Multichain NFT marketplace, NFTrade has partnered with next-generation interoperability protocol Rarimo in a move to become the first marketplace to enable users to purchase NFTs with any cryptocurrency on any chain.
Empowered by Rarimo, NFTrade users are now able to make single-click, cross-chain purchases with Ethereum, Polygon, BNB Chain, and Avalanche. Over time, support for NFTrades’ remaining chains: Immutable X; Skale; Palm; and Moonbeam will be added. Rarimo supports all token standards and will be able to cater to any additional chains NFTrade integrates.
Rarimo’s NFT Checkout solution revolutionizes the multichain user-experience, allowing users to execute purchases—not only with a single click, but with a single fee and single signature.
Latest Fintech News: Vareto to Deliver Next-Level Business Planning and Insights with Vareto AI
Currently, users who hold crypto on one chain, but want to buy an NFT issued on another are confronted with a costly, slow, and extremely complex process. Users are forced to leave the marketplace and manually swap their crypto on an exchange. This entails navigating multiple interfaces, signing multiple transactions, and paying multiple fees.
In contrast to current solutions, Rarimo’s NFT Checkout provides users with a seamless and cost-efficient, multi-chain experience.
After pressing the purchase button on their desired NFT, users are prompted to select the currency they’d like to pay with. They then make their selection, sign to authorize the payment, and the NFT checkout is complete. Gas fees can also be paid in the currency of the user’s choice. Throughout the entire process, the user incurs only a single fee, a single signature, and a single click.
Latest Fintech News: ACI Worldwide Collaborates With Red Hat To Expand Payments Cloud Offering
Behind the scenes, Rarimo sends the user’s tokens to an external DEX and swaps them for the currency they’d like to pay with. Rarimo then sends this currency back to the marketplace smart contract to purchase the NFT, and the NFT is sent to the user’s wallet. The entire process is decentralized and non-custodial. At no point are the tokens or the NFT held by a third party.
Rarimo makes the single-signature, single-fee process possible by bundling transactions behind the scenes. This allows multiple flows to be executed simultaneously.
“We are incredibly proud to partner with NFTrade to deliver the first truly multichain NFT Checkout where users can use any crypto on any chain to purchase NFT,” said Lasha Antadze, Founder of one of Rarimo’s service providers Rarify Labs. “The ability to seamlessly transfer digital assets and identities across chains is vital to the success of Web3. NFT checkouts are an essential part of this, but they are also just the start.”
Latest Fintech News: nCino and Zest AI Create Strategic Partnership to Bring More Efficiency to Financial Services
[To share your insights with us, please write to sghosh@martechseries.com]
