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Fuse Network joins the other major blockchains supported by XP.NETWORK’s NFT interoperability platform. NFTs can now be bridged between Fuse and the other supported chains.
The non-fungible token (NFT) space has had a standout year in 2021 even compared to the crypto space as a whole. The combined NFT sales volume went from a monthly $2.1 million in January to hundreds of millions of dollars per week, with many top players in art, gaming and sports jumping on the bandwagon.
In parallel with the skyrocketing adoption, NFTs have rapidly become a robust multichain phenomenon. While Ethereum still concentrates a large part of the NFT activity, it has been rapidly spreading to other blockchains in search for faster transaction speeds and lower fees.
However, the repartition of the NFT space among multiple blockchains also creates some friction for NFT issuers and users as it becomes harder for them to benefit from all the opportunities in the space, especially the liquidity of assets across NFT marketplaces. Hence, achieving interoperability among major blockchains has quickly gained as much importance with regard to NFTs as their fungible cousins. One of the projects at the forefront of the quest for NFT interoperability has been XP.NETWORK.
Making NFTs usable across blockchains
XP.NETWORK is a platform for facilitating NFTs across multiple blockchains. Its goal is to make it possible to transfer NFTs between any two major blockchains to enable users to profit from the opportunities offered for their NFTs by various chains. For instance, an NFT minted on a blockchain not supported by the OpenSea marketplace can be transferred to Ethereum or Polygon and listed on OpenSea.
Cross-chain NFT transfers via XP.NETWORK are enabled by a network of two-way bridges connecting the various supported chains. The blockchains communicate through the bridge with the help of relay validators who lock NFTs on the original chain and unlock their representations on the target chain. Each transaction is validated by a committee of validators who have to reach consensus on it using a BFT threshold. More details on how the XP.NETWORK bridges work are available in the project’s whitepaper.
The locked NFTs are held in custody by XP.NETWORK’s immutable audited bridge smart contracts. This choice was made in order to ensure maximum security, which is currently only possible with centralized custody. What users get on target chains are wrapped versions of the bridged NFTs with the same metadata. Users can unlock their original NFTs by sending the wrappers back into the bridge contract. This results in them being burned to avoid asset duplication.
XP.NETWORK also offers users the option of minting chain-agnostic NFTs directly on the platform using a single interface and process flow. Users can choose any of the supported blockchains for NFT creation, and the resulting NFTs will be usable on any of those chains, including non-EVM networks like Solana, as well as OpenSea-compatible.
How Fuse Integrates XP.NETWORK
The Fuse Network blockchain now joins the list of chains supported by XP.NETWORK, including Algorand, Avalanche, BSC, Elrond, Ethereum, Fantom, Polygon, Tron, Velas and xDai.
Fuse Network is currently directly connected via the XP.NETWORK multichain bridge to Ethereum, Binance Smart Chain, Polygon, Velas, Algorand, Tron, Elrond, Avalanche, Fantom and xDAI. However, users holding NFTs minted on Fuse will be able to bridge them to any of the chains on XP.NETWORK via a series of hops.
With the XP.NETWORK integration, the NFT ecosystem on Fuse that already features the Fuse Bar project and the upcoming Artrific general-purpose NFT marketplace receives a major boost. Users wishing to benefit from the low fees and fast transfers on Fuse will be able to move their favorite NFTs to Fuse from other blockchains. Users minting or acquiring Fuse-native NFTs now have the option of exploring new markets and the opportunities they offer.
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