What is Interoperability?
Individual blockchains were developed in isolation, so they are unable to communicate effectively with each other. Interoperability, also known as cross-chain compatibility, enables the communication and interaction between different blockchain networks. Working together within the same system allows the easy transfer of digital assets, enhances the user experience, and adds value to the market, among many other benefits.
NFT Studio are cooperating with other different blockchains to develop an interoperability solution. They are building bridges between the Internet Computer and the most important blockchains to create a sizeable interconnected marketplace of NFTs.
NFT Studio - Next Gen NFTs
NFT Studio enables users to mint, buy, sell and stake NFTs on the Internet Computer. Their creations are amazing: NFTs called 3DWASM, which are 3D objects compiled to Wasm (WebAssembly) with the properties of a digital asset.
You can purchase these NFTs with ICP through Plug Wallet. Also, if you are a digital artist, you will be able to deploy your own 3DWASM NFTs using Rust and the Dfinity stack. Store and sell them on this platform if you wish. You will have the assistance of NFT Studio if you need it.
Bridges between the Internet Computer and other blockchains
The goal of the bridge-building project, developed by NFT Studio, is to achieve interoperability between the leading blockchains in order to transfer NFTs between them. However, this will also allow for the transfer of tokens in the future.
Arweave & Koii Network
The bridge between the Internet Computer and Arweave (Koii Network) will be the first to be built. This project, which has already received funding, will allow users to mint on NFT Studio and then transfer to Arweave and vice-versa.
Arweave lets anyone store an NFT minted on another network or mint one natively on Arweave itself. To ensure absolute permanent storage, the Arweave employs the blockweave as a content storage and permanence mechanism. Verto Exchange, a decentralized trading protocol on Arweave and deployed on the Internet Computer, has also launched Space, an application to browse and trade NFTs.
The interconnection of the two blockchains will be done through the Koii Network. Koii is also building out a suite of tools to supercharge NFT solutions, such as an NFT wallet called Finnie that allows users to permanently store and earn crypto from their NFTs as a browser extension.
In short, you will be able to mint NFTs on Arweave and sell them in a Marketplace built on the Internet Computer such as the Entrepot.app. In the same way, any NFTs minted on the Internet Computer could be sold, for example, on Verto Exchange.
The bridge will allow combining the potential of all these fantastic tools to achieve a clear benefit: adding more functionality and flexibility to improve the user experience.
NFT studio is in talks with Algorand's technical team to make this the next bridge built with the Internet Computer. In the same way, as I mentioned in the previous section, you can create your NFTs in Algorand using the ASA (Algorand Standard Assets) feature and sell it on an Internet Computer Marketplace, or mint one in NFT Studio and sell it on Algorand Marketplace’s AB2.Gallery or Algogems, for example. These two bridges will be implemented on their platform when finished.
Upcoming bridges: Ethereum & Solana
NFT Studio's efforts to achieve interoperability do not end there. They are planning upcoming releases, and Ethereum and Solana are the two blockchains they want to focus on.
Currently, the Ethereum network controls most of the NFT market. Its well-known Opensea Marketplace has processed transactions worth more than $1 billion during August alone.
On the other hand, Solanart is the first fully-fledged NFT marketplace on Solana. This Blockchain has also been helped by the August rally of NFTs, which hit a record in sales of about $900 million.
Interoperability is an unquestionable concept for the success of blockchain technology. One way to achieve this interconnection is through the creation of bridges. These bridges between the Internet Computer and other blockchains will allow users to perform the exchange of NFTs, enabling the growth of all communities while utilizing the full potential of the Internet Computer. With bridges, everyone is a winner.
- Disclaimer: The views and opinions expressed on this website are solely those of the original author and other contributors. These views and opinions do not necessarily represent those of the Dfinity Community staff and/or any/all contributors to this site.