Bankless: What does the era of full-chain NFT mean?

The recent buzz about full chain is largely due to the rise of LayerZero Labs, the Canada-based team that created the interoperability protocol LayerZero.

If you want to dig deeper, you can check out the protocol’s white paper. But simply put, LayerZero is an information transport layer designed to allow smart contracts to easily communicate between numerous blockchains (more precisely, any blockchain).

Bankless: What does the era of full-chain NFT mean?

The protocol was initially launched to support projects compatible with the Ethereum Virtual Machine (EVM) i.e. Ethereum, Arbitrum, Avalanche, BSC, the protocol was initially launched to support projects compatible with the Ethereum Virtual Machine (EVM) i.e. Ethereum, Arbitrum, Avalanche, BSC, Fantom, Optimism and Polygon. In the future, the LayerZero team also plans to add support for non-EVM compatible chains such as Cosmos Hub and Terra.

Comparing full-chain, cross-chain and multi-chain

The LayerZero protocol functions similarly to the “layer 0” IBC (Inter-Blockchain Communication) protocol of the Cosmos ecosystem, at least in a general sense. What stands out about LayerZero is its use of Ultra Light Nodes (ULNs), which propose a new model for securely transferring information between chains, premised on cost-effectiveness.

Bankless: What does the era of full-chain NFT mean?

Therefore, LayerZero’s full-chain information transmission model is completely different from the cross-chain model , which requires the use of bridges to directly migrate or encapsulate assets to other chains. For example, LayerZero’s full-chain information transfer model is completely different from the cross-chain model, which requires the use of bridges to directly migrate or encapsulate assets to other chains. For example, if I’m going to spend ETH on Katana via the Ronin bridge, that means my ETH is transferred directly from Ethereum to Ronin.

Contrasting the full-chain model with the multi-chain model is like independent communities with different values ​​pursuing their own technology stacks. While the Ethereum community pursues self-sufficiency through trustless transfers between Ethereum and L2 scaling schemes based on its values ​​and infrastructure, other alternative L1 ecosystems like Solana are taking their own unique approach to scaling.

Bankless: What does the era of full-chain NFT mean?

The rise of full-chain NFTs

In recent months, we have witnessed increased interest in the industry for cross-multichain NFT applications. For example, dom, the founder of Loot, has been vocal about “ how to easily track NFT actions across chains ” (which sparked my previous article “Bridging the L1-L2 Divide”).

Bankless: What does the era of full-chain NFT mean?

This cross-chain tracking has been an unsolved problem until now, however more and more people are excited about the arrival of LayerZero because of its potential to enable NFTs and related projects to go full-chain and exist in a wider way.

Taking it a step further, we can trace the current focus around full-chain NFTs back to the recent launch of Stargate Finance, a bridging protocol and the first application to go live on LayerZero . With the activation of the program, users and developers began to look for other promising use cases, and there is no doubt that NFTs are very promising in this regard.

At the same time, the formulation of full-chain NFT is neither new nor limited to LayerZero. UMA’s Optimistic oracle project already has some full-chain-like functions. Also, I think with new advancements and further innovations, we’ll see many other different approaches to full-chain behavior.

Bankless: What does the era of full-chain NFT mean?

Gh0stly Gh0sts example

Bankless: What does the era of full-chain NFT mean?

Gh0stly Launched quietly on April 4, Gh0sts is the first LayerZero-based NFT collection and has already attracted a lot of market attention.

Bankless: What does the era of full-chain NFT mean?

Screenshot from gem.xyz

Unsurprisingly, this ghost-themed, minted-free CC0 project has seen the most transaction activity on Ethereum to date, but it’s worth noting that all 7 of the aforementioned LayerZero-compatible chains have implemented Gh0stly Gh0sts transactions. Therefore, it can be said that the era of full-chain NFT has officially begun .

Bankless: What does the era of full-chain NFT mean?

future

I think full-chain NFTs can make a big pie for many projects and many chains at the same time . This technology will perhaps be a key catalyst for bringing meaningful NFT activity to other chains.

However, I also think there may be a “king of the hill” effect. Over time, full-chain NFTs may ultimately prove to be most beneficial to Ethereum, i.e. they play a greater role in consolidating and extending Ethereum’s already widespread influence while advancing the influence of other chains in parallel. 

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/bankless-what-does-the-era-of-full-chain-nft-mean/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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