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Wormhole Releases Solana and Ethereum NFT Bridge — A Bi-Directional Highway for Blockchain Collectibles

Wormhole Releases Solana and Ethereum NFT Bridge — A Bi-Directional Highway for Blockchain Collectibles

Last Friday, blockchain project the Wormhole Network launched the protocol’s ethereum ↔ solana bridge which enables users to exchange assets from both networks in a cross-chain fashion. Five days later, the Wormhole Network team announced the launch of a non-fungible token (NFT) bridge for transferring NFTs between both blockchains.

Wormhole Launches Ethereum ↔ Solana NFT Bridge

The cryptocurrency network Solana (SOL) has been making waves during the last few months and recently made it into the top ten crypto assets ranked by market valuation. SOL has gained more than 12% today and 30-day stats show the crypto asset is up 92.3%. Five days ago, Bitcoin.com News reported on the ethereum ↔ solana bridge launched by the project the Wormhole Network. The launch of the new service allows Solana protocol participants and Ethereum blockchain users to move assets back and forth between the chains.

Wormhole is following up with a new service for non-fungible token (NFT) assets held on both chains. “Today we’re incredibly excited to announce the launch of our NFT bridge between Ethereum and Solana,” Wormhole tweeted on Wednesday. “Users will now be able to send Ethereum and Solana NFTs cross-chain. This includes your favourite (wrapped) Cryptopunks, @DegenApeAcademy and @BoredApeYC and more,” the team added.

The new tool the Wormhole team created opens up a “bi-directional highway for more than 6.68 million NFTs minted on Ethereum,” a statement sent to Bitcoin.com News from the Wormhole team details. Records from Solanartnft show that SPL assets (Solana-minted NFTs) have seen an aggregate total of 2,633,632 SOL in volume.

Wormhole Plans to Launch NFT Verification Tool

The ethereum ↔ solana NFT bridge tool can be leveraged to list a Solana-based NFT on a marketplace like Opensea. By bridging the NFT assets to Ethereum, the assets are locked and a “wrapped” version on Ethereum will exist. According to the Wormhole team, the transfer takes about five minutes and then the SPL will be controllable like any other ERC721 standard token.

“Conversely, anyone can also take ERC-721 NFTs and transfer them to Solana so users can list their e.g. BAYC NFT on Solana markets,” the Wormhole Network operators explained.

The Wormhole team also detailed that down the line, Wormhole developers plan to add a user interface that allows users to check which original NFT (on the original chain) is backing the asset so authenticity can be verified. Hendrik Hofstadt, director of special projects at Jump Crypto, former co-founder of Certus One, and the lead contributor to Wormhole, told Bitcoin.com News verification will be important.

“Imagine a ‘wrapped/bridged NFT’ as a kind of check or claim that grants you the right to redeem the original NFT on the chain it came from,” Hofstadt said.

What do you think about Wormhole’s NFT bridge between Ethereum and Solana? Let us know what you think about this subject in the comments section below.



from Bitcoin News https://ift.tt/3Ax72lX
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