PolkaCipher Launches First Ever Cross-Chain NFT Transfer Bridge, Empowering NFT Cross-Chain Interoperability
The team at PolkaCipher are extremely excited to announce that we are launching the Truss Platform’s NFT Cross-Chain bridge for any NFT created on Ethereum (Eth) or Binance Smart Chain (BSC) to be swapped from one Blockchain in a few simple steps.
That’s right, we are launching something that has been requested by many communities within the NFT space for so long, the ability to move NFTs across multiple chains; and this is just the beginning!
PolkaCipher intends to add many more compatible chains to complement our Truss Ecosystem in the coming weeks and to expand the full potential of our token economy.
This will be Testnet where users can get used to the system and claim a Faucet NFT to see how it all works. Mainnet will be launched within 14 days.
The Testnet platform will become available at: 4pm UTC, 30th July, 2021.
The link will be on our website homepage: Visit here
Once we switch to Mainnet, it will be integrated within PolkaCipher Truss Platform.
What's the big deal?
The NFT industry right now is becoming overly saturated with multiple NFT platforms on multiple Blockchains. Eth, BSC, Polygon, you name it and there are likely 100+ marketplaces built or being built on each chain.
One of the many problems the current NFT market has though is the limitations placed on the creators to choose which chain to go on and which may be best in the long term for their creation.
Ethereum? where the majority of NFTs are minted but as the price rises, so does the cost to buy and NFT, or, the Binance Smart Chain (BSC) where there are limitations based on users minting on-chain.
One thing is for sure, we cannot move forward in this multi-billion dollar industry that's not just with art and gifs but real estate contracts, legal documents, insurance policies, and more if we are limited to one set of rules or Blockchains.
PolkaCipher’s Truss platform now has the answer!
Did you create an NFT on Opensea or Rarible on Ethereums Blockchain and want to try to sell it on the Binance Marketplace for BNB?
PolkaCipher enables you to do it with a click of a button.
Here is how it all works:
Users simply need to visit the Cross-chain NFT bridge on Truss Platform.
- Connect your wallet using Metamask and select the “Binance Smart Chain”.
2. NFT “Faucet” button should be now active on the dashboard.
3. Click on the faucet to mint and collect a system generated NFT on your current wallet on BSC network. Please ensure you have some BNB on your wallet to confirm the transaction.
4. Wait for transaction to be confirmed and NFT to show up in “Your NFTs” section
5. Select the NFT that you want to send to “Ethereum Mainnet”. At this point “Approve” button should be active. Approve your wallet and then click on “send”. You will have to do 2 transactions on this step. “”Approve” and “Send”.
6. Wait for transaction confirmation and then refresh the page. Under “Your NFTs” in your BSC Network wallet you can no longer see the NFT that was sent to “ETH Chain”.
7. Go back to Metamask and switch to “Ethereum Mainnet”
8. You can see the NFT that you sent from the “Binance Smart Chain” wallet on “Ethereum Mainnet” wallet under “Your NFTs” section
Note* This NFT is not in your wallet yet. This is just a representation of pending transaction on your wallet and it can take a few minutes to present itself due to confirmations on the Blockchains.*
9. Select the NFT that you want to claim. “Approve” the wallet and click “Claim”. Ensure that you have some funds in your wallet to make the transaction.
10. Once this transaction is confirmed, Mission complete.
You have now successfully cross-chain transferred your NFT from one Blockchain to another.
At this point you can also confirm on the Ethereum explorer such as “Etherscan” to see if you have that NFT in your wallet. You can now send it back to the “BSC Network” wallet or use it here on any Dapp on the current chain.
That’s it. Your NFT is now on the Blockchain you selected to transfer over to and you can go about using it wherever you wish to sell it or swap it with others.
In NFT bridge v0.2, we will have additional features:
- Revert the send transaction
- Claim on different wallet other than from where it was sent. That means, you can send NFT from wallet 1 on chain A and claim on wallet 2 on chain B. Currently you can send/claim on same wallet on different chains.
- Support of “Polygon Chain” to bridge the NFTs
As we first launch the NFT ecosystem on Truss, we will start off with Ethereum and Binance Smart Chain but remember, there are many more Blockchains that we can implement. Polygon, Solana, Heco to name just a few.
Now imagine those holders who have a valuable NFT on Rarible and now have to opportunity if they want to sell on another marketplace.
PolkaCipher opens up that world in a few simple steps.
About PolkaCipher
PolkaCipher is a privacy-preserving oracle network on the Polkadot Blockchain focused on bringing the use case of private NFTs to off-chain businesses and be a bridge for seamless integration to on-chain Defi apps.
PolkaCipher’s unique offerings help push the use-case of the NFTs in real-world scenarios while still being connected to a cross-chain network that is fair and accurate. PolkaCipher intends to achieve business goals by helping users transact privately and securely using NFTs as a mode of access to different decentralized apps (Dapps) and real-world business rewards.
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