How Does a Cross Chain NFT Marketplace Work?
Crosschain NFT marketplace improves the usage of NFTs and helps to trade them between blockchain networks with the smart contracts. In cross chain process, the transactions are facilitated without the involvement of any intermediaries. Here mentioned some of the cross communications: Atomic swaps, Merged consensus, stateless SPVs. The step by step workflow of our cross-chain NFT marketplace is discussed below:
- The Users can create their profile by creating their wallets.
- Users can select the network in which they want to mint an NFT.
- They can upload the digital format and provide all the details of NFT.
- It may be minted to tokenize the file into NFT.
- The created NFTs can be listed in auction sales according to their needs.
- Sellers enter and select the appropriate marketplace.
- If the asset is listed in a fixed price sale,it can be bought by paying the amount which is negligible.
- Then if the NFT created in Ethereum network needs to be swapped to binance smart chain network then cross chain bridge needs to be used.
- By selecting the destination and approving the transaction NFTs will be swapped to the desired network.
- Finally, NFTs need to be claimed to complete the teleportation.
