A new feature of non-fungible token marketplace NFTrade allows collectors to buy items on one network while paying for them on another. According to a May 23 announcement, the feature was created through an integration with cross-chain messaging protocol Rarimo. Cross -chain buying using NFTrade is available for Ethereum, Polygon, Avalanche, and BNB Chain. For example, if a user wants to buy something on Avalanche, they can pay with the currency of any of the other three networks. The protocol will automatically swap the buyer's tokens on the sending chain for the seller's desired tokens on the receiving chain, then allow it to pay the seller and release the NFT to the buyer. The entire process is done in a decentralized manner, and the developer does not take custody of the buyer's funds at any point, the announcement said.
The feature also integrates with Circle's Cross-Chain Transfer Protocol (CCTP), allowing buyers paying with USD Coin, Burn their tokens on one chain and remind them on the other. Cross-chain purchases will also expand to Immutable X, Skale, Palm, and Moonbeam at some point in the future.
Lasha Antadze, founder of Rarify Labs, a provider of Rarimo services, said the new feature is just one of many steps to address user experience issues in Web3: “The ability to seamlessly transfer digital assets and identities across chains is critical to the success of Web3. NFT checkouts are an important part of this, but they are just the beginning.” Competition among NFT marketplaces continues to heat up as they try to lure users with new features. LooksRare released a new version with lower fees on April 7, while Blur began offering perpetual loans using NFT collateral on May 1.
