Embrace Interoperability With Multi-Chain NFT Marketplace Development

 

I hear a lot of numbers about the NFT sales these days, which is satisfying for me as a blockchain analyst. However, most of the NFT projects are ignorant of the fact that NFT enthusiasts prefer to own their tokens on multiple chains. Unfortunately, not many projects/marketplaces out there have this feature.

Let me run you through the significance of multi-chain NFT marketplace development in this crucial year (for NFTs) - 2022. 

Why 2022 Is Crucial For The NFT Industry?

As an industry insider, I hear many saying that NFTs may encounter a dip (in sales) this year. It’s not new for me, though; because I’ve been hearing it since the start of 2020. 

The last year (2021) saw the global NFT sales volume spike up to a $41billion market by the end of 2021. We’re in April (while writing!) now, and I’m hearing that the NFT market has already surpassed half of last year’s mark. However, I can’t get over the fact that there have been a few dips in some NFT projects. 

With more celebrities, sporting athletes, and entrepreneurs jumping on the NFT bandwagon, I think NFT market will only better the last year. 

Multi-Chain Will Be The New Norm

Imagine you have an NFT marketplace that mints NFTs only on the Ethereum blockchain. While there is no doubt about Ethereum’s efficiency, not many are fans of the chain’s exuberant gas fees (transaction fees). As a result, some people would want to mint their NFTs on another blockchain. Amidst such a scenario - comes - a multi-chain white-label NFT marketplace, which allows people to mint tokens on their favorite chain. 

Conclusion

While the market struggles with the incompatibilities of the NFT marketplace, there is an opportunity to develop a futuristic NFT marketplace with Multi-chain compatibility, which allows NFTs to be quickly teleported across different blockchains.