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NFTs
Non-fungible tokens (NFTs) have quickly emerged as a new asset class because they prove ownership over an object that users would easily reproduce. Unlike traditional digital assets or artworks that are easier to duplicate, NFTs ascertain authenticity in the same way blockchain prevents the double-spending problem.
Problem
- Non-fungible token (NFT) auctions are the primary means through which users can acquire NFTs. Rather than simply selecting a crypto asset and purchasing it, NFT auction platforms such as OpenSea enable users to interact with each other to agree on the price of the NFT being auctioned.
- During the auction, the seller sets a minimum price for the asset for a specific period. Buyers can bid for the NFT for the duration of a specified time so long as their values are more than the minimum price. The NFT is sold to the highest bidder when the set time elapses.
- However, due to the siloed nature of most NFT auction marketplaces, event data cannot move between them. For example, when an NFT auction is concluded in OpenSea, a user cannot move and sell that asset to another platform, say Axie Infinity.
Solution
- At Analog, we believe that a true metaverse is one that allows users to transfer their assets seamlessly across multiple DApps and chains. Using a decentralized Timegraph , users can easily integrate multiple virtual worlds and access cross-chain NFT auctions capabilities.
Problem
- NFTs tend to drop in value over time, and history shows that a small percentage of them stay relevant over time. This forbids the sellers from selling them for a profit. An NFT swapping marketplace can allow users to easily exchange newly minted assets at a high price, allowing them to make profits in the process.
- For example, an NFT marketplace can facilitate users to trade in NFTs for other NFTs or NFT(s) for cryptocurrencies, such as ETH or BTC. However, due to the siloed nature of Blockchains, these processes can only occur on the native chains that minted the NFTs. For example, NFTs minted on Ethereum cannot be seamlessly swapped for BNB on Binance Smart Chain (BSC) or Avalanche.
Solution
- With Analog’s cross-chain event data transfer (XCEDT) protocol, users can easily swap NFTs between different chains via a universal wallet. For example, NFTs on Ethereum can be swapped with BSC or Avalanche. Ethereum-based NFTs can even serve as collateral in DeFi applications on any chain.
Use Cases
Metaverse
The metaverse is no longer what it used to be, as depicted some years back. It has evolved into a disruptive ecosystem, providing new opportunities for gamers, artists, and creators by not just reimagining the entire digital assets economy but inventing it afresh. As a primary go-to platform for entertainment,
workplace...
Decentralized Finance
Decentralized finance (DeFi) is the fastest-growing sector within the cryptocurrency markets. With promises of an open-source, permissionless, and consumer-centric financial ecosystem, DeFi is set to change the trajectory of institutional finance. As of December 2021, DeFi-based protocols had US$ 251 billion in total value locked...
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