Unique Network and Acala Spearhead Cross-Chain NFT Transfers on Polkadot
London, United Kingdom–(Newsfile Corp. – December 21, 2023) – Unique Network announced the first ever XCM transfer of an NFT on Polkadot through a Proof of Concept they delivered along with Acala. NFT interoperability on Polkadot is a step towards the vision for a decentralized and interconnected future. To take steps towards this vision, Unique Network and Acala have successfully executed the first-ever Cross-Chain Message Format (XCM) transfer of Non-Fungible Tokens (NFTs) in a Proof-of-Concept (PoC) on Polkadot.
Cross chain NFTs on Polkadot
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Polkadot’s Interoperability Landscape
The Polkadot landscape has been evolving, fueled by the surge in the widespread adoption of bridges, transforming the ecosystem under the guidance of experts and leadership. This self-governing expert body has played a pivotal role in steering Polkadot towards greater decentralization, fostering collaboration among community members and ecosystem agents.
The lack of NFT XCM transfer capabilities for parachains posed a significant challenge to the seamless movement of NFTs between different chains. The original vision set out in the Polkadot whitepaper focused on using XCM in this manner and Unique Network is leading the way to enable these transfers. The challenges for NFT interoperability are being addressed by Unique Network in collaboration with Acala, marking a new milestone for the Web3 ecosystem.
The Future of NFT Transfers
Since January 2023, Unique Network and Acala have been working on the NFT XCM solution, allowing for easy and secure NFT transfers across the Polkadot network. The collaboration involved engaging with ecosystem members, thought leaders, and developing a Proof-of-Concept and roadmap to bring this vision to fruition.
“NFT transfers are crucial for the vision of Polkadot and to maximise adoption amongst communities and the rapidly growing trend of NFTs. It is important to drive a solution like this into the hands of the community, and that’s where Unique Network and Acala took the leadership role in making this a reality that we see today,” says Alexander Mitrovic, CEO of Unique Network.
Alexander Mitrovic, the CEO of Unique Network, outlined the vision for easy NFT transfers on September 15th, 2023, emphasizing the goal of making NFTs more accessible and driving mass adoption.
XCM’s Crucial Role in Decentralization and Security
The introduction of NFT XCM transfers addresses the limitations of relying on bridges, offering a decentralized alternative that enhances security and transparency for users across the Polkadot network. Without XCM, reliance on bridges may expose users to risks for centralization, which is common for most bridges, due to unclear disclosures. XCM ensures a reliable process for sending and receiving NFTs within Polkadot parachains or between Kusama parachains.
While the capabilities of XCM are exclusive to the Polkadot ecosystem, it provides a robust solution for specific use cases, including influencing decisions, establishing dedicated chains, and paying fees on different networks.
“Unique Network’s contribution to the XTokens pallet in ORML enables parachain teams to effortlessly integrate XCM NFT support into their parachains. This development opens up novel interoperability opportunities within the Polkadot Ecosystem, facilitating advanced NFT use cases. It further enhances the utility of both NFTs and fungible assets across the Polkadot Ecosystem” – Bryan Chen, Co-Founder of Acala Network
The Journey to NFT XCM Proof-of-Concept
Throughout the development process, the Unique Network team focused on ensuring the security of transfers, preventing issues such as double spending or asset loss. The XCM Executor Configuration, specifically the AssetTransactor, played a crucial role in packing and unpacking NFTs, enabling cross-chain transfers on the network.
Unique Network and Acala are inviting projects and the community to explore the future of NFTs on Polkadot. The XCM transfer of NFTs unlocks new possibilities and paves the way for the next generation of applications.
For more information on the NFT XCM Proof-of-Concept and its implications, visit the website.
About Unique Network
Unique Network is an infrastructure for the next generation of NFTs. The first NFT chain for Kusama and Polkadot, Unique Network offers developers independence from high network transaction fees, dense upgrades, and siloed NFTs. The Unique Network team has partnered with numerous NFT projects in order to deepen the integrations needed to expand NFT use cases and usability.
About Acala
Acala is an all-in-one decentralized finance network offering a blockchain platform secured by Polkadot, as well as a suite of cross-chain financial applications that let users trade, issue self-serviced loans, become liquidity providers, access staking derivatives, and earn high-interest APY on their digital assets. The network is scalable, Ethereum-compatible, and optimized for DeFi.
Contact:
Charu Sethi, CMO Unique Network
cs@unique.network
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