NFTrade debuts cross-chain payments for NFTs – Cryptopolitan
15 mins ago
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Nonfungible token (NFT) marketplace NFTrade has unveiled a new feature that allows collectors to purchase items on ONE network while making payments on a separate network. This innovative capability has been made possible through an integration with the cross-chain messaging protocol Rarimo, as announced on May 23.
The cross-chain purchase functionality on NFTrade supports transactions across Ethereum, Polygon, Avalanche, and BNB Chain. For instance, if a user wishes to buy an item on Avalanche, they can pay for it using a currency from any of the other three networks. The protocol facilitates the automatic swapping of the buyers tokens on the sending chain for the specific token desired by the seller on the receiving chain. Subsequently, the payment is made to the seller, and the NFT is released to the buyer.
Importantly, this entire process is executed in a decentralized manner, with the developer never taking custody of the buyer‘s funds, according to the announcement. Furthermore, NFTrade’s feature integrates with Circles Cross-Chain Transfer Protocol (CCTP), enabling buyers who opt to pay with USD Coin to burn their tokens on one chain and have them re-minted on another.
NFTrade plans to expand cross-chain purchases to include Immutable X, Skale, Palm, and Moonbeam in the future. Lasha Antadze, the founder of Rarify LABS, a service provider for Rarimo, emphasized that this new feature is just one STEP toward addressing user-experience challenges in the Web3 ecosystem. Antadze believes that the seamless transfer of digital assets and identities across different chains is crucial for the success of Web3, and NFT checkouts are an essential component in achieving this GOAL.
The competition among NFT marketplaces is intensifying as they strive to attract users with innovative features. Recently, LooksRare launched a new version with reduced fees on APRIL 7, while Blur introduced perpetual lending with NFT collateral starting from May 1.
With NFTrades introduction of cross-chain purchases, collectors now have more flexibility and convenience when acquiring NFTs. By enabling payments to be made on one network while completing transactions on another, NFTrade is simplifying the process for buyers and expanding the possibilities for NFT trading. As the NFT market continues to evolve rapidly, marketplaces will continue to innovate and introduce new features to stay ahead in this dynamic landscape.
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