Non-fungible token (NFT) marketplace NFTrade has introduced a more flexible payment method on its platform, now allowing cross-chain purchases and payments on Ethereum, BNB Chain, Polygon, and Avalanche. According to an announcement, NFTrade partnered with cross-chain interoperability protocol Rarimo to roll out these new features, allowing NFT collectors to initiate a purchase on one network and pay on another in just one click.
The latest integration with Rarimo makes NFTrade the first-ever marketplace to support multi-chain payments with ERC20 tokens. For example, users can buy an item on Avalanche and pay with a cryptocurrency from any of the three networks – BNB Chain, Polygon, and Ethereum. Rarimo will automatically swap the buyer’s tokens on the sending chain for the seller’s preferred token on the receiving network. This not only allows the platform to pay the seller but will also release the NFT to the buyer.
It’s important to note that the swapping process is decentralized, and the developer doesn’t have custody of the buyer’s funds. NFTrade also plans to extend this cross-chain purchase offering to Immutable X, Skale, Palm, and Moonbeam later. Lasha Antadze, the founder of Rarify Labs (the firm behind Rarimo), said the new feature was part of the move to improve the user experience in Web3.
However, challenges may arise from costly and slow transactions to complex processes when users hold crypto on one chain but want to buy NFTs on another. These users must leave the marketplace and manually swap their crypto assets on an exchange, navigating multiple interfaces, signing multiple transactions, and paying twice in fees.
To overcome these obstacles, Rarimo aims to offer a more flexible and seamless way for users to make cross-chain purchases with its partnership with NFTrade. This latest NFT checkout solution has the potential to revolutionize the multi-chain user experience in Web3, allowing users to execute purchases with a single click, fee, and signature.
NFTrade is not the first platform to integrate the interoperability feature. Weeks prior, Circle launched a Cross-chain Transfer Protocol (CCTP) that enables USD Coin bridges on April 26, allowing Avalanche users to send USDC to Ethereum. The new interoperability protocol enables users to transfer USDC stablecoin between Ethereum and Avalanche. Circle noted that this move is part of its strategy to solve the fragmentation problem in the Web3 space.
Source: Cryptonews
