In Breif:
- Wormhole network launched Ethereum-Solana Bridge for cross-chain transfer of NFTs.
- The bridge is bidirectional, users can send NFTs either way.
- The bridge is only supporting ERC-21 and SPL assets for now.
Wormhole 2.0, the Solana Network’s interoperability protocol has officially launched an NFT bridge between Solana and Ethereum, which means digital assets including NFTs between ERC-20 and SPL blockchain can associate with each other.
Currently, the Total Value Locked of the top 5 cryptocurrencies surpasses $150 billion. Owing to this Bridge technology is in demand as it allows users to transfer and receive different digital assets between two different blockchains.
The launch is also intended to target digital art ‘NFT’, which comes in a form of the tokenized digital images, video, etc. with a very big price.
Wormhole NFT Bridge connects Ethereum and Solana in a way to transfer assets between competing blockchains. It’s a bidirectional bridge. As per the Wormhole teams, the transfer will take five minutes and the SPL will be controllable like any other ERC721 standard token.
Users can wrap Ethereum NFTs to make them fully compatible with the other platform. Users will be able to send Crypto Punks, Bored Ape NFTs and others to other chains. Users will be able to leverage the NFT bridge to bring together previously disparate communities of artists, musicians and content creators across multiple ecosystems.
The bridge is only supporting ERC-21 and SPL assets for now. However, the team is looking forward to expanding NFT support for ERC-1155 assets as well. The bridge tool can be leveraged to list a Solana-based NFT on a marketplace like Opensea.
“Conversely, anyone can also take ERC-721 NFTs and transfer them to Solana so users can list their e.g. BAYC NFT on Solana markets,” the Wormhole Network operators quoted.
Wormhole developers are planning to add features for their users to verify the authenticity of the NFT. “Imagine a ‘wrapped/bridged NFT’ as a kind of check or claim that grants you the right to redeem the original NFT on the chain it came from,” Hofstadt, lead contributor to Wormhole, said.
Recently, the NFT market is booming as many investors believe that in the future the digital art and collectibles prices will rise. You can get the information on Most Expensive NFTs sold around the world from here.
