The NFT platform NFTrade has rolled out a versatile payment system for its users.
Users can now execute cross-chain transactions and payments on various chains like Ethereum, BNB Chain, Polygon, and Avalanche within the marketplace.
As per a recent release, NFTrade collaborated with the cross-chain protocol Rarimo to implement these enhancements.
This updated functionality empowers NFT enthusiasts to make a purchase on one network and seamlessly pay via another with a single click.
NFTrade’s New NFT Checkout Solution
With its recent collaboration with Rarimo, NFTrade has become the pioneering marketplace to facilitate multi-chain payments using ERC20 tokens.
This means that if a user opts to purchase an item on Avalanche, they have the flexibility to pay using a cryptocurrency from BNB Chain, Polygon, or Ethereum.
Rarimo streamlines this by automatically converting the buyer’s tokens from the originating chain to the token preferred by the seller on the destination network.
This efficient system ensures the seller receives their payment and the NFT is transferred to the buyer.
Importantly, the announcement highlighted that this token swapping mechanism is fully decentralized, ensuring that at no point does the developer gain control over the buyer’s assets.
NFTrade is looking forward to expanding its cross-chain transaction service to include other networks like Immutable X, Skale, Palm, and Moonbeam in the future.
Lasha Antadze, the founder of Rarify Labs which developed Rarimo, emphasized that the introduction of this feature aligns with the broader objective of enhancing the user experience in the Web3 ecosystem.
“Ensuring a smooth transfer of digital assets and identities between chains is pivotal for Web3’s triumph. While NFT transactions play a crucial role, they represent just the beginning of what’s possible.”
Presently, individuals who possess cryptocurrency on one chain but wish to acquire an NFT on a different chain are met with obstacles, ranging from expensive and lengthy transactions to intricate procedures.
Such users often have to exit the marketplace to manually exchange their crypto assets on a different platform. This process involves navigating through various user interfaces, authorizing multiple transactions, and incurring double fees.
However, with its alliance with NFTrade, Rarimo is looking to transform this experience. They promise a more streamlined approach, enabling users to complete these exchanges in a mere click.
Rarimo’s newly introduced NFT checkout solution has the potential to greatly enhance the multi-chain user experience in the Web3 space, allowing transactions to be completed with just one click, fee, and confirmation.
Circle Set The Pace For Cross-chain Token Transfer In Web3
While NFTrade’s recent integration emphasizes interoperability, it isn’t pioneering in this domain. Just a few weeks prior, Circle introduced a similar feature.
On April 26, Circle unveiled its Cross-chain Transfer Protocol (CCTP), which facilitates bridges for USD Coin, permitting users on Avalanche to transmit USDC to Ethereum.
This innovative protocol allows for the seamless movement of the USDC stablecoin between the Ethereum and Avalanche networks.
In their announcement, Circle emphasized that this initiative is a strategic step towards addressing the prevalent issue of fragmentation within the Web3 ecosystem.