Cross-chain messaging protocol LayerZero has unveiled a ‘gas abstraction’ tool to facilitate cross-chain NFT swaps.
The news coincides with the integration of NFT marketplace Magic Eden with the LayerZero protocol. This means that traders can now buy and sell Omnichain non-fungible tokens (ONFTs) on supported chains.
At launch, these capabilities will be available for Ethereum and Polygon, although they will be available for more chains soon.
In an interview with Blockworks, LayerZero chief strategy officer Irene Wu said the gas extraction tool, which they’ve dubbed “Gas Station,” is designed to help users create a more seamless experience when buying and moving NFTs from one chain to another. to the other.
“If a collector or end user only knows one ecosystem, they usually only have one gas token in their wallet,” Wu says. “Gas extraction enables the recording and exchange of gas tokens.”
Gas Station was a collaborative project between Magic Eden and LayerZero and allows users to purchase NFTs directly through the Magic Eden app or platform without having to go to a centralized exchange to trade or borrow their tokens.
“The way gas stations work is actually very different from that of hot wallets that charge a gas fee in advance. What is unique about this is that it is not a service, but a completely open source, protocol-based solution, is decentralized and does not place security in the hands of a third party,” said Wu.
Cross-chain NFTs could be especially useful in gaming protocols, Wu explains.
Read more: NFTs should be about connecting makers with collectors, says Magic Eden’s Huang
“When you design your game, you need the gaming assets and the currency to be able to move across all these networks or at least provide an abstracted user experience that is chain agnostic,” she said. “I would say almost every NFT maker and gaming studio is thinking about interoperability right now.”
