- Global Interoperability: XP.NETWORK facilitates the trading and transfer of Hedera NFTs on more than 30 blockchains, improving 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 industry-leading collections such as Bored Apes Yacht Club and Crypto Punkers.
The XP.NETWORK platform was born as a multifunctional bridge that aims to unite NFT ecosystems across different networks. XP.NETWORK’s latest achievement is 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 maturation 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 partnership is the ability to trade and transfer Hedera NFTs across more than 30 blockchains previously integrated by XP.NETWORK. This leap in interoperability provides projects and collectors with access to a global marketplace, enabling the inclusion of Hedera-built projects on recognized marketplaces such as OpenSea, which has sometimes facilitated up to 80% of global NFT trading.
Multi-chain #NFT bridging is now live on @Hedera via @xpnetwork_, allowing #HBARNFTs to be transferred and traded across 30+ blockchains that make up the $7.5+ billion market, including #Polygon, #Solana and Ethereum via marketplaces like @OpenSea 🌊pic.twitter.com/I7R0nX2I0n
— HBAR Foundation (@HBAR_foundation) November 27, 2023
Collaboration between chains
Hedera platforms, such as Zuse and SentX, can now interact with NFT collections from other chains, such as Bored Apes Yacht Club (with a market cap of $571 million) and Crypto Punks, furthering exchanges within the Hedera ecosystem.
Improved liquidity and exposure
Hedera’s proprietary NFTs are now available to users on more than 30 chains, increasing capital potential and demand. This increased liquidity not only benefits Hedera creators and collectors, but also allows projects based on Hedera NFTs to scale their success to other protocols.
Scale in both directions
Projects based on NFTs on Hedera can extend 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 locking each collection into a contract that is deployed on the originating chain to hold outgoing NFTs. Another contract is implemented on the target protocol according to the standards accepted by that network. The NFTs are created in the receiving accounts on the destination chain.
If the encapsulated NFTs are sent to another foreign chain or back to the original origin chain, they will be burned by the bridge contract and re-signed on the new destination chain or released on the origin chain.
Hypothetical example
If someone moves a Bored Ape Yacht Club (BAYC) to Hedera, XP.NETWORK stakes a contract on Ethereum to hold the BAYC and then stakes 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 actions: the account owner in Hedera can send the BAYC NFT to another non-native chain or send it back to Ethereum.
If returned, the encapsulated NFT will be burned on Hedera and released on Ethereum.
If sent to another chain, a new BAYC contract is deployed on the destination chain, leading to the burning of the assets in Hedera and a new creation 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 such as Bored Apes and Cyber Punks, to explore and find new users and use cases for their products.
In addition to the ability to support more mainstream projects, there are hundreds of thousands of NFT collections from chains like Ethereum, Polygon, and Solana that are struggling to find their place in their own blockchain communities.
This integration allows Hedera to become a blue ocean for these projects, a fertile ground where innovative projects migrate to be cultivated by our more critical and 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 market of NFTs. This development marks a major milestone in Hedera’s evolution as a leading force in cryptocurrency and NFTs.