- Introduction to ICS-721
- Transferring assets on the blockchain
- Future of Inter Blockchain transactions
NFT transfer has been optimized by a Swiss-based NPO Interchain Foundation (ICF) and Bianjie. The companies have worked on the NFT transfer using ICS-721, based on the ERC-721 network.
ICS-721 enables the user to transfer data to any blockchain platform. It has a variety of uses in different sectors.
The Multifunctional New Token
Different functions can be performed on ICS-721. It will be used in interchain transactions, ultimately serving as a link between other blockchains. Removing the limitations to the transfer of data to only one blockchain. Cosmos, the internet of blockchain, is where this development occurred, which will, in turn, impact on a large scale. It is an open user interface where people can access or connect different blockchains for the better.
Recently there was a Two Phase competition Known as “The Game Of NFTs.” It was mainly designed to check the limits and usability of ICS-721. Cosmos previously conducted two other rounds, “Game of Zones” and “Game of Stakes.”
Bianjie proposed this competition in partnership with other developer teams. The first round saw the participation of 198 developer teams worldwide. The match had different rounds, which challenged every functionality of the ICS-721 token.
“The Game Of NFTs” is a significant competition that would help research and develop the new token. It ultimately optimizes the functioning of the token. There is phase-2 of “The Game Of NFTs,” which will be an interchain hackathon, and it is happening now, where the winners will be awarded $300,000 worth of tokens.
The Future Of NFT Transactions
The main use of these competitions is to reduce the research cost, ultimately resulting in a standardized competition. Where multiple experiments are going on, a single piece of technology covers all possible scenarios, checking the blockchains’ efficiency and user success rate.
It would also positively influence the NFTs. Resulting in the rotation among different traders. Recently the Bitcoin blockchain saw a massive surge in the trade of NFTs. It could be an indication that there is still potential for other blockchains.
Building a new platform for the creators of different blockchains is the main agenda behind this innovation, to increase the ease in the transference of data over other channels, in this case, blockchains. It would be a new upgrade to this network to optimize the ecosystem. It is a turning point in the current scenarios and helps improve the current technologies.
“The Cosmos ecosystem benefits from enhanced growth as it attracts a more diverse range of creators, users, and developers,” Harriet Cao, the founder of Bianjie, said. “This, in turn, fuels creativity and drives innovation, positioning the Cosmos ecosystem as the Interchain of Blockchain for cutting-edge developments in the world of NFTs.”
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in NFTs and cryptocurrency comes with a risk of financial loss.