As it turned out, in 2022, the way to measure financial stability was not gold, stocks, or even Bitcoin. Now, that baton is proudly carried by a digital asset called NFT. The non-fungible token is a buzzword in today’s world of crypto markets and technology. NFTs are unique cryptographic digital assets that exist on the blockchain network and represent unique digital assets that cannot be reproduced, duplicated, counterfeited, or replaced. Since their appearance, non-fungible tokens have gone through several stages of evolution. Initially, they were used by the community as fuel for physical works of art: paintings, audio files, videos, movies, architecture, etc. Later, video games were added to this list. Their synthesis with NFT prompted the technology to give birth to something more – this is how the entire GameFi industry appeared.
To understand the value of NFT technology, you need to pay attention not only to its technical capabilities but also to its overall capitalization. The so-called marketplaces, engaged in buying, selling, exchanging, minting, and other operations, played a leading role in creating demand for NFTs. For example, according to the popular resource DappRadar, the total market capitalization of non-fungible tokens was 12 billion dollars. And this is taking into account the general fall of ETH at the end of 2021. At the moment, the majority of all NFTs (almost 90% of the total created) are in the Ethereum network. First of all, this is due to the ability of this cryptocurrency to create secure smart contracts, based on which the non-fungible token technology is built. Of course, there are also compelling disadvantages, such as the high prices for NFT maintenance on the network, high gas fees, and the limitation of intra-chain trading.
Realizing all the needs of the market, many developers and crypto-enthusiasts are looking for opportunities to reproduce NFTs on different networks. It would allow users to switch between multiple markets and use different networks. In addition, it is an opportunity to mint your non-fungible tokens using your network. This concept is called cross-chain or multichain. The creation of such markets will be a powerful impetus to the development of NFTs and their involvement in most areas of our lives. In addition to increasing interoperability, this makes them more sustainable, increases security, and reduces the influence of centralized companies on technology.
Multichain and Cross-chain NFT marketplace explained
As we wrote earlier,cross-chain NFT marketplace is a specialized platform on the blockchain that will allow you to conduct all financial transactions with a different set of non-fungible tokens and their collections. Unfortunately, most modern platforms do not support the possibility of multichain transactions and manipulations related to NFTs. I want marketplaces and support cryptocurrency of different networks cross-chain and multichain are just starting to develop in such markets. And it is not surprising. After all, the very possibility of using your non-fungible token in different networks opens up a much wider range of benefits and offers for crypto-enthusiasts. One of the most important advantages of multichain is the possibility of expanding its client base because with the addition of a new network comes with a new audience. Separately, it is necessary to highlight the functionality of cross-chains. First of all, it improved security against unauthorized interference in the work of NFT.
Multichain also makes liquidity easier because your non-fungible token will be active on a specific network. In addition, thanks to the advantages of cross-chain, your video game NFT marketplace will be able to work under different conditions and on different devices without reducing performance. In general, multichain technologies bring extremely noticeable advantages to your business, allowing you to scale your platform and bring it to the top positions of the global crypto market.
Octogamex the world’s first cross chain technology-based NFT marketplace
OctoGamex is a decentralized multichain gaming NFT trading platform where you can conveniently buy, sell, exchange, and trade your non-fungible in-game tokens. The marketplace team offers users the best service, intuitive interface, and stable income. OctoGamex specializes in the most popular NFT collections, play-to-earn (or P2E), and blockchain games. The most significant advantage of working with the platform will be its cross-platform nature and operations processing in a matter of seconds. Registration on this platform is clear and simple. The user only needs to choose a convenient wallet, and the network will take place. Currently, the OctoGamex team offers you up to 10 blockchains that you can use to realize your ideas. It decently expands the possibilities of functionality and raises the platform’s usability. In addition, OctoGamex has a unique feature that cannot be found in any other marketplace. The name of this tool is NFT Bridge. It is designed to turn your perception of multichain upside down. The main function of NFT Bridge is to transfer your non-fungible token to another network. That is, OctoGamex users have the opportunity not to pay huge commissions, and convert their NFTs from one chain to another. Do not delay, because you can become one of them!
ElephantLab – pioneers of modern blockchain product development
The OctoGamex multichain platform was developed by an ambitious team engaged in research in the field of blockchain. ElephantsLab is a product company specializing in the development of products based on blockchain technology. It was founded in 2018 in Great Britain, but the head office is located in Ukraine. The team actively implements, analyzes, and studies blockchain technology, trying to adapt it as much as possible to the realities of the changing present. ElephantsLab also provides development services for multichain NFT Marketplaces and many other opportunities to develop the industry of non-fungible tokens for global needs.