As per the announcement made on May 23, a recent integration with cross-chain messaging protocol Rarimo has enabled the introduction of a novel feature on the nonfungible token marketplace NFTrade. This feature enables collectors to procure items on one network while making payments through a separate one.
The cross-chain purchase functionality offered by NFTrade is compatible with Ethereum, Polygon, Avalanche, and BNB Chain. To illustrate, if a user intends to procure an item on Avalanche, they can make payments with the currency of any of the three other networks. The protocol will automatically exchange the buyer’s tokens on the sending chain for the token that the seller prefers on the receiving chain, thereby enabling payment to the seller and the release of the NFT to the buyer. The entire process is executed in a decentralized manner, and the developer does not at any point take custody of the buyer’s funds, as per the announcement.
Additionally, the feature is integrated with Circle’s Cross-Chain Transfer Protocol (CCTP), which permits buyers who make payments using USD Coin (USDC) to extinguish their tokens on one chain and have them re-minted on another. The cross-chain purchase functionality will be extended to Immutable X, Skale, Palm, and Moonbeam in due course.
According to Lasha Antadze, who is the founder of Rarify Labs, the service provider for Rarimo, this new feature is merely one among several measures taken towards addressing user-experience challenges in Web3.
“The ability to seamlessly transfer digital assets and identities across chains is vital to the success of Web3. NFT checkouts are an essential part of this, but they are also just the start.”
The rivalry among NFT marketplaces is intensifying as they strive to entice users with fresh features. On April 7, LooksRare launched a new version with reduced fees, while Blur introduced perpetual lending with NFT collateral starting May 1.
