Quick take:
- Holograph has collaborated with LayerZero to enable holographic omnichain NFTs that beam across blockchains.
- Holograph offers omnichain interoperability solution for minting and bridging non-fungible tokens (NFTs).
- LayerZero’s patented holographic technology provides a bridging solution that seamlessly beams tokens across blockchains.
Omnichain interoperability protocol Holograph has teamed up with LayerZero to enable NFT transactions that seamlessly beam tokens across multiple blockchains without compromising data integrity.
The two companies are working together to bring multichain NFT transactions to the masses. Holograph and LayerZero will combine their technologies to eliminate the quandary created by antiquated NFT bridging solutions.
Ideally, when an NFT is bridged from one chain to another, only a wrapped version (a copy) of itself arrives in the destination chain. This creates a conflict with the underlying principle of non-fungibility, thus compromising the record of ownership and tracing authenticity.
Holograph is introducing a unique bridging process that utilises LayerZero’s lightweight cross-chain messaging to offer what they are calling holographic omnichain NFTs.
The whole process enables the transfer of the NFT to a new chain with all its data intact— no wrapping.
The companies said the new collaboration will reduce the number of transactions required to bridge an NFT, thus removing the need to manage multiple gas tokens, which are required to execute both sides of an NFT transaction.
Holographic NFT transactions are deemed beneficial to traders that want to take advantage of low gas fees offered on one blockchain and liquidity access provided by another. In a practical example, this could be minting your NFT on LooksRare and beaming it to OpenSea for higher liquidity.
This could play a crucial role in onboarding more people to NFTs because some shy away because of high gas fees, or wonder how quickly they’ll be able to sell their NFTs minted on a platform with low gas fees, and low liquidity.
“It also enables chain-specific NFT properties that can be updated dynamically based on the chain it’s currently located on,” the companies wrote in a joint statement on Tuesday.
Holographic omnichain NFTs could also give traders an opportunity to profit from cross-chain arbitrage.
“Holograph’s omnichain NFT infrastructure brings exciting new use cases for creators, developers, and enterprises. We are excited to work with Layer Zero’s incredible team to launch our protocol and deliver a giant leap forward in blockchain interoperability,” said Jeff Gluck, CEO of Holograph.
“LayerZero is excited to support Holograph as its cross-chain messaging solution. Their Omnichain NFT infrastructure aims to unlock a frictionless NFT user experience, onboarding the next wave of crypto users,” said Bryan Pellegrino, CEO of LayerZero.
Stay up to date:
