XP.NETWORK To build Cross-Chain NFT Capabilities On VeChainThor Following Successful Grant Application
Our vision for 2022 is one of expansion — for our tools, services, and blockchain network at large. We began this fiscal year with a financial restructuring of VeChain Foundation holdings with the intent of supporting the expansion of the VeChainThor blockchain. One method for achieving this goal is the development of cross-chain capabilities and directly bridging VeChainThor to new communities and blockchains.
Accordingly, we were pleased to receive and subsequently approve XP.NETWORK’s recent grant application, to help expand VeChain’s NFT technology across blockchains.
XP.NETWORK’s Cross-chain NFT bridge
XP.NETWORK is a company that specializes in building cross-chain bridges for NFTs. They have already built bridges to many prominent blockchains including Tezos, Ethereum, Harmony, and more, and do so via an easily navigable platform that provides access to many NFT marketplaces and networks from one location.
For the first time on VeChainThor, XP.NETWORK will enable an NFT bridge that delivers cross-chain capabilities for NFT tokens, with a wide array of benefits and possible use case scenarios.
Cross Chain — Benefits For All
VeChainThor has unique and advanced network architecture and technologies, with many desirable features for a blockchain.
As an initial note, NFTs have been deployed on the VeChainThor public blockchain for some time, first with Economic and Economic X-node tokens then with DNV spearheading real-world use cases by issuing certifications on VeChainThor to provide trustless and instant information for global businesses. Later, VeChain introduced its eNFT program which led to the deployment of San Marino’s national Green Pass, and later still, VIMworld developed ‘SmartNFTs’, able to evolve and be modified through the addition of metadata.
A common issue for NFTs at large are the gas costs associated with their minting/transfer. For many, these costs are prohibitive. VeChainThor is uniquely able to control gas costs thanks to its two token model, ensuring costs always stay within acceptable parameters.
With XP.NETWORK’s bridge operating on the VeChainThor blockchain, projects from other networks will be able to take advantage of VeChain’s low-cost and high-speed architecture. By facilitating access to the VeChainThor blockchain, XP.NETWORK also helps prevent NFT markets from becoming elitist, by offering an alternative to bloated and expensive fees that prevent users from being able to participate in the emerging NFT economy.
Interoperability to other networks also greatly expands the visibility and prestige of VeChainThor, bridging our rapidly growing vNFT community to other major blockchains and communities. Projects may wish to mint on VeChainThor to take advantage of its low costs and speed, then use XP.NETWORK to bridge and sell NFTs on OpenSea. During the bridging process, NFTs and their associated metadata are carried across networks, with NFT collections from across many prominent networks becoming readily visible through XP.NETWORK’s interface, opening up myriad options.
Phygitals — VeChain’s Unique Offering
As well as benefiting from XP.NETWORK’s technology, VeChain is able to uniquely provide a new kind of value to the wider NFT community — phygital technology, co-developed by UK and European Ecosystem Manager, Dimitris Neocleous.
VeChain’s proprietary technologies have led to the ingenious combination of Physical item + NFC + NFT, opening up the possibility of combining physical objects with digital twins in a new, revolutionary way. Dimitris had this to say on the subject:
“VeChainThor is the only blockchain that bridges the real world with the digital world. Every unique item from a fashion garment to a physical artwork is assigned to a unique SKU hashed on the blockchain, which is then associated with an immutable IoT tag (NFC, RFID, etc) with a unique virtual ID. Then another bridging takes place, connecting the physical item (with its IoT tag) to its digital twin minted as NFT in a marketplace on VeChainThor or now, any other network supported by the XP. Network NFT bridge. The potentials of Phygitals are limitless, creating new ways for brands to increase their clients’ engagement and opening up new marketing strategies, “You own it, you wear it!”.”
We are excited to explore how novel technologies can also be enhanced by the XP.NETWORK’s tools, taking phygital technology cross chain.
Would you like to submit a grant proposal of your own? Apply today — you could be the next project to receive a grant and build on VeChainThor!
XP.NETWORK is creating the solutions to turn the growing NFT market into an accessible and easy-to-use place. One of our most notable tools is the XP.NETWORK’s bridge — The first chain-agnostic bridge built especially to let NFTs and funds flow freely between networks and wallets while avoiding complications like currency differences and token standards. The bridge is already integrated by over a dozen blockchains like Tron, Elrond and Polygon, several NFT platforms like Opulous and EXA finance, connecting more and more prominent ecosystems and projects, and opening doors to new markets for the entire NFT community.
Launched in 2015, the VeChain Foundation has worked tirelessly to build bridges between blockchain technology and the real world. VeChainThor’s evolution continues to gather pace, transitioning from consortium network to a best-in-class public blockchain platform. As the ecosystem enabler, the Foundation’s mission is to empower builders and innovators by developing tools that systematically eliminate adoption hurdles and lower entry barriers for businesses and developers alike.
VeChainThor has already been applied across a diverse array of use cases, aiding the daily operations of corporations and creating new value and efficiencies. Alongside key strategic partners PwC and DNV, VeChain has collaborated with world-leading enterprises including Walmart China, Bayer China, BMW Group, BYD Auto, PICC, Shanghai Gas, LVMH, D.I.G, ASI Group and more.
For more information, including developer tools/documents and foundation grants, please visit: www.vechain.org