Swiss-based non-profit group the Interchain Basis (ICF) has partnered with Bianjie, a blockchain growth firm, to launch a brand new NFT commonplace. Customers using the brand new commonplace, dubbed ICS-721, will now be capable to monitor and switch their NFTs throughout completely different blockchains.
ICS-721 — an homage to the ERC 721 NFT commonplace on Ethereum — is an utility layer inter-blockchain communication (IBC) protocol, which implies that it permits blockchains to speak with each other with out the necessity for a bridge.
This new commonplace can allow NFTs to be built-in into numerous sectors in Web3. These embody gaming, socializing, id administration and plenty of others, Maria Gomez, managing director on the Interchain Basis advised Blockworks.
“The surge in profile image (PFP) initiatives highlighted an earlier pattern in NFT expertise, however this additionally led to questions on their long-term worth and sustainability. Because the business evolves, the main target is predicted to shift towards utility and real-world functions,” Gomez mentioned.
Right here, Interchain NFTs are anticipated to carry a definite benefit, as the usual presents enhanced performance and prospects by cross-chain interoperability, she notes.
Harriet Cao, the founding father of Bianjie and a outstanding technical contributor to Cosmos, advised Blockworks that ICS-721 can be initially accessible on all IBC-enabled Ethereum, Substrate, CosmWasm and Cosmos SDK chains. There are plans to develop its availability to extra ecosystems sooner or later.
The Sport of NFTs
A two-phase competitors for builders known as the Sport of NFTs, designed to check out ICS-721, launched earlier in March this yr. The title is a continuation of prior Cosmos characteristic testing efforts, Sport of Stakes and Sport of Zones.
The primary section of the competitors drew the eye of 198 groups worldwide, Cao mentioned. Every group needed to undergo completely different duties and challenges with the last word aim of testing the protocol’s capabilities earlier than its mainnet deployment.
The competitors was proposed by Bianjie in partnership with a number of validator and developer groups together with these from IRISnet, Stargaze, Juno, Uptick and OmniFlix.
“The Cosmos ecosystem advantages from enhanced development because it attracts a extra various vary of creators, customers, and builders,” Cao mentioned. “This, in flip, fuels creativity and drives innovation, positioning the Cosmos ecosystem because the Interchain of Blockchain for cutting-edge developments on this planet of NFTs.”
After completion of Part 1 of the Sport of NFTs, Part 2 — an interchain hackathon, is now underway.
Groups could have till June 19 to submit their initiatives for the hackathon and over $300,000 price of tokens and credit can be awarded to winners.