An Interoperable NFT Standard Has Landed on Cosmos
Swiss-based non-profit group the Interchain Basis (ICF) has partnered with Bianjie, a blockchain growth firm, to launch a brand new NFT customary. Customers using the brand new customary, dubbed ICS-721, will now be capable of monitor and switch their NFTs throughout completely different blockchains.
ICS-721 — an homage to the ERC 721 NFT customary on Ethereum — is an utility layer inter-blockchain communication (IBC) protocol, which signifies that it permits blockchains to speak with each other with out the necessity for a bridge.
This new customary can allow NFTs to be built-in into varied sectors in Web3. These embody gaming, socializing, identification administration and lots of others, Maria Gomez, managing director on the Interchain Basis advised Blockworks.
“The surge in profile picture (PFP) projects highlighted an earlier trend in NFT technology, but this also led to questions about their long-term value and sustainability. As the industry evolves, the focus is expected to shift toward utility and real-world applications,” Gomez mentioned.
Right here, Interchain NFTs are anticipated to carry a definite benefit, as the usual affords enhanced performance and potentialities by means of cross-chain interoperability, she notes.
Harriet Cao, the founding father of Bianjie and a outstanding technical contributor to Cosmos, advised Blockworks that ICS-721 can be initially accessible on all IBC-enabled Ethereum, Substrate, CosmWasm and Cosmos SDK chains. There are plans to increase its availability to further ecosystems sooner or later.
The Recreation of NFTs
A two-phase competitors for builders referred to as the Recreation of NFTs, designed to check out ICS-721, launched earlier in March this yr. The title is a continuation of prior Cosmos function testing efforts, Recreation of Stakes and Game of Zones.
The primary section of the competitors drew the eye of 198 groups worldwide, Cao mentioned. Every group needed to undergo different tasks and challenges with the last word aim of testing the protocol’s capabilities earlier than its mainnet deployment.
The competitors was proposed by Bianjie in partnership with a number of validator and developer groups together with these from IRISnet, Stargaze, Juno, Uptick and OmniFlix.
“The Cosmos ecosystem benefits from enhanced growth as it attracts a more diverse range of creators, users, and developers,” Cao mentioned. “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.”
After completion of Section 1 of the Recreation of NFTs, Section 2 — an interchain hackathon, is now underway.
Groups can have till June 19 to submit their tasks for the hackathon and over $300,000 price of tokens and credit can be awarded to winners.
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