Squid to power cross-chain functionality across Decentraland
Squid has announced that it is now powering the cross-chain functionality on Decentraland. It helps users acquire an NFT in the ecosystem from any token they prefer from any chain they want. Needless to say, non-fungible tokens should be listed in Decentraland, and users must have linked their wallets to the platform.
The move intends to boost interoperability and accessibility across the ecosystem to empower content creators, players, and contributors.
Using all the tokens will not sideline the utility of $MANA. Instead, interoperability will help them to continue leveraging their native holdings along with other tokens in the marketplace. Squid will work on a simple fundamental: it will route order cross-chain in the background after users have executed the request to buy an NFT. Squid has said that the estimated time to complete the process will be 20 seconds.
To get started, users should connect their wallets and then navigate to the Collectibles tab. One change they will encounter is the buy with crypto button, which was previously bought with the $MANA button. There is an option to switch to a different network.
Completing the process will automatically fetch the NFT into their wardrobe. The development comes days after Squid announced the launch of Squid NFT Checkout. The feature aims to make it convenient for users to buy NFT by leveraging the cross-chain functionality.
NFT Checkout by Squid eliminates all the limitations that users generally come across. This includes restrictions on buying an NFT from select tokens and a few chains. This brings down accessibility in the marketplace. Squid removes all constraints instantly when users choose the Buy option.
All of it combined has worked well for the MANA token. It is up by 5.12% in the last 24 hours, exchanging hands at $0.4879 at the time of writing this article. Its market cap and 24-hour volume have jumped by 5.12% and 18.22%, respectively. Users had expressed their concerns about the status of their native holdings, seeking clarification if the token would still be valuable in Decentraland.
MANA will maintain its standing in the marketplace, as this has been clarified and communicated to the community. Furthermore, there will be no limitations on the use of tokens; each one will be capable of buying an NFT from any chain in accordance with its users’ preferences.
Decentraland is a virtual space that houses a vibrant community. It has been defined as dynamic, with the capability of hosting a wide range of events. This includes art exhibitions, parties, music festivals, fashion shows, and other interactive experiences. Decentraland has partnered with Doritos, Netflix, and Samsung.
Moving forward, the community’s reaction to their experience is anticipated. Also, reactions to the time taken by the marketplace at the time of purchasing NFT will help support the 2-second claim.