XP.NETWORK Bridges Hedera NFT Ecosystem To 30+ Blockchains

Cross-chain trading increases opportunities for NFT projects and collectors.

XP.NETWORK, a multi-chain bridge working to unify NFT ecosystems across different networks, now connects Hedera NFTs to 30+ blockchains including leaders in the $7.71B NFT market, such as Ethereum, Polygon, and Solana.

The integration is a critical step in the maturation process of Hedera’s NFT ecosystem because it connects projects and collectors to a cross-chain, global market, creating new opportunities by enhancing interoperability, exposure, liquidity, and scalability.

1. Interoperability: Hedera NFTs can be traded and transferred across 30+ blockchains previously integrated by XP.NETWORK.
   
   
2. Increased Exposure: NFT projects built on Hedera can now be listed on globally known Marketplaces, such as OpenSea, which at times has facilitated up to 80% of the global NFT trade.
   
   
3. Cross-Chain Collaborations: Marketplaces on Hedera, like Zuse and SentX can now approach NFT collections on other chains like Bored Apes Yacht Club ($571M market cap), Crypto Punks, etc. and trade them within the Hedera ecosystem.
   
   
4. Enhanced Liquidity: Hedera native NFTs are now available to the users on 30+ chains, increasing the potential for capital and demand.
   
   
5. Two-Way Scalability: NFT-based projects on Hedera can scale success to other protocols and dApps from other chains can expand services on Hedera.
   

HOW IT WORKS

1. When the bridge is used every collection gets locked in this contract that’s deployed on the native chain to hold outgoing NFTs.

2. Another contract is deployed on the destination protocol according to that network’s accepted standards.
   
   
3. NFTs are minted to receiver accounts on the destination chain.
   
   
4. If sent to another foreign chain or back to the native chain of origin, the wrapped NFTs are burnt by the bridge contract and either re-minted on the new destination chain or released on the chain of origin, respectively.

HYPOTHETICAL EXAMPLE‍

Let’s say someone bridges a BAYC over to Hedera, XP.NETWORK deploys a contract on Ethereum to hold BAYC and then deploys a BAYC contract on Hedera, using HTS to mint the wrapped BAYC. Now, the destination account on Hedera is in possession of the NFT.

From here, there are two potential courses of action: The Hedera account owner can send the BAYC NFT to another non-native chain or send it back to Ethereum. 

If they send it back, the wrapped NFT will be burnt on Hedera and released on Ethereum.

If they send it to a different chain, a new BAYC contract is deployed on the destination chain, triggering a burn of the assets on Hedera and a new mint of the wrapped BAYC in the receiver’s account. 

BENEFITS FOR NFT PROJECTS‍

Without bridges, NFTs are resigned to be created, collected, and traded on a single blockchain. This can leave projects vulnerable to the effects of the economic dynamics of the chain on which they’re built. 

For example, if demand for an NFT project dries up within the native community, the only logical pivot available for the dev team is to start from scratch and rebuild the project on a different platform.  

By integrating the XP.NETWORK bridge, Hedera is giving NFT projects built in our ecosystem multiple opportunities to thrive, allowing them the opportunity to benefit from Hedera’s tech stack without giving up exposure to broader pools of collectors. 

And projects built on other ecosystems now have the ability to promote cross-chain and introduce their collections to the Hedera community, creating more opportunity to grow. 

It’s a win-win. 

For a more technical breakdown, check out XP.NETWORK’s GitHub FAQ’s.

BENEFITS FOR HEDERA NFT COLLECTORS‍

The Hedera community now represents a new market for non-native NFT projects, including some of the most well-known like Bored Apes and Cyber Punks, to explore and  find new users and use cases for their products.

In addition to the opportunity to support more mainstream projects, there are hundreds of thousands of NFT collections on chains like Ethereum, Polygon, and Solana that are struggling to find footing within the communities of their native chains.

Not because they aren’t building something worthwhile, but because they simply can’t break through the noise cluttering the ecosystem. 

Through this integration, Hedera can become a blue ocean for these projects, fertile ground where innovative projects migrate to be cultivated by our more discerning, in-the-know community.   

For example, XP.NETWORK integration has already helped hundreds of NFT projects move from the ecosystem where they could not succeed to the one where they not only flourished but occupied the top 10 positions in the target ecosystem volumes of sales both in transactions and price.

Here are a few examples: 

https://xp.network/drifters/ 

https://xp.network/hokiZuki/

https://xp.network/rocketmonsters/