5irechain teams up with XP.Network to advance NFTs for Sustainable Development
In recent years, NFTs have become a status symbol. The NFT sector is thriving, with weekly sales increasing from $2.3 million in January 2021 to $1 billion in August. Each day, hundreds of NFT projects are launched on alternative blockchains such as Binance Smart Chain, Solana, and Avalanche, which have significantly cheaper minting fees than Ethereum. However, the burgeoning NFT communities on these alternative blockchains face a liquidity shortage. Constraints imposed by a single chain. This is the primary aim of our partner, XP.Network. The XP.Network bridge addresses this issue by enabling the rapid and low-cost transfer of an NFT from one blockchain to another.
Facts, figures, and projections about NFTs on different chains
NFTs’ meteoric climb in 2021 has been nothing short of remarkable. According to nonfungible.com, weekly sales of non-fungible tokens were barely $2.3 million in January 2021; by May, amid a bull run in the crypto market, weekly sales had risen to $170 million — a staggering 74x increase in just four months. Even still, this was not the end: in August, seven-day sales exceeded the psychologically significant $1 billion barriers. Though weekly sales eventually fell to $450 million due to the general gloomy feeling, it is anticipated that the NFT market will rebound and hit new highs in late 2021 and early 2022.
The multi-chain bridge capabilities of XP.Network is an innovation that’s needed in this crypto space, and being able to transfer any digital asset, including non-fungible ones, will enable different types of solutions that require digital asset exchange.
Cross-Chain bridging and sustainability development
You might have heard that blockchain in general, and NFTs in particular, are harmful to the environment because of their alleged high carbon emissions. This is not entirely correct. The Ethereum network indeed consumes a lot of energy. Still, fortunately, with XP.Network cross bridging, users now have numerous resource-efficient alternatives, such as Solana, Avalanche, BSC, Elrond, and others, which we may utilize instead. XP.Network cross bridging combines a high degree of scalability with a high level of security to solve the problem of relying on one chain like Ethereum, which has been criticized for its carbon footprint. XP.Network accomplishes this by constructing wrapped NFTs that maintain the original assets’ metadata without duplicating the assets themselves. Upon request, the original NFTs are carefully maintained in custody and can be returned to their rightful owners upon request.
The cross-chain bridge is a critical component of the XP.Network ecosystem’s architecture. It consists of two essential components: smart contracts and relay validators. Users can transmit NFTs that have been minted on one chain to any other chain connected to it due to their synergy. Example: An NFT generated on Solana may then be transferred to Ethereum and listed on OpenSea, or to a BSC-based marketplace like OpenBiSea, or to Snowflake on Avalanche and so on.
On the other hand, NFTs can advance sustainability initiatives and promote equity and fairness. This is directly correlated with 5irechain’s fundamental aim: to build a user-centric, sustainable ecosystem by integrating sustainability into the network’s primary layers and the democratic decision-making that governs the network. With 5irechain’s Nominated Proof-of-Stake blockchain and off-chain validators and governance mechanisms, incorporating XP.Network NFTs protocol cross-chain bridging will bring NFTs from a for-profit to a for-benefit paradigm by altering the fundamental concepts and leveraging the true power of cross-chain blockchain and bridging the divide between one-chain and multi-chain NFTS.
For example, confirming ownership rights to certain valuable items can be accomplished considerably more quickly using an NFT than it can be accomplished using standard bureaucratic methods, which use a great deal of time, power, and paper. The same is true for patenting inventions, franchising the right to use intellectual property, and other forms of intellectual property exploitation.
About XP.Network
XP.Network is the world’s first chain-agnostic NFT Bridge that integrates seamlessly with all blockchains. XP.Network provides out-of-the-box multi-chain compatibility for any minted NFT, dApp, or use case, allowing NFTs and cash to travel across networks and wallets easily. With XP.Network, an NFT created on one blockchain may be sold and exchanged on any other linked chain, allowing it to reach a far larger audience. XP.Network focused on a multi-chain bridge for newly minted NFTs, the XP.Network has been developed to tear down the boundaries that exist between blockchains, allowing NFTs to freely circulate between networks. XP.Network, which connects decentralized applications, traders, and owners, lays the groundwork for a single worldwide NFT market.
The XP.Network uses two critical components: smart contracts and relay validators. Their synergy enables users to transmit NFTs minted on any of the linked chains to any other chain. They are immutable; a smart contract’s behavior is deterministic and defined by its built-in logic. Each bridge contract is compiled in the language used by the hosting chain, be it Solidity, Rust, TEAL, Plutus.
About the Partnership
The NFT Bridge developed by XP.Network will be critical in establishing fair, sustainable, and for-benefit decentralized platforms. We are only beginning to investigate the possibilities, which range from validating university degrees to patenting innovative technologies and registering real estate ownership rights. For instance, an innovator who develops a new valuable technology can sell or franchise the right to manufacture items based on it across borders in a matter of seconds. 5irechain supports Solidity and Ink! natively, but with the addition of the XP.Network bridge and JavaScript API library, it will accept NFT contracts written in any language be it Rust, TEAL, or Plutus. This will allow artists, creators, and democratic bodies to operate freely.
Thus, bringing about a paradigm shift from a for-profit to a for-benefit paradigm through the modification of core concepts and the utilization of blockchain as a source of truth and multi-layered oracles as the tools to bring forth this true power of DLT technologies. The provision of the most secure and advanced collaborative tools that are based on E2E encryption data exchange open-source protocols will assist DAOs and working groups in bringing forth value off-chain to the rest of the world.
“XP.Network NFT bridge, Including their unique multi-chain support, scale, and reach, are very impressive to us. We are excited about this collaboration because of the opportunity to enhance sustainability through NFT and the possibilities of empowering artists and creators. With that said, there are many undisclosed benefits that this collaboration will soon unleash.
We want to use creativity and technology to drive a behavioral change towards sustainability”. Pratik Gauri, 5ire Co-Founder & CEO
More information about 5ireChain can be found by clicking on the following links:
Website: https://5ire.org
White paper: https://bit.ly/5ireWP
LinkedIn : https://www.linkedin.com/company/5ireChain
Twitter : https://twitter.com/5irechain
Discord : https://discord.gg/h5gY4B6mFY
Telegram : https://t.me/OfficialFireChain
