NFTrade, a nonfungible token marketplace, has introduced a new feature that enables cross-chain purchases across multiple networks. Through an integration with the cross-chain messaging protocol Rarimo, users can now buy NFTs on one network while paying with a different cryptocurrency on another network. This functionality is currently available on Ethereum, Polygon, Avalanche, and BNB Chain. For instance, users can purchase an item on Avalanche using a currency from any of the other supported networks.
The protocol facilitates the automatic swapping of tokens from the buyer’s chain to the desired token on the seller’s chain, ensuring a decentralized process without the developer holding custody of the buyer’s funds. NFTrade’s cross-chain purchase feature is also integrated with Circle’s Cross-Chain Transfer Protocol (CCTP), allowing buyers to burn their tokens on one chain and have them re-minted on another chain. Future plans include expanding cross-chain purchases to Immutable X, Skale, Palm, and Moonbeam.
This development showcases efforts to enhance user experience in the Web3 ecosystem, addressing the seamless transfer of digital assets and identities across different chains. As competition intensifies among NFT marketplaces, new features are being introduced to attract users, such as lower fees and innovative lending options.
