In an announcement on May 23rd, NFTrade revealed its shaking hands with the messaging protocol Rarimo. This collaboration enables people to buy items on one network while making payments on another. Furthermore, this dismantles barriers between different blockchain networks and expands the possibilities for NFT transactions.
How does it work? Well, let’s say you want to buy an item on Avalanche. With NFTrade’s new feature, you can pay using any currency from Ethereum, Polygon, or BNB Chain. In addition, the protocol automatically facilitates the token swap between the buyer’s network and the seller’s desired network, making sure that the transaction is easy. Crucially, NFTrade points out that this process is decentralized, meaning the developer never takes custody of the buyer’s funds.
To further enhance the process, NFTrade has joined with Circle’s Cross-Chain Transfer Protocol (CCTP). As a result, buyers who use USD Coin can burn their tokens on one chain and have them re-minted on another chain, adding another layer of flexibility to the buying experience.
The cross-chain purchases offered by NFTrade mark only the initial phase. Notably, NFTrade intends to broaden this capability in the future by incorporating Immutable X, Skale, Palm, and Moonbeam, thereby expanding its presence across diverse ecosystems.
With increasing competition in the realm of NFT marketplaces, NFTrade’s implementation of cross-chain purchases brings an additional dimension of innovation to entice users. As other platforms make advancements in fee reduction and lending options, the NFT industry continues its evolution, promising thrilling advancements and expanded accessibility for both buyers and enthusiasts.