Fungible Token Marketplace NFTrade Offers Easy Way To Pay For Items On Multiple Networks
Non-fungible token marketplace NFTrade has introduced a more flexible payment method on its platform.
The marketplace now allows 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 the new features.
These new features allow NFT collectors to initiate a purchase on one network and pay on another in one click.
NFTrade’s New NFT Checkout Solution
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.
Get ready to buy NFTs with ANY crypto on any chain🔥— Rarimo (@Rarimo_protocol) May 23, 2023
Want an NFT on Ethereum, but only have AVAX on Avalanche?@NFTradeOfficial's Rarimo integration makes it the FIRST-EVER marketplace to support multi-chain payments with ERC20 tokens pic.twitter.com/8cutBCtjQa
Rarimo will automatically swap the buyer’s tokens on the sending chain for the seller’s preferred token on the receiving network.
That would allow the platform to pay the seller and release the NFT to the buyer.
The announcement noted that the swapping process is decentralized, and the developer cannot have custody of the buyer’s funds.
NFTrade plans to extend this cross-chain purchase offering to Immutable X, Skale, Palm, and Moonbeam later.
The founder of Rarify Labs, the firm behind Rarimo, Lasha Antadze, said the new feature was part of the move to improve user experience in Web3.
According to Antadze:
“The ability to seamlessly transfer digital assets and identities across chains is vital to the success of Web3. NFT checkouts are an essential part of it, but they are just the start.”
Currently, users holding crypto on one chain but want to buy NFT on another face challenges from costly and slow transactions to complex processes.
Users must leave the marketplace and manually swap their crypto assets on an exchange.
The manual token swap requires them to navigate multiple interfaces, sign multiple transactions and play double fees.
However, Rarimo said it’s offering a more flexible and seamless way to do this in one click with its partnership with NFTrade.
Rarimo’s latest NFT checkout solution could revolutionize the multi-chain user experience in Web3, allowing users to execute purchases with a single click, fee, and signature.
Circle Set The Pace For Cross-chain Token Transfer In Web3
NFTrade is not the first platform to integrate the interoperability feature. This latest development follows a few weeks after Circle deployed a new interoperability protocol.
On April 26, Circle launched a Cross-chain Transfer Protocol (CCTP) that enables USD Coin bridges, allowing Avalanche users to send USDC to Ethereum.
The new interoperability protocol enables users to transfer USDC stablecoin between Ethereum and Avalanche.
Circle noted in the announcement that the move is part of its strategy to solve the fragmentation problem in the Web3 space.