Sure, Ethereum is still the NFT market share leader, but there’s an ever-present ‘multi-chain future’ discussion among the NFT space. NFT marketplace leader OpenSea has exhibited open arms to this concept, adding support for chains like Polygon and Avalanche.
It doesn’t just stop and start with OpenSea, either: the once Solana-dedicated NFT marketplace Magic Eden has been branching out, including support for Polygon NFTs. While not cross-chain (at least, yet), Ethereum-dedicated no-fee platform Blur has launched it’s own Ethereum-based platform token, causing quite a stir this week.
And now Rarible, another major longtime NFT marketplace, is expanding to a more multi-chain future as well – announcing new tools of support for Tezos and Polygon NFTs this week.
Runnin’ With Rarible
Rarible first announced a desire to integrate multi-chain NFTs within Solana, Tezos and Flow roughly a year ago. The marketplace has largely brought that vision to life, and today the platform supports collections minted on Ethereum, Solana, Tezos, Polygon, and Immutable X.
So what is week’s announcement from Rarible really all about? It boils down to a new aggregation tool in Rarible’s marketplace that will allow users to purchase Tezos-based NFTs from dedicated marketplaces like Ojbkt and fxhash. Tezos has been a unique NFT player with a huge focus in building an artist-focused environment.
Polygon has owned an opposite approach, securing major brand partners like Starbucks and Reddit in what’s become a long list of more ‘institutional’ grade partners. Accordingly, Rarible’s aggregation tool will also be supporting Polygon NFTs on OpenSea.
These maneuvers follow Rarible’s launch of it’s aggregator tool back in October, which looks to utilize other marketplaces to add accessibility and visibility across collections.
Tezos (XTZ) has been working to find it's niche in crypto, with strong traction in building a grassroots network of talent NFT creatives. | Source: XTZ-USD on TradingView.com
Multi-Chain Madness: What And Why
Many ‘altcoin’ maxis even believe in a multi-chain future, mostly because of the different use cases offered across chains. Some might be better for privacy, others for cost efficiency, etc. – and generally these various use cases all can find homes for projects that have a core need. In short, the crypto landscape has evolved beyond the ‘store of value’ use case of Bitcoin and the ‘smart contact’ offering of Ethereum. More nuance, more investments, more projects, and thus – more utility for specific chains.
This, of course, doesn’t mean that every chain will survive in the long haul. However, this move from Rarible bodes well for already bolstered chains like Polygon and Tezos – who clearly have carved their respective lanes in the NFT space.
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Taylor specializes in crypto activity across sports and entertainment. With nearly a decade of engagement with cryptocurrency, Taylor has spent several years working in talent representation with musicians, comedians, and speakers, and achieved a Sports Business MBA in 2020.