Last Friday a blockchain project Wormhole Network launched bridge protocol in between Ethereum and Solana which allows users exchange assets from both networks across blockchains. The Wormhole team has now announced the launch bridge for nonfungible tokens (NFT) used to transfer NFT between the two blockchains.
Wormhole launched a bridge to transmit the NFT between Ethereum and Solana
Cryptocurrency network Solana (SOL) been making a fuss in recent months and recently he’s even gotten it to the top ten cryptocurrencies sorted by market value. SOL i over 7-day loss of 10.5% shows increase of 91% for 30-day statistics. Project Wormhole Network a week ago informed on the launch of the bridge between Ethereum and Solana. This new service allows Solana subscribers and Ethereum blockchain users to move assets back and forth between blockchains.
Wormhole is now building a new service for non-fungible token (NFT) assets held on both blockchains. “Today we are incredibly excited to announce the launch of our NFT bridge between Ethereum and Solana,” Wormhole tweeted on Wednesday. “Users will now be able to send NFT between the two blockchains. This includes your favorite (wrapped) Cryptopunks, @DegenApeAcademy, @BoredApeYC and more, “ the team added.
– Solana (@solana) September 22, 2021
A new tool created by the Wormhole team opens “Two-way ramp for more than 6.68 million NFTs minted on Ethereum”, details of the statement from the team Wormhole. Records from the company Solanart nft show that SPL assets (NFT minted in Solana) noted total volume 2,633,632 SOL.
The Wormhole plans to run an NFT authentication tool
NFT bridge tool between Ethereum and Solana can be used to list NFTs operating in Solana in markets such as Opensea. By bridging NFT assets to ETH, the assets will be locked and will exist on ETH “Wrapped” version. According to the Wormhole team, the transfer takes about five minutes and then the SPL will be manageable like any other standard ERC721 Ether-based token.
“On the contrary, anyone can also take the ERC-721 NFT and transfer it to Solana, so that users can browse e.g. its BAYC NFT in the Solana marketplaces, “ explained the operators of the Wormhole network.
The Wormhole team also said that the developers are planning add user interface that will allow users check which original NFT (on the original blockchain) drives the asset to make it possible verify its authenticity. Hendrik Hofstadt, director of special projects at Jump Crypto, former co – founder Certus One and a major contributor to Wormhole, explained that verification will be important.
“Imagine a wrapped / bridged NFT as a type of check or claim that gives you the right to claim the original NFT on the blockchain it comes from.” said Hofstadt.