Truth to tell, 2022 has not been the best for many geopolitical, environmental, social, and financial processes, including cryptocurrency. We could observe a partial drop in the digital asset market throughout the year. There were some tests and problems here and there, but the overall price indicators have recovered, and the market has stabilized. This practice shows blockchain technology’s high value and significance for crypto investors and ordinary citizens.
NFTs turned out to be the most resistant to global changes and the crisis of digital assets. Gaming NFT collections were wildly successful. Despite the drop in the price of the ETH cryptocurrency, by mid-February 2022, the total value of transactions of non-fungible tokens was almost $11 billion. Crypto enthusiasts know that approximately 85-90% of all NFTs are developed on the Ethereum chain, which has both positive and negative effects.
Due to the market decline, most blockchain platforms have thought about the possibility of creating a tool for trading NFTs in other networks. At this phase in the evolution of the industry, cross-chain, or multi-chain technologies, will be able to solve many problems. For example, the need to switch between trading platforms that use different networks will completely disappear. You can trade on one platform using cross-chain, enjoying all its advantages and transferring your NFTs to the network you need.
Multichain and cross-chain Gaming NFT marketplace explained
Due to the market decline, most blockchain platforms have thought about the possibility of creating a tool for trading NFTs in other networks. At this phase in the development of the industry, cross-chain, or multi-chain technologies, will be able to solve many problems. For example, the need to switch between trading platforms that use different networks will completely disappear. Using cross-chain, you can use the platform, enjoying all its advantages and transferring your NFTs to the network you need. The main problem associated with the manipulations around NFT is the lack of a wide range of blockchains with which you can make transfers and transactions. Of course, you can carry out transactions using indirect routes and convert, converting back and forth, spending money on commissions, and so on. However, this will still apply to digital assets received after the transaction. But there is hope – this is a cross-chain (multi-chain) platform. Agree that it is much easier to transfer NFT using a platform that provides blockchain variability and reasonable commissions when trading or exchanging.
Cross-chain or multi-chain NFT marketplaces provide services related to using NFT in conditions of full compatibility of different networks used by users. Cross-chain platforms allow you to protect user funds from unauthorized theft on portals with a dubious level of trust. Using multiple blockchains, you automatically simplify several processes, such as liquidity and the speed at which NFTs can be credited to another user’s account.
Cross-chain and blockchain platforms are designed to improve the current state of affairs in the crypto market by making your NFT transactions faster, transparent, and secure.
Octogamex is the world’s first cross-chain technology-based NFT marketplace.
Octogamex Marketplace is an NFT Gaming cross-chain platform where you can buy, sell, and exchange your crypto assets. The platform specializes in NFT collections of the most popular blockchain play-to-earn (P2E) games and allows you to achieve the operations you require in a matter of minutes. One of the main advantages of the Octogamex NFT marketplace is cross-platform. Platform users are free to trade in cryptocurrencies other than the blockchain NFT originally made on.
By registering on the platform, you choose a wallet and chain in which you want to make transactions. Currently, up to 10 blockchains are available to users, significantly changing the workflow and expanding the platform’s usability.
In addition, OctoGamex contributed to the NFT and multi-chain industry by developing their tool – NFT Bridge. It works akin to the principle of a cryptocurrency bridge but is exclusively associated with NFTs. This feature helps to bypass massive commissions and, in a couple of clicks, allows you to convert your NFT from one chain to another. This mechanic is already available, and you can see it for yourself!
ElephantLab – pioneers of modern blockchain product development
ElephantsLab is a research and product company specializing in developing, supporting, and providing blockchain technologies and related platforms. The company was founded in 2018 in the UK, but its main headquarters is in Ukraine. The primary goal team’s main goal is to study all areas of blockchain, analyze how this technology can be improved, and adapt it to modern world requirements. In addition, they specialize in Cross-Chain NFT Marketplace Development Services, trying to make NFT even more accessible to users worldwide.
Check out: What Are NFT Tokens and Why Are They Valuable?
Source@techsaa: Read more at: Technology Week Blog
