New Developments of NFT in Cross-Chain Environment: The Rise of 1:1 Artwork on Moonbeam Platform

As blockchain technology continues to evolve, the application scenarios for NFTs are also continuously expanding. Users are able to access NFTs across chains, and the emergence of the 1:1 NFT concept is creating a new wave in this field. Certain platforms are actively enhancing the cross-chain access capabilities of interconnected contract NFTs, creating new possibilities for the application of NFTs across different blockchains.

Some emerging networks have become diverse and active ecosystems that natively support ERC-721 and ERC-1155 standard NFTs, which can be used for cross-chain interconnected smart contracts. This means that Ethereum-compatible NFTs can be displayed and used on a single platform without the need for cross-chain transfers. This flexibility will have a profound impact on the application of NFTs in various fields such as gaming, the metaverse, and art collection.

Although some platforms support cross-chain transfers between ERC-721 NFTs and Ethereum, this demand may gradually decrease. This is because the new generation of user-friendly applications will address the fragmented cross-chain functionality and user experience issues.

The Rise of Multi-Chain NFT Markets

Several well-known multi-chain NFT markets have begun to explore the possibilities brought by recent innovations, including Treasureland, NFTrade, Tofu NFT, and others. These platforms are investigating how to leverage cross-chain interconnected applications to reach users and services across different blockchains.

A representative from the NFT market stated: "We support over 30 chains, some of which are very important. A large number of high-quality projects are deployed on these chains, and they have a strong community foundation, which is crucial for the building of NFT projects. We will continue to fully support these important chains, and their growth will contribute to the overall development of the NFT market."

Another multi-chain NFT marketplace is dedicated to connecting NFT creators, users, and consumers in a decentralized manner. The platform representative explained: "We support certain networks because they have strong compatibility and interoperability, which provides long-term potential for NFTs on these chains, especially for 1:1 NFTs."

The Value and Application of NFT

NFTs have unique identifiers on the blockchain, making them non-replaceable and non-interchangeable, which has led to the emergence of a market centered around collectibles. NFTs can take many forms, including photographs, music, digital art, collectibles, 1:1 artworks, tickets, memberships, game avatars, and domain names.

The value of NFTs comes from community demand and scarcity. Similar to art pieces, rarity makes holding NFTs extremely valuable. NFTs can also provide utility, such as access to specific communities, the metaverse, and games. In some cases, NFTs can serve as voting rights, proof of ownership, or even collateral.

As the possibilities of Web3 expand, new use cases for NFTs will continue to emerge. NFTs may be used to represent tradable portfolios, allocate royalties, prevent fraud, and support staking in decentralized finance.

The Unique Charm of 1:1 NFT

1:1 NFT refers to a unique artwork that has only one version. These types of NFTs generally have a higher market value than NFTs in a complete collection series because they are one-of-a-kind. Another appeal of 1:1 NFTs is that they often come from artists who can bring their fans and community into the market, which increases market demand and interest.

Some platforms are providing infrastructure for user-friendly development of applications and projects that offer liquidity in Web3, and their impact has extended to the NFT space. The 1:1 NFT model is changing the field and has the potential to solve a range of issues, such as distribution of artist royalties and the convenience for fans to purchase artworks.

The Integration of Artists and Web3

1:1 NFT is bringing the art community into Web3 as part of the "fan" journey. This is a collaborative experience that bridges the gap between the traditional art world and the communities that support art. For example, artist Angela Pencheva is creating her first 1:1 NFT project on a certain platform, showcasing this process.

Pencheva believes that entering the NFT space is one of the best things in her career, despite the challenges of learning the terminology, the minting process, and how to use wallets. She stated that bridging the gap between the traditional art world and the digital blockchain world is the biggest difficulty.

The entry of art from the physical world and its fans into the digital realm marks a shift in how people use NFTs and the potential future direction of NFTs. The focus of NFTs is no longer solely on making short-term profits through the buying and selling of simple digital images and randomly generated artworks, but rather on the quality of these works and the authenticity of the artists.

Build a cross-chain NFT ecosystem

Some platforms are supporting ecosystem development through cross-chain interconnected contracts and the practical application of Web3 concepts such as NFT, decentralization, and community. Building user-friendly applications will continue to simplify interoperability between blockchains and promote the large-scale adoption of blockchain technology (including in the art world) through 1:1 NFT.

As more users open cryptocurrency wallets and use these currencies for transactions, 1:1 NFT is likely to drive broader adoption of blockchain technology. This trend not only provides artists with new avenues for creation and monetization but also opens up new opportunities for collectors and investors.

Overall, the NFT space is undergoing a transformation driven by cross-chain technology and 1:1 artworks. This is not only changing the way digital art is created and traded but is also reshaping the relationships between artists, collectors, and technology platforms. As this field continues to evolve, we can expect to see more innovative applications and exciting artworks emerge.