Less than six months until the end of 2022. During this time, many changes have taken place in the blockchain industry. They have influenced all aspects, from crypto exchanges to marketplaces and meta universes. First of all, the partial collapse of the market, which occurred at the beginning of the year, greatly shook the internal economy of the market. At the moment, the situation has stabilized, and the market is returning to its usual working pace. The NFT market showed itself best of all with all the consequences. Despite the drawdowns, it remained fairly stable, and the total number of transactions for half a year amounted to $11 billion.
Even though non-fungible tokens are aimed at supporting art objects, gaming NFTs occupy some part in the capitalization of the entire market. Thanks to the gaming NFT marketplace, the industry has managed to show such a good result. Of course, the community is directly interested in game collections.
However, many marketplaces have faced the main problem of NFTs. The bottom line is that 85-90% of non-fungible tokens are created on the Ethereum blockchain, which implies a mono-blockchain. In other words, the user cannot manipulate the NFT if his blockchain is different from the one provided. Many companies, analysts, and crypto enthusiasts are actively developing solutions to the industry that will contribute to the complete elimination of this problem. And they kind of succeeded! Cross-chain or multi-chain technologies can reverse this problem by allowing users to transfer their NFTs to another chain. Few platforms are supporting this initiative, but now, more than ever is the best time for the total integration of this technology.
Multichain and cross-chain NFT Marketplace Explained
Blockchain technology never ceases to amaze. Every day new seemingly impossible solutions are born. What happened to the crypto industry this year pushed many companies to implement multichain in their products. Everything from whales to new marketplaces is implementing cross-chain into their functionality.
Multichain provides users with the opportunity to seamlessly trade in those blockchains that are more suitable for them. By implementing this technology, the marketplace will be able to expand its client and user base by attracting new communities that are interested in NFT. The presence of the multi-chain function on the platform shows that the platform and NFT users are protected since all data is entered into a special register in the blockchain. Moreover, the support of several chains has a positive effect on the blockchain robot as a whole due to constant liquidity. Cross-chain technology will lower the entry threshold for newcomers who want to enter the NFT industry by owning their assets.
Octogamex the world’s first cross-chain technology-based NFT marketplace
Octogamex Marketplace can be called an excellent example of cross-chain technology. This platform specializes in various gaming NFT tokens. Octogamex provides a wide range of services, including trading, auctions, analysis of P2E games, the ability to receive daily income, stake your funds, etc.
In addition, Octogamex has the most popular blockchains. This allowed the platform to create a cross-chain ecosystem and unite a rather different community. The user himself can choose one of the eight blockchains with which he will work and make transactions. A wide selection of wallets only contributes to this.
However, Octogamex also has an innovation that distinguishes it from similar companies. Recently, the site launched a new feature – NFT Bridge. It works similarly to a cryptocurrency bridge, allowing its users to transfer NFTs from one blockchain to another without losing money on huge fees. The procedure itself takes a matter of seconds and gives you complete freedom of choice.
ElephantLab – pioneers of modern blockchain product development
ElephantsLab is a research and product company founded in 2018 in the UK with headquarters in Ukraine. The company is engaged in the development of various blockchain products and platforms. ElephantsLab positions itself as a laboratory or a group of scientists whose goal is to study the blockchain ecosystem. The company pays special attention to Cross-Chain NFT Marketplace Development Services, but besides this, they have many other projects on their account.