Los Angeles, CA, 28th June, 2022, Chainwire
Holograph, the omnichain interoperability protocol for minting and bridging non-fungible tokens (NFTs), is partnering with LayerZero to deliver its patented ‘holographic’ bridging solution that seamlessly beams tokens across blockchains with complete data integrity, including persistent smart contract addresses and token IDs.
Antiquated NFT bridging solutions create what have been defined as “multichain NFTs.” When an NFT is bridged from one chain to another, the token becomes locked on the origin chain, and an entirely new NFT is minted on the destination chain. In effect, it creates a “wrapped” version of the original NFT that’s comparable to a photocopy of the original artwork, with a different contract address and token ID. Should the wrapped NFT be moved again to a third blockchain, using a different bridge, this would result in yet another synthetic NFT being created. Such NFTs violate their non-fungible properties, complicating the record of ownership and tracing authenticity.
Holograph’s first-of-its-kind bridging process makes use of LayerZero’s lightweight cross-chain messaging to enable what they call ‘holographic’ omnichain NFTs. The original token is seamlessly beamed onto a new chain with all of its data left intact, with no wrapping necessary. Holographic bridging reduces the number of transactions required to bridge an NFT, and eliminates the need to manage multiple gas tokens to execute both the origin chain and destination chain transactions.
Holographic bridging unlocks new and exciting use cases. For example, a creator could take advantage of the cheaper transaction costs to mint an NFT on one chain, then easily bridge that token onto another chain with more liquidity, making it easier to sell. It also enables chain-specific NFT properties that can be updated dynamically based on the chain it’s currently located on. Traders meanwhile can explore cross-chain NFT arbitrage to try and profit from the slight price difference of NFTs listed on marketplaces across different chains. With Holograph, it becomes possible to create omnichain NFT marketplaces where traders can collect NFTs from many different chains, without needing to acquire the native gas tokens for each one.
“Holograph’s omnichain NFT infrastructure brings exciting new use cases for creators, developers, and enterprises. We are excited to work with Layer Zero’s incredible team to launch our protocol and deliver a giant leap forward in blockchain interoperability,” said Jeff Gluck, CEO of Holograph.
“LayerZero is excited to support Holograph as its cross-chain messaging solution. Their Omnichain NFT infrastructure aims to unlock a frictionless NFT user experience, onboarding the next wave of crypto users,” said Bryan Pellegrino, CEO of LayerZero.
Holograph provides omnichain NFT interoperability infrastructure for creators, developers, and enterprises. Our mission is to unlock NFT interoperability for the entire web3 ecosystem.
LayerZero is an Omnichain Interoperability Protocol designed for lightweight message passing across chains. LayerZero provides authentic and guaranteed message delivery with configurable trustlessness.