IOHK Inks Powerhouse Partnership To Allow NFT Creators Transit Easily From Ethereum To Cardano
On Thursday, InputOutput (IO Global) the official Cardano software developer announced that it was working with Bondly in creating an official cross-chain “bridge” that would bring NFTs from Ethereum to Cardano. Bondly is a decentralized e-commerce platform that seeks...
On Thursday, InputOutput (IO Global) the official Cardano software developer announced that it was working with Bondly in creating an official cross-chain “bridge” that would bring NFTs from Ethereum to Cardano.
Bondly is a decentralized e-commerce platform that seeks to develop new technologies to increase the security of NFTs and cryptocurrencies. Furthermore, it aims at making the utilization of NFTs and cryptocurrencies more decentralized and efficient.
According to the announcement, the move which is their first partnership project will enable NFT creators to easily transfer their digital art pieces from the “energy-intensive” and expensive Ethereum network to Cardano with the first bridge expected to roll out in early 2022.
Ethereum ERC-721 Unfriendly for NFT creators
Given that Ethereum and Bitcoin are still using the Proof of Work mechanisms on their networks, NFT creators are often faced with the persistent problem of energy inefficiencies and high transaction costs. Currently, creators shell around $15 in transaction cost on Ethereum compared to Cardano’s $0.4. This means that Ethereum is 37.5% more expensive than Cardano.
Ethereum and Bitcoin also use a huge amount of energy as much as Oman and Columbia combined according to recent data from Digiconomist which poses a serious challenge to the NFT ecosystem.
Cardano which uses a more eco-friendly proof of stake mechanism to run its network operations seeks to change this status by offering efficient price predictability and stability for transaction costs eliminating the risks of loss and high costs associated with using Ethereum to mint and transfer NFTs.
In confirming the partnership, Cardano’s co-founder Charles Hoskinson said,
“We built Cardano with energy efficiency in mind, which is why this partnership with Bondly is so crucial, as it will allow NFT creators access to a leading solution for token creation which doesn’t compromise on environmental credentials.”
Harry Liu, C.E.O of Bondly also lauded the union noting that the creation of a cross-chain NFT bridge between Ethereum and Cardano would be a great milestone in transitioning “from legacy blockchain projects to one of the most hotly anticipated third-generation networks”.
Bondly also announced that it would be minting a special collection of eco-friendly NFTs in honor of Cardano’s smart contracts launch which enables developers to build applications that will utilize the “capabilities of the world’s most advanced green blockchain, as well as NFTs marking the launch of the cross-chain bridge”.
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