NFTrade, the multichain NFT marketplace, has teamed up with Rarimo, the next-generation interoperability protocol, to enable users to purchase NFTs with any cryptocurrency on any chain. Users can now make single-click, cross-chain purchases with Ethereum, Polygon, BNB Chain and Avalanche, and support for NFTrades’ other chains will be added over time.
Rarimo’s NFT Checkout solution allows users to make purchases with a single fee and signature. Currently, users must leave the marketplace and manually swap crypto on an exchange to buy an NFT on another chain.
Rarimo’s solution allows users to select their payment currency, sign to authorise payment and complete the NFT checkout. The process is decentralised and non-custodial, and tokens or NFTs are not held by a third party.
Rarimo makes the single-signature, single-fee process possible by bundling transactions behind the scenes, enabling multiple flows to be executed simultaneously.
The ability to transfer digital assets and identities across chains is crucial to the success of Web3, and NFT checkouts are an essential part of this, but they are just the start, said Lasha Antadze, founder of Rarify Labs, one of Rarimo’s service providers.
Rarimo supports all token standards and will be able to cater to any additional chains NFTrade integrates. NFTrade is part of the larger DeFi ecosystem and enables users to create, sell and exchange NFTs.
NFTrade and Rarimo’s collaboration seeks to solve a significant pain point in the NFT space, which has been dominated by Ethereum’s blockchain, leading to higher gas fees and limited functionality.
Cross-chain NFT transactions will enable NFTs to be sold more easily and cheaply, helping to remove barriers to entry and boost adoption. By adding cross-chain functionality, NFTrade is positioning itself as a leader in the multichain NFT marketplace.
The move to multichain is being driven by the need to enable users to access a broader range of assets and to create a more inclusive and interoperable ecosystem.
The NFT market has been growing rapidly, with sales of $2.5 billion in Q1 2021 alone, according to NonFungible.com.
The boom has attracted big brands, including Gucci and Visa, to the space. However, the growth has also highlighted the limitations of Ethereum’s blockchain, leading to the development of multichain solutions like Rarimo.
The collaboration between NFTrade and Rarimo is a significant step towards greater interoperability and inclusivity in the NFT space.