Celer NFT Solution on Mainnet

Published on: 29.04.2022
Celer Launches Cross-chain NFT Solution on Mainnet

Celer launches cross-chain NFT solution on mainnet. This solution is launching with a new way to create and launch cross-chain native NFTs that can be seamlessly transferred between blockchains as well as an NFT bridge to support the bridging of existing NFTs across all of the Celer supported blockchain.

Launching a Cross-chain Native NFT

For projects and developers that already issued NFTs or NFT marketplaces that want to list NFTs originally issued on other blockchains, Celer’s NFT bridging solution would be able to allow these existing NFTs to be bridged across multiple blockchains freely. This would allow them to be traded and used in various different scenarios.

The bridge works by creating a “copy” of the original NFT that is a projection of the original NFT on the remote chains. In particular, the bridge process follows the “lock-and-mint”, “burn-and-release”, and “burn-and-mint” patterns.

  • Lock-and-Mint. When an NFT is transferred from the origin chain to a remote chain, the original NFT is first locked in the smart contract on the origin chain. Celer Network passes a message saying that “this NFT is locked on the origin chain” to the remote chain and then a bridged NFT is minted on the remote chain.
  • Burn-and-Release. When an NFT is transferred from the remote chain to the origin chain, the bridged NFT is first burned on the remote chain. Then the original NFT is released on the origin chain with a reverse direction message passed to the origin chain.
  • Burn-and-MintWhen an NFT is transferred from remote chain A to another remote chain B, the bridged NFT is first burned on the remote chain A. Then a new bridged NFT is minted on the remote chain B directed by a message passed by Celer Network. This new bridged NFT may be further transferred back to the origin chain and release the original NFT.

Launch Your Cross-chain NFT Strategy Today

Celer’s NFT solution is built with Celer IM and can be deployed by NFT developers in a fully permissionless way. To be added to cBridge’s frontend interface and for white-glove support to launch cross-chain NFTs or enabling bridging for your NFTs, fill out this form or submit a proposal in the community forum.

ABOUT Celer Network
Celer is a blockchain interoperability protocol enabling a one-click user experience accessing tokens, DeFi, GameFi, NFTs, governance, and more across multiple chains.

Website | Twitter

RESOURCES
Celer Blog

Market Stats:
BTC Dominance: 41.55%(-0.11%/24h)
ETH Dominance: 18.78%(+0.06%/24h)
Defi Market Cap: $0B(-23.33%/24h)
Total Market Cap: $1084.44B(+0.40%/24h)
Total Trading Volume 24h: $38.61B(-29.82%/24h)
ETH Market Cap: $0B
Defi to ETH Ratio: 0%
Defi Dominance: 0%
Altcoin Market Cap: $633.81B
Altcoin Volume 24h: $22.88B
Total Cryptocurrencies: 22431
Active Cryptocurrencies: 8904
Active Market Pairs: 59126
Active Exchanges: 537
Total Exchanges: 4748