The year 2022, including cryptocurrencies, hasn’t been great for many geopolitical, environmental, social, or economic activities. Throughout the year, we can see a slight decline in the market for digital assets. Although there were some isolated issues, overall pricing indicators have improved, and the market has steadied. This example demonstrates NFT platform blockchain technology’s importance and high value for cryptocurrency investors and regular people.
NFTs successfully resisted the global economic downturn and the crisis in digital assets. NFT collections for games have done very well. Despite ETH’s price decline, non-fungible token transactions had a combined worth of approximately $11 billion by the middle of February 2022. Crypto aficionados know that the Ethereum chain is where 85%–90% of all NFTs are produced, which has advantages and disadvantages.
Most blockchain platforms have considered the potential of developing a tool for trading NFTs in other networks due to the market downturn. At this point in the industry’s evolution, cross-chain or multichain solutions will be able to address a wide range of issues. For instance, switching between trading platforms that use several networks is no longer necessary. By utilizing cross-chain, you can trade on a single platform, take advantage of its benefits, and send your NFTs to the network you require.
NFT Marketplace Explanation of Cross-chain and Multichain
Most blockchain platforms have considered the potential of developing a tool for trading NFTs in other networks due to the market downturn. At this point in the industry’s evolution, cross-chain or multichain solutions will be able to address a wide range of issues. For instance, switching between trading platforms that use several networks is no longer necessary. By utilizing cross-chain, you can trade on a single platform, take advantage of its benefits, and send your NFTs to the network you require.
The biggest issue with NFT manipulations is that there aren’t many different blockchains for transfers and transactions. Of course, you can conduct transactions by taking detours, exchanging your tokens back and forth, paying commissions, etc. Digital assets acquired following the sale, however, will still be covered by this. However, there is hope because this platform is cross-chain (multichain). Agree that using a platform that offers blockchain diversity and affordable commissions when trading or exchanging makes it much easier to transfer NFT.
Multi-chain or cross-chain NFT marketplaces are online platforms that offer NFT-related services on the condition that all user-used networks are fully compatible. Using cross-chain platforms, you can safeguard user cash from unlawful theft on portals with a low level of trust. Utilizing several blockchains automatically streamlines several procedures, including liquidity and the speed at which NFTs can be credited to another user’s account.
Your NFT transactions will be faster, more transparent, and more secure thanks to cross-chain and blockchain platforms, which are intended to address the current situation in the cryptocurrency market.
The First Cross-chain Technology-based NFT Market is Octogamex
An NFT cross-chain platform where you may purchase, sell, and trade your crypto assets is called Octogamex Marketplace. The site allows you to do the required procedures in minutes and specializes in NFT collections of the most well-liked blockchain play-to-earn (P2E) games. Cross-platform compatibility is one of the Octogamex NFT marketplace’s key benefits. Users of the platform are free to trade in cryptocurrencies other than the blockchain that NFT was first created.
You select a wallet and chain for your transactions by registering on the platform. Users currently have access to up to 10 blockchains, which dramatically alters the process and increases the platform’s usability.
By creating their product, NFT Bridge, OctoGamex contributed to the NFT and multichain industries. It operates similarly to a cryptocurrency bridge but is only related to NFTs. You can switch your NFT from one chain to another with just a few clicks, avoiding large commission fees. You may check it out for yourself; this mechanic is already available.
ElephantLab is a Leader in the Creation of Contemporary Blockchain Products
A research and product firm called ElephantsLab focuses on creating, maintaining, and delivering blockchain technology and associated platforms. Although the company’s main headquarters are in Ukraine, it was created in the UK in 2018. The team’s primary objective is to develop and research all facets of blockchain technology, consider ways to advance it, and modify it to meet the needs of the contemporary world. Additionally, they specialize in Cross-Chain NFT Marketplace Development Services to increase global user access to NFT.