Key takeaways:
- Holograph and LayerZero are partnering to deliver the holographic NFT bridging solution
- The omnichain bridging solution allows users to transfer NFTs between chains without sacrificing data integrity or having to worry about proof of ownership tracking
- The integration of LayerZero into Holograph’s omnichain makes NFT interoperability more accessible
Holograph and LayerZero make transferring NFTs between chains more efficient and secure
Holograph, the omnichain non-fungible token (NFT) interoperability protocol, has partnered with LayerZero, a lightweight interoperability protocol, to provide users with the ability to transfer NFTs across different blockchain platforms with complete data integrity.
The omnichain bridging solution introduces several benefits to the process of sending NFTs between chains. For starters, thanks to Holograph’s unique bridge service and LayerZero’s efficient cross-chain messaging system, the original NFT is beamed across chains along with the original smart contract address and token ID.
This comes as a stark contrast to old bridging methods that require users that wish to make cross-chain transfers to make a new copy of an existing NFT on the new chain. These new tokens – also called wrapped NFTs – not only make the process of keeping track of ownership and transaction data challenging, but they also violate the core principles of non-fungibility, which indicate that NFTs cannot be copied, substituted, or subdivided.
Users can enjoy several benefits thanks to the innovative holographic omnichain. For instance, an NFT can be minted on a chain that is cheaper and then transferred to a different chain. Also, NFT owners can beam their tokens to pursue higher liquidity and better investment opportunities on different chains. Moreover, the omnichain bridge makes collecting NFTs on different chains less of a hassle and less costly, since transaction fees can be paid on a single chain instead of on multiple. Last but not least, Holograph’s solution makes it possible for users to seek NFT arbitrage trading opportunities on digital collectibles marketplaces to take advantage of potential minute price differences between the same tokens listed on different chains.
Holograph CEO Jeff Gluck commented on the partnership with LayerZero:
“Holograph’s omnichain NFT infrastructure brings exciting new use cases for creators, developers, and enterprises. We are excited to work with Layer Zero’s incredible team to launch our protocol and deliver a giant leap forward in blockchain interoperability.”
LayerZero CEO Bryan Pellegrino said in a statement that they are “excited” about working with the Holograph team and added that their Omnichain NFT infrastructure could help unlock a “frictionless NFT experience.”
