NFTrade enables cross-chain NFT purchases with any cryptocurrency
NFTrade, multichain NFT marketplace, has merged with Rarimo, next-generation interoperability protocol, to enable users to buy NFTs with any cryptocurrency on any chain. Users can now make one-click cross-chain purchases with Ethereum, Polygon, BNB Chain and Avalanche, and support for NFTrades’ other chains will be added over time.
Rarimo’s NFT Checkout solution allows users to make purchases with a single fee and signature. Currently, users have to leave the marketplace and manually exchange crypto on an exchange to buy an NFT on another chain.
Rarimo’s solution allows users to select payment currency, sign to authorize payment and complete the NFT checkout. The process is decentralized and non-custodial, and tokens or NFTs are not held by a third party.
Rarimo makes the one-signature, one-fee process possible by aggregating transactions behind the scenes so that multiple flows can be executed simultaneously.
The ability to transfer digital assets and identities across chains is critical to the success of Web3, and NFT wallets are an essential part of this, but they are just the beginning, said Lasha Antadze, founder of Rarify Labs, one of Rarimo’s service providers.
Rarimo supports all token standards and will be able to accommodate any additional chains that NFTrade integrates. NFTrade is part of the larger DeFi ecosystem and enables users to create, sell and exchange NFTs.
NFTrade and Rarimo’s collaboration seeks to address a significant pain point in the NFT space, which has been dominated by Ethereum’s blockchain, leading to higher gas fees and limited functionality.
Cross-chain NFT transactions will make it easier and cheaper to sell NFTs, helping to remove barriers to entry and increase usage. By adding cross-chain functionality, NFTrade positions itself as a leader in the multi-chain NFT market.
The move to multichain is driven by the need to enable users to access a wider range of assets and to create a more inclusive and interoperable ecosystem.
The NFT market has grown rapidly, with sales of $2.5 billion in Q1 2021 alone, according to NonFungible.com.
The boom has attracted major brands, including Gucci and Visa, to the space. However, its growth has also highlighted the limitations of Ethereum’s blockchain, leading to the development of multi-chain solutions such as Rarimo.
The collaboration between NFTrade and Rarimo is a significant step towards greater interoperability and inclusion in the NFT space.
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