Quick take:
- Cosmos has integrated a new standard for NFT interoperability.
- The multichain platform will now allow users to track and transfer NFTs across different blockchains without using a bridging protocol.
- The new protocol enables NFTs to be integrated into various sectors like gaming, socialising and web3 identity, among others.
Cosmos has integrated a new standard for NFT interoperability. The multi-chain network on Tuesday said the ICS-721 standard will allow users to track and transfer NFTs between blockchains.
The ICS-721 is described as an application layer inter-blockchain communication (IBC) protocol that enables the communication between blockchains without requiring a bridging protocol.
The new protocol enables the integration of NFTs across multiple sectors including gaming, web3 identity protocols, and social platforms, Maria Gomez, managing director at the Interchain Foundation told Blockworks on Tuesday.
“The surge in profile picture (PFP) projects highlighted an earlier trend in NFT technology, but this also led to questions about their long-term value and sustainability. As the industry evolves, the focus is expected to shift toward utility and real-world applications,” Gomez said.
The ICS-721 NFT standard is a collaboration between the Interchain Foundation and web3 startup Bianjie. The standard is meant to add utility to Interchain NFTs by integrating with multiple use cases and enabling cross-chain interoperability.
Harriet Cao, the founder of Bianjie said the standard will be initially offered via ll inter-blockchain communication-enabled Ethereum, Substrate, CosmWasm and Cosmos SDK chains, but plans are already underway to add support for more ecosystems.
Cross-chain interoperability has become the main area of focus for blockchain companies looking to accelerate the mass adoption of users. Interoperability allows users to utilise their assets across multiple blockchains, enhancing user experience.
With NFTs becoming a common feature of blockchain games, players reap more rewards when they are able to use their characters across multiple gaming platforms regardless of the blockchains they are built on.
The ICS-721 went to beta testing in March 2023, with Bianjie and Interchain Foundation launching a two-phase hackathon dubbed the Game of NFTs. According to Cao, the first phase of the competition drew 198 participating teams worldwide.
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