections like Bored Apes Yacht Club and Crypto Punks. This fosters exchanges within the Hedera ecosystem, strengthening collaboration between projects and leading collections.
Improved Liquidity and Exposure
By making Hedera’s native NFTs available on more than 30 chains, the platform has increased capital potential and demand. This heightened liquidity benefits creators and collectors on Hedera, allowing them to scale their success to other protocols.
Scaling in Both Directions
The integration offers a unique bi-directional scalability system, allowing projects based on NFTs on Hedera to expand their success to other protocols, while dApps from other networks can offer services on Hedera.
Bridge Operation
The process of using the bridge involves each collection locking into a contract deployed on the native chain to retain outbound NFTs. If sent to another foreign chain, the encapsulated NFTs are burned by the bridge contract and re-signed on the new destination chain.
Benefits for Hedera NFT Collectors
The integration 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.
Hypothetical Example
As a hypothetical example, 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. The account owner in Hedera can either send the BAYC NFT to another non-native chain or return it to Ethereum.
By integrating Hedera’s NFTs with more than 30 blockchains, XP.NETWORK has facilitated a new marketplace for non-native NFT projects and created opportunities for the Hedera ecosystem to thrive. This strategic move has positioned Hedera as a key player in the NFT space, offering innovative solutions for projects and collectors alike.
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