Hedera’s HBARNFTs Go Multi-Chain: Tap into the $7.5 Billion NFT Ecosystem
- Global Interoperability: XP.NETWORK facilitates the trade and transfer of Hedera NFTs on more than 30 blockchains, enhancing interoperability and providing access to a global cross-chain marketplace, including leaders such as Ethereum, Polygon and Solana.
- Cross-Chain Collaborations for Success: The integration enables Hedera platforms to interact with NFT collections on other blockchains, fostering exchanges within the Hedera ecosystem and strengthening collaboration between projects, such as Zuse and SentX, with leading collections such as Bored Apes Yacht Club and Crypto Punks.
The XP.NETWORK platform was born as a multifunctional bridge that seeks to unify NFT ecosystems across diverse networks. XP.NETWORK’s latest feat has been the addition of Hedera’s NFTs to more than 30 blockchains, including NFT market leaders such as Ethereum, Polygon and Solana, valued at $7.71 billion.
This integration marks a critical step in the maturing process of Hedera’s NFTs ecosystem by connecting projects and collectors to a global cross-chain marketplace, generating new opportunities by improving interoperability, exposure, liquidity and scalability.
Interoperability for the Future
One of the key points of this collaboration is the ability to trade and transfer Hedera NFTs across more than 30 blockchains previously integrated by XP.NETWORK. This leap in interoperability offers projects and collectors access to a global marketplace, enabling the inclusion of Hedera-built projects on recognized marketplaces such as OpenSea, which has at times facilitated up to 80% of global NFT trading.
Multi-chain #NFT bridging is now live on @Hedera via @xpnetwork_, enabling #HBARNFTs to be transferred and traded across 30+ blockchains that make up the $7.5 billion+ market including #Polygon, #Solana, and Ethereum through marketplaces such as @OpenSea 🌊 pic.twitter.com/I7R0nX2I0n
— HBAR Foundation (@HBAR_foundation) November 27, 2023
Cross-Chain Collaborations
Hedera platforms, such as Zuse and SentX, can now interact with NFT collections on other chains, such as Bored Apes Yacht Club (with a market value of $571 million) and Crypto Punks, fostering exchanges within the Hedera ecosystem.
Improved Liquidity and Exposure
Hedera’s native NFTs are now available to users on more than 30 chains, increasing capital potential and demand. This increased liquidity not only benefits creators and collectors on Hedera, but also provides projects based on Hedera NFTs the opportunity to scale success to other protocols.
Scaling in Both Directions
Projects based on NFTs on Hedera can expand their success to other protocols, and dApps from other networks can offer services on Hedera, creating a unique bi-directional scalability system.
Bridge Operation
The process of using the bridge involves each collection locking into a contract deployed on the native chain to retain outbound NFTs. Another contract is deployed on the target protocol according to the standards accepted by that network. The NFTs are minted in the receiving accounts on the destination chain.
If sent to another foreign chain or back to the originating native chain, the encapsulated NFTs are burned by the bridge contract and re-signed on the new destination chain or released on the originating chain, respectively.
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. Now, the target account in Hedera owns the NFT.
From here, there are two possible courses of action: the account owner in Hedera can either send the BAYC NFT to another non-native chain or return it to Ethereum.
If returned, the encapsulated NFT is burned on Hedera and released on Ethereum.
If it sends it to a different chain, a new BAYC contract is deployed on the destination chain, triggering the burning of the assets in Hedera and a new minting of the encapsulated BAYC in the recipient’s account.
Benefits for Hedera NFT Collectors
The Hedera community now represents a new marketplace for non-native NFT projects, including some of the most well-known ones such as Bored Apes and Cyber Punks, to explore and find new users and use cases for their products.
In addition to the opportunity to support more mainstream projects, there are hundreds of thousands of NFT collections on chains like Ethereum, Polygon and Solana struggling to find their place in their native blockchain communities.
Through this integration, Hedera can become a blue ocean for these projects, a fertile ground where innovative projects migrate to be cultivated by our more discerning and well-informed community.
The integration of XP.NETWORK 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.