Ukraine Blockchain Firm Unveils Cross-Chain Gaming NFT Marketplace
Less than six months remain for the year to conclude. In the last several months, the blockchain sector has seen significant transformations. They have affected every element, from cryptocurrency exchanges to markets and metauniverses. Initially, the partial market crash that happened at the outset of the year severely rocked the market’s economic base. Currently, the scenario has calmed and the marketplace is back to its normal pace of operation. The NFT market showed its superiority in all respects. Notwithstanding drawdowns, it stayed relatively constant, with a cumulative of $11 billion in transactions over the course of six months.
Although the non-fungible tokens are designed to support art artifacts, gaming NFTs account for a portion of the market capitalization. Owing to the gaming NFT market, the sector has been able to achieve such a successful outcome. Obviously, game collections are of specific interest to the community.
Nevertheless, several markets have encountered the primary issue of NFTs. 85-90 percent of non-fungible tokens are generated on the Ethereum blockchain, indicating a single blockchain. In other terms, if the user’s blockchain is distinct from the one given, he cannot influence the NFT. Numerous organizations, experts, and cryptocurrency enthusiasts are currently creating industry-wide alternatives that will aid in the eradication of this issue entirely. And they achieved some success! Cross-chain or multi-chain technology may solve this issue by permitting users to move their NFTs to a different chain. Few networks now accommodate this project, but now, more than anything else is the optimal opportunity to fully integrate this technology.
The technology of blockchain rarely fails to amaze. Day after day, fresh implausible solutions are created. What transpired in the cryptocurrency market in 2018 prompted several businesses to use multichain technology in their offerings. Cross-chain capabilities is being implemented across the board, from whales to new markets.
Multichain enables consumers to effortlessly transact on the blockchains that best fit them. By using this innovation, the marketplace will indeed be able to lure new NFT-interested groups and grow its customer base. The inclusion of the multi-chain capability on the platform demonstrates that the platform and NFT investors are secure since all data is stored in a blockchain-based register. In addition, the support of many chains has a good impact on the blockchain ecosystem as a whole because to its ongoing liquidity. Cross-chain technology will reduce the entrance barrier for entrants wishing to join the NFT market by acquiring assets.
The Octogamex Marketplace is a good illustration of cross-chain technology. This platform focuses on many NFT tokens for gaming. Octogamex provides a number of facilities, such as trading, auctions, evaluation of P2E games, the option to get daily revenue, and the chance to stake your cash, among others.
Moreover, Octogamex includes the most prominent blockchains. Thus, the platform was able to develop a cross-chain ecology and unify a diverse population. The user may pick which of the eight blockchains he will interact with and conduct transactions on. Having a vast assortment of wallets aids to this.
Nevertheless, Octogamex also has a novelty that sets it apart from its competitors. Lately, the website debuted a brand-new feature called NFT Bridge. Comparable to a cryptocurrency bridge, it enables users to move NFTs from one blockchain to the next without incurring astronomical costs. The actual operation takes just a few seconds and provides total flexibility of options.
ElephantsLab is a research and development firm based in Ukraine that was created in the United Kingdom in 2018. The firm is involved in the creation of several blockchain-based goods and platforms. ElephantsLab describes itself as a workshop or team of researchers whose mission is to examine the blockchain environment. In addition to Cross-Chain NFT Marketplace Development Services, the organization has a large number of additional initiatives on its portfolio.
Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.