Highlights
- The Harmony protocol has launched a cross-chain NFT bridge
- Users can now bridge standard ERC721/ERC1155 tokens from Ethereum to Harmony and vice versa
- Grants available from the $300 million ecosystem fund to accelerate 10,000 builders and creators
Harmony is an open platform for users to create dApps, NFTs, game items, and collectibles. It is also used for identity governance. Harmony blockchain tweeted about its new cross-chain NFT bridge. This is progress towards Harmony’s ambitions to be the bridge that connects all blockchains. This new bridge seamlessly bridges Ethereum NFTs. It also makes way for users to mint and trade NFTs on the blockchain with minimal gas fees.
Affordable Gas Fees
This bridge is the first time that Harmony has offered a cross-chain NFT bridge. It has a cost advantage for users as the gas fee for the bridge connection is collected once after which the gas fees stay minimal. For details on how to use the NFT bridge, check out this video. The gas fees on Ethereum mean that the first fee is more expensive after which the transaction fees are much lower. This is attractive for users who are interested in trading NFTs. Users with high-value NFTs may not be as interested as the ones who have frequently traded NFTs.
Artists and collectors who are contemplating entering the world of NFTs may be put off by high gas fees. A low-fee network is more attractive for creators and potential collectors of NFTs to get started and learn how it works. Bridges mean that these new entrants to the NFT market can easily bridge to other blockchains as desired.
It is essential that multichain capabilities and interconnected blockchains are the building blocks of a metaverse. Harmony is aiming to get there and this is a significant step in that direction. Harmony has also announced grants for NFT projects to accelerate the process of building and creating. If you want to become an NFT project creator, get more details here.
