You are currently viewing #26: The Emerging Multi-Chain Narrative In NFTs |  by Ahmed |  Coinmonks |  Dec, 2022

#26: The Emerging Multi-Chain Narrative In NFTs | by Ahmed | Coinmonks | Dec, 2022

Photo by Febiyan on Unsplash

The bear market has been extremely tough all around but I have been pleasantly surprised by the resilience of the NFT space- not just communities but especially the builders.

The emerging narrative, in fact, is that we may see a multi-chain NFT space before the rest of the sub-components of Crypto follow. The following is just the recent evidence of why I firmly believe this to be the case:

  • OpenSea, the Ethereum-based NFT marketplace, will add support for BNB Chain NFTs after already adding Polygon & Solana;
  • Magic Eden, the Solana-based NFT marketplace, has similarly integrated Polygon after already having Ethereum onboard;
  • Phantom, the Solana-based self-custody wallet, has announced that they will be integrating the Ethereum chain so as to give a single wallet unified experience for EVM and Non-EVM. They are not the first. Coral has already been working on a similar solution to the Backpack initiative — a single wallet for Ethereum & Solana;
  • It is now confirmed that the 4th chain to be included in the first-ever MOCERPG — Massive Online Community Event Role Playing Game — Rifters will be BNB after Solana, Ethereum & Polygon. The Communi3-led project will also be experimenting with its new Dynamic Value Mining (DVM) technology that could potentially draw on liquidity from both Solana & Ethereum;
  • DeCalls, the options trading platform for NFTs being built by Yawwws, has already revealed plans for scaling the service to Ethereum post the Solana launch. Similarly, Simple Labs, building an enterprise solution for the management of Web3 projects, has also made a similar commitment.

If the above is not enough evidence of where we are headed, I don’t know what else to believe. These are indeed interesting times & I am quite optimistic that, with the amount of utility-based & business-oriented projects now building targeting chain agnosticism, the NFT space will indeed go mainstream.

On hearing the Phantom news followed by that of Polygon coming to Magic Eden, I couldn’t contain my excitement from the perspective of being a Zignaly Ambassador.

There is no question that a multi-chain NFT world will suit the ZIGBids Defi Auction platform. This was something the team had already planned for, that is, being cross-chain. What excites me instead is that the ecosystem is moving towards a multi-chain world which means that things will move faster for ZIGBids as well.

Now when it comes to tech, I am more of a poet as opposed to a developer but we could soon see Solana NFT Maxis raiding ZIGBids for a whitelist to mint a Polygon NFT on Magic Eden — all from the confines of a single wallet!

This is already a stellar product & wider ecosystem alignment is going to increase its visibility & demand manifold.

Are you interested in DeFi Auctions for NFTs? If so, go to the ZIGBids website, connect your metamask wallet & enter redemption code “AHMEDZIGBIDS” to load up on up to 10,000 $ZIG.

In an ideal world, the retail user really needs a high-end UI/UX interface to transact. The chains & their interoperability are very much backend mechanics. I believe, just my opinion, that the current on and off-ramping is very much a deterrence in really growing retail participation in Crypto, as you can’t expect the retail guy to know about each and every chain & juggle a gazillion wallets. In this respect, not just as a Zignaly Ambassador but as someone who is here for the tech (yeah right!), I am quite excited by how things are shaping up.

If you are looking for an expert trader to manage your crypto portfolio in a non custodial manner with profit sharing & no fixed fees, Zignaly is the place for you. Come on in and sign up at this link. The best part? No minimum amount to start!

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