Featured layer 1 data protocol, Flare, has released an integration that allows NFT buyers to trade on a different blockchain and make purchases in their favorite tokens. The update demonstrates the interoperability of Flare and makes it easier for NFT collectors to purchase NFTs on any chain using any token of their choice with no restrictions.
The interop feature is available in beta on the web. It is based on two basic interoperability protocols in Flare: State Connector and Flare Time Series Oracle (FTSO). Using the two, Flare was able to successfully purchase a trustless NFT on a different chain using a different token. The demo took place on Songbird, Flare’s canary network. Was done by Filip Koprivec, Senior Solidity Engineer at Flare, and involved DOGE and XRP tokens.
At its core, Flare is a high-performance cross-chain protocol that enables the development of cross-chain composable and interoperable dApps. These apps are not only interoperable on Web3, but also on Web2 and can be combined with other apps in Flare. The main purpose of the protocol is “to scale the use of blockchain by allowing all digital assets and information on-chain to flow freely.”
How to use Flare to buy an NFT on a different chain
The process of purchasing an NFT using Flare is simple and not time consuming. All a user needs to do is visit an NFT dApp in Flare, then proceed to select a preferred payment chain/token in the dApp. Flare Time Series Oracle (FTSO) will provide the dollar exchange rate for the chosen token.
The NFT dApp will use the FTSO rate to confirm the NFT price in the chosen token, and the user will be able to reserve the NFT mint. The dApp will then provide the buyer with the payment details to complete the purchase. This includes the amount to be paid, the payment address, and the payment reference to associate the payment with the NFT.
The user will proceed to make the payment using their wallet for the chosen token and obtain the transaction data before sending it to the state connector.
The state connector will verify if the payment has been made by checking with decentralized certification providers. If there is consensus, the user will take the attestation data and feed it into the NFT contract. It will be verified and the NFT will be minted at the user’s Flare address.
this opens things up
Following the successful demonstration of Flare’s interoperability prowess, Hugo Philion, Flare’s co-founder and CEO, was ecstatic. In a statement, he notes, “This demo highlights Flare’s ability to provide more secure and decentralized data types on-chain to drive new features and potential use cases for the industry. The NFT demo is an example of the web3 utility that Flare can unlock for legacy tokens, allowing them to be used trustlessly in dapps on the network. We are excited to see what other application engineers can develop, taking advantage of the capabilities of Flare’s native interop protocols.”
About the flare
Flare is an EVM-based Layer 1 blockchain that provides developers with decentralized access to high-integrity data from other chains and the Internet. This enables new use cases and monetization models, while allowing apps to serve multiple chains through a single implementation.
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*All investment/financial opinions expressed by NFT Plazas come from the personal research and experience of our site moderators and are intended for educational purposes only. People are required to fully research any product before making any type of investment.
Basil is an avid fan of blockchain technology and all its innovations, and he is passionate about sharing this narrative with his audience. He has spent over five years in the crypto space, specializing in research and creating Web3 content for various media outlets around the world.
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