• IOHK Forms Strategic Alliance With Cardano To Enable NFT Creators To Transfer Easily From Ethereum To Cardano

  • On Thursday, InputOutput (IO Global), the official Cardano software developer, announced that it was collaborating with Bondly to build an official cross-chain “bridge” to bring NFTs from Ethereum to Cardano.

    Bondly is a decentralized e-commerce platform that aims to create new technologies that will improve the security of NFTs and cryptocurrencies. It also aims to make the use of NFTs and cryptocurrencies more decentralized and efficient.

    According to the announcement, the move, which is their first collaboration project, will allow NFT creators to easily transfer their digital art pieces from the “energy-intensive” and costly Ethereum network to Cardano, with the first bridge expected to launch in early 2022.

    Ethereum ERC-721 is unfavorable to NFT creators.

    Given that Ethereum and Bitcoin continue to use Proof of Work mechanisms on their networks, NFT developers are frequently confronted with the persistent issue of energy inefficiency and high transaction costs. Currently, creators pay around $15 in transaction fees on Ethereum, compared to $0.4 on Cardano. This means that Ethereum costs 37.5 percent more than Cardano.

    According to recent Digiconomist data, Ethereum and Bitcoin consume as much energy as Oman and Columbia combined, posing a serious challenge to the NFT ecosystem.

    Cardano, which employs a more environmentally friendly proof of stake mechanism to run its network operations, aims to change this status by providing efficient price predictability and stability for transaction costs, thereby eliminating the risks of loss and high costs associated with using Ethereum to mint and transfer NFTs.

    Cardano co-founder Charles Hoskinson confirmed the partnership, saying,

    “We designed Cardano with energy efficiency in mind, which is why this partnership with Bondly is so important, as it will provide NFT creators with access to a leading solution for token creation that does not compromise on environmental credentials.”

    Bondly’s CEO, Harry Liu, also praised the collaboration, noting that the creation of a cross-chain NFT bridge between Ethereum and Cardano would be a significant step forward in transitioning “from legacy blockchain projects to one of the most hotly anticipated third-generation networks.”

    Bondly also announced that it would be minting a special collection of eco-friendly NFTs to commemorate the launch of Cardano’s smart contracts, which will allow developers to build applications that will use the “capabilities of the world’s most advanced green blockchain, as well as NFTs marking the launch of the cross-chain bridge.”

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