According to DappRadar, 23 of the Top 25 NFT dApps were built on the Ethereum blockchain. This ethereum-based NFT trend will continue growing caused by its robust community of devs and high exposure.
Therefore, to provide a low-cost and fast alternative to NFT creators and traders, Bondly and IO Global have announced the establishment of their official cross-chain bridge to connect the Cardano and Ethereum blockchain.
Moreover, in this article, you will discover more about this development and how any ethereum-based NFT creators can benefit from it now.
IO Global and Bondly’s Ethereum-Cardano Bridge Will Boost Your Ethereum-based NFT Value
IO Global and Bondly has recently announced the creation of an Ethereum-Cardano bridge that will allow NFT producers to quickly move their NFTs from the Ethereum network to the Cardano blockchain. According to the annoucement, the new bridge is expected to be completed in early 2022. This has these three benefits:
- An eco-friendly solution: To overcome the inefficiency of Ethereum’s Proof of Work (PoW) method in energy consumption.
- Price stability for transaction costs: Permits developers to mint or transfer NFTs without worrying about missing transactions or high prices.
- Very fast transactions: Ethereum’s has between 15-20 transactions per second (TPS). However, Cardano has 257 TPS.
Today Bondly have announced a major collaboration with @InputOutputHK as the provider of the official cross-chain Ethereum-to-Cardano NFT bridge, allowing users to move their NFTs between networks.
— Bondly (@BondlyFinance) October 21, 2021
On the other hand, IO Global and Bondly will create a unique series of eco-friendly NFTs to commemorate the launch of smart contracts on Cardano.
Third-generation Blockchains Will Be Powered By a new cross-chain NFT bridge.
Harry Liu, CEO of IO Global and Bondly, has stated: “The creation of a cross-chain NFT bridge between Ethereum and Cardano marks a pivotal moment in the transition from legacy blockchain technology to one of the most hotly anticipated ‘third generation’ networks.”
Lui also said: “As one of the pioneers of the NFT movement, we continue to play a key role in building the infrastructure that will herald the next phase of NFT evolution.”
The bridge will allow NFT holders to migrate their assets to a cheaper, greener and faster network
— Bondly (@BondlyFinance) October 22, 2021
On the other hand, Charles Hoskinson, CEO of IO Global, has expressed: “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. Bondly also shares our commitment to interoperability.”
Hoskinson also said: “We believe that blockchain will only achieve mass adoption when end users have a seamless experience, regardless of which blockchain they are using, which is what bridges like this will achieve.”
Who is IO Global and Bondly?
Bondly is at the very edge of NFT technologies that bring creators and fans closer together. With a range of tools and services built to serve the whole blockchain ecosystem, IO Global and Bondly execute every step to bring authorized digital-first commodities to market in music, entertainment, gaming, and collectibles.
Source: Bondly Finance
The company offers a portfolio of goods and services aimed at supporting the whole blockchain ecosystem. On the other hand, according to the annoucement, Animoca Brands purchased part of IO Global and Bondly. They intended to incorporate blockchain technology, launchpad, and NFT bridge into their gaming offerings.
Boundly native token, $BONDLY, has grown impressively in the last seven days. The token, which surged by 7.0% in the past week, was trading at USD 0.0615. $BONDLY has a market cap of USD 11.8 million and a 24-hour trading volume of USD 0.9 million.
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