ShuttleCast 1 Recap: Multichain NFTs and The Future for Creators
On the first episode of ShuttleCast - a podcast about scaling products in Web 3, CEO HongZhuang L shared his insights on multichain developments for NFT ecosystem and what future holding for the creators economy. Topic discussed in this podcast episode:
- The search for a perfect blockchain protocol
- NFT fostering crypto mass adoption
- A Multichain future for NFT
In Zhuang’s words, “It is never too late or early to keep the knowledge train going”. He believes that everyone, irrespective of their current understanding of the industry, stands to benefit by the community’s collective knowledge.
Futile Search for a Perfect Blockchain Protocol Results in ShuttleOne Metachain - Multichain Aggregators
Explaining the rationale behind ShuttleOne’s Metachain, Zhuang mentions his team’s experience building and implementing blockchain products for enterprise and government-linked clients. Having started with Ethereum as the go-to smart contracts protocol for blockchain applications, the scalability and transaction cost issues led to the company exploring alternatives. The result was a realisation that it was difficult to find a perfect protocol, and none can score a “Perfect 10” in terms of decentralisation, scalability, and security as the “Blockchain Trilemma” affects all. As a result, the ideal way to get the most out of the technology is to pick the best out of multiple chains to suit the requirements instead of relying on just one blockchain and thus the ShuttleOne Metachain was born.
The ShuttleOne ecosystem in its current form enables developers to create one version of the application that can work on any supported blockchain protocol with the help of native $SZO as the universal utility token. Interoperability is enabled by two-way smart-contract driven bridges that ensures no token is double minted across supported blockchains by locking and unlocking the tokens on respective blockchains whenever a cross-chain transaction is carried out. The seamless intercompatibility of dApps and tokens across protocols enables ShuttleOne to overcome the issues of gas fees, lack of talent (to create multiple versions of apps on different blockchains) and existing siloed structures of blockchain ecosystems, faced by the industry.
Currently, ShuttleOne Metachain supports Ethereum, Binance Smart Chain and Tezos protocols.
NFTs to be the Real Driving Force Behind Increased Crypto Adoption
The interaction witnessed Zhuang explain the concept of multichain NFTs and ShuttleOne’s initiative to make NFTs easier and more profitable to creators, collectors and traders.
So, What are NFTs all about?
NFTs, as the name suggests are non-fungible unique tokens that can be stored, sold and traded like any other cryptocurrencies. With these characteristics, the NFTs find widespread applications that range from digital collectibles to tokenization of actual digital and physical assets on the blockchain. NFTs enable the creation of digital on-chain representation of any asset or a product to establish ownership, transfer its ownership or rights to others etc., while maintaining its provenance on the blockchain.
NFTs Continue to Gain Traction Amid Challenges
The convenience, flexibility and exclusivity offered by NFTs when it comes to trading actual goods has got artists, brands and businesses interested. As NFTs continue to find more use cases, the segment is plagued by the same problems as other DeFi and Web3 projects. With blockchain protocols acting as silos, NFT creators are faced with challenges when it comes to finding the ideal protocol, right valuation, liquidity, and audience on individual ecosystems.
The Rising Need for Multichain NFTs
Ethereum continues to be one of the preferred protocols for NFTs, thanks to the number of early projects and the strong community base. However, all are not happy as Zhuang shares from his experience. NFT creators like music record labels, real estate developers and brokers, and even vehicle manufacturers are concerned by the high gas fees on the protocol which continues to have a considerable impact on the ecosystem.
According to Zhuang, the only way to resolve this issue is by creating support for multichain NFTs, which is something that ShuttleOne has already considered. It will not only provide a much larger playground for the NFT creators, but also play an important role in driving crypto adoption.
What are Multichain NFTs?
Multichain NFTs are NFTs that can be transferred and used across multiple blockchain protocols without them losing their uniqueness. The concept of multichain NFTs closely resembles that of cross-chain tokens that can be bridged across different protocols. The tokens sent from one chain to another using a cross-chain bridge will result in the said token being locked by the bridge on its native chain, and an equivalent wrapped token released on the recipient network. The tokens locked will remain so until someone swaps the wrapped token from the original recipient blockchain to originator chain.
However, the existing system isn't multichain NFT friendly due to the siloed state of different blockchain protocols and the uniqueness attribute of each NFT.
Enhancing Value for Creators with ShuttleOne’s Multichain NFT Solution
Apart from being a tokenized representation for other assets, the NFTs also play an important role as the promoters of crypto adoption. In his address to the community, “Explosion of NFTs will usher mass adoption of cryptocurrencies, not [crypto]trading”, states Zhuang.
With multichain NFTs, creators will be able to create an asset that can be traded on any NFT marketplace, using any supported cryptocurrency. It will offer increased visibility to the assets along with access to a much wider community and liquidity in comparison to NFTs that are available on a single protocol, explained Zhuang.
He also mentioned the upcoming feature on ShuttleOne Metachain – MULTICHAIN NFT Support. Further elaborating on how it works, Zhuang said that it will be an extension of the existing Metachain protocol that will present more options, flexibility, and visibility to creators by enabling them to mint NFTs that are compatible with multiple protocols from start. By creating NFTs that maintain their uniqueness across protocols, they will be able to secure a fair value for their creation by tapping into more liquidity and marketplaces across the entire ecosystem. Meanwhile, the community will be able to purchase the said NFTs with the cryptocurrency of their choice, without worrying about transaction fees, among other things.
The roll out of multichain NFT feature helps ShuttleOne shape the future of the NFT ecosystem and drive adoption by both creators and collectors. Following this sneak peek into ShuttleOne’s product pipeline, Zhuang reaffirmed the project’s commitment to continue developing more intuitive, seamless, and creative products throughout the future.
ShuttleCast is a knowledge sharing podcast show about scaling in Web 3, crypto and how to prepare yourself for the next wave of the internet economy. Whether you are a creator, a developer or just a tech enthusiast, Web 3 will foster the next generation of wealth and innovations that you cannot miss.Catch Zhuang - ShuttleOne’s CEO live episode on Twitter alternate week and hear the latest insider news about Web 3.
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