Bridges to Moonbeam and Moonriver Allow Use of Ethereum and Polkadot NFTs Interchangeably
Singapore – July 6, 2021 – Moonbeam, the Ethereum-compatible smart contract platform on Polkadot, announced a partnership with myNFT, the upcoming NFT creative workshop, trading platform, and discovery engine poised to become one of Polkadot’s flagship NFT platforms. Thanks to the work of the myNFT team on NFT migrations, which has been supported by the Web3 Foundation, the integration of myNFT on Moonbeam also provides Moonbeam users with a bridge to access NFT assets created on Ethereum and the ability for creators to bring their Ethereum-based NFT projects to Moonbeam and Polkadot. Once cross-chain messaging is enabled, NFT creators and owners will be able to freely move and sell their digital assets across chains, including Ethereum, Moonriver, and the emerging NFT ecosystem on Kusama.
This bridge is the first of its kind for transferring NFT assets from Ethereum to Polkadot and the first one built on Moonbeam. myNFT chose Moonbeam as their expansion point to Polkadot because of its shared development environment and unified address format and because many NFT projects have started to congregate on Moonriver in the continued face of limitations on Ethereum. In addition, Moonbeam’s Ethereum-compatible capabilities allow for a quick and stress-free implementation.
“We believe in Polkadot’s vision of an internet of blockchains and we think it is the perfect place to build a platform that will allow users to create NFTs, migrate them between chains, trade them in multiple cryptocurrencies simultaneously in a trustless fashion, and also to bring real-world assets on-chain,” said Edouard Bessire. Co-founder of myNFT and co-author of the NFT Migration Protocol. “NFTs are de-facto defined by the ERC-721 standard that we wish to leverage for myNFT, making Moonbeam’s Ethereum-compatible smart contract platform the obvious choice for us.“
With the myNFT integration, Moonbeam continues to expand its offerings for the NFT community. This bidirectional bridge will have the ability to bring over Ethereum-based ERC-721s, ERC-1155s, and ERC-20s but will also allow the Ethereum community to access a growing list of Moonbeam-native NFTs from teams like Seascape and Zoombies. This positions Moonbeam as an interconnection point for cross-chain NFTs.
“The challenges facing NFT projects have become more apparent this year as the demand for digital goods became mainstream. myNFT has stepped up to address these unique challenges and to provide an easier way to market and transact NFTs across multiple blockchains,” explains Francisco Javier Agosti, Director of Markets and Partnerships at Moonbeam. “The myNFT bridge linking Ethereum to both Moonbeam and Moonriver provides critical infrastructure for NFT growth, both on Moonbeam and Polkadot as a whole.”
The myNFT team has completed an initial integration of the bridge, with plans to deploy three bridges in total: one between the Ethereum Rinkeby TestNet and Moonbase Alpha, one between Ethereum MainNet and Moonriver on Kusama, and one between Ethereum MainNet and Moonbeam on Polkadot (when launched later this year).
myNFT is built by Perpetual Altruism, a leader in the NFT space and the creator of charitable NFT publisher Cryptograph and the GBM auction system. The Perpetual Altruism team has also been awarded a grant from the Moonbeam Foundation to support the project’s development in Moonbeam and Moonriver. To find out more about the grant program, visit this page.
For more information about the project, visit myNFT.com
About the Moonbeam Network
Moonbeam is an Ethereum-compatible smart contract platform on the Polkadot network that makes it easy to build natively interoperable applications. This Ethereum compatibility allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes. As a parachain on the Polkadot network, Moonbeam will benefit from the shared security of the Polkadot relay chain and integrations with other chains that are connected to Polkadot. Currently in active development by PureStake, Moonbeam is expected to reach MainNet by Q3 2021. Learn more: https://moonbeam.network/.
myNFT is the marketplace that puts the power back in your hands. It is a creative workshop, a trading platform and a discovery engine, helping you tell your story and share your passions, on your own terms. myNFT is built on decentralized technologies empowering you to create, trade, and discover. myNFT is built by Perpetual Altruism, a leader in the NFT space and the creator of charitable NFT publisher Cryptograph and the GBM auction system. Perpetual Altruism is backed by prominent investors and creators and is also the recipient of grants from the Web3 Foundation and the Moonbeam network for their work on the decentralized internet, which powers myNFT. Learn more: https://mynft.com