2023-05-24 01:25:16
© Reuters New standard lets you exchange NFTs between blockchains
CriptoFácil – The Interchain Foundation (ICF), a non-profit organization based in Switzerland, has teamed up with Bianjie, a blockchain development company, to launch a new standard for non-fungible tokens (NFTs). Users who adopt the new standard, called ICS-721, will now be able to track and transfer their NFTs on different blockchains.
ICS-721, an homage to the , ERC-721 standard, is an application-layer inter-blockchain (IBC) communication protocol. This means that the standard allows blockchains to communicate with each other without the need for a bridge.
This new standard could allow NFTs to be integrated into various sectors of the Web3, including gaming, social interactions and identity management, for example, as stated by Maria Gomez, managing director of the Interchain Foundation.
“The growing popularity of profile picture projects (PFP) with NFTs has highlighted an earlier trend in NFT technology, but has also raised questions about its long-term value and sustainability. As the industry evolves, the focus is expected to shift to real-world utilities and applications,” said Gomez.
NFTs
Interchain NFTs can have a distinct advantage. After all, the standard offers enhanced functionality and possibilities through interoperability between chains.
Harriet Cao, founder of Bianjie and prominent technical contributor to Cosmos, explained that ICS-721 will initially be available on all IBC-enabled Ethereum, Substrate, CosmWasm and Cosmos SDK chains. Additionally, there are plans to expand its availability to other ecosystems in the future.
A two-phase competition for developers called “Game of NFTs” was launched earlier this year to test the ICS-721. The name is a continuation of Cosmos’ previous feature testing efforts called “Game of Stakes” and “Game of Zones”.
The first stage of the competition attracted the attention of 198 teams from all over the world. Each team had to go through different tasks and challenges with the ultimate goal of testing the protocol’s capabilities before its implementation on the mainnet.
The competition was proposed by Bianjie in partnership with several teams of validators and developers, including IRISnet, Stargaze, Juno, Uptick and OmniFlix.
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