Thursday, June 20, 2024

Polkadot and Kusama enable multi-chain NFTs.

Following a key update to the consensus mechanism, Polkadot and Kusama are the first blockchains to enable multi-chain NFTs. The update enables support for non-fungible tokens on the Cross-Consensus Message Format (XCM). As such, NFTs will be teleported from one chain to another and tracked across chains.

The Polkadot blockchain is ideal for this as it solves the problem of a lack of interoperability among blockchains. Moreover, Polkadot is an extensive network that comprises of a main blockchain and parachains. The parachains support various use cases and protocols. It runs parallel with the main Polkadot chain. The main advantage is that it’s possible to transfer any asset, token, or data between them. On the other hand Kusama allows developers to experiment and test new blockchains or applications before releasing them on the network. Like Polkadot, it has a number of parachains.

XCM describes how messages between chains should be performed. Basically, it’s a common language for communicating between different consensus mechanisms. The data on a message transfer is sent either through Polkadot’s or Kusama’s relay chain. It allows every parachain on the networks to verify the messages. It enables XCM to expedite communications between any two parachains.

Polkadot and Kusama, by adding support for NFTs on XCM, have created the concept of a multi-chain NFT. This could enable NFTs to play a more prominent role in business transactions, whereby tokens would be used as payment. It could also represent an order. NFT holders can use their tokens as collateral. Experts say interoperable NFTs can help accelerate adoption.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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