Holograph Partners with LayerZero to Foster Holographic Omnichain NFTs Adoption

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NFT
Holograph Partners with LayerZero to Foster Holographic Omnichain NFTs Adoption

NFT interoperability infrastructure provider Holograph today announced a partnership with LayerZero to deliver its patented ‘holographic’ bridging solution to facilitate seamless movement of tokens across blockchains with complete data integrity, including persistent smart contract addresses and token IDs.

Holograph Partners with LayerZero to Foster NFT Adoption

The official announcement states that Holograph, the omnichain interoperability infrastructure for minting and bridging NFTs has entered into a partnership with LayerZero, an omnichain interoperability protocol designed for lightweight message passing across different blockchains.

For the uninitiated, antiquated NFT bridging solutions typically create “multichain NFTs.” Whenever an NFT is bridged from one chain to another, the token becomes locked on the origin chain, and a fresh NFT is minted on the destination chain. In effect, the process creates a “wrapped” version of the original NFT that’s equivalent to a photocopy of the original artwork, with a different contract address and token ID.

If the newly minted wrapped NFT is moved to a third blockchain, using a different bridge, it would result in yet another synthetic NFT being created. Such wrapped NFTs not only violate their non-fungible properties but also complicate the record of ownership and tracing authenticity.

How Does Holograph Address the Issue?

Holograph’s first-of-its-kind bridging process leverages LayerZero’s lightweight cross-chain messaging to enable what they call ‘holographic’ omnichain NFTs. The original token is seamlessly beamed onto the destination chain with all of its data left intact, requiring no wrapping.

In addition, Holographic bridging vastly reduced the number of transactions required to bridge an NFT. It also eliminates the need to manage multiple gas tokens to execute both the origin chain and destination chain transactions.

Holographic bridging brings forth a whole set of new and exciting use cases. For example, a creator could take advantage of the cheaper transaction costs to mint an NFT on one chain, then easily bridge that token onto another chain with more liquidity, making it easier to sell.

The technology also enables chain-specific NFT properties that can be updated dynamically based on the chain it is currently located on. At the same time, traders can explore cross-chain NFT arbitrage to try and profit from the slight price differences of NFTs listed on marketplaces across different chains.

Holograph makes it possible to create omnichain NFT marketplaces where traders can collect NFTs from many different chains without the need to acquire the native gas tokens for each one.

Commenting, Jeff Gluck, CEO of Holograph, said:

“Holograph’s omnichain NFT infrastructure brings exciting new use cases for creators, developers, and enterprises. We are excited to work with Layer Zero’s incredible team to launch our protocol and deliver a giant leap forward in blockchain interoperability.”

Similar sentiments were echoed by Bryan Pellegrino, CEO of LayerZero. He said:

“LayerZero is excited to support Holograph as its cross-chain messaging solution. Their Omnichain NFT infrastructure aims to unlock a frictionless NFT user experience, onboarding the next wave of crypto users.”

Aisshwarya Tiwari

Aisshwarya is currently working as the Chief Editor at crypto.news and holds more than 4 years of experience in the digital assets industry. He holds an undergraduate degree in Commerce with Honours and a post-graduate diploma in Liberal Studies. Before entering the crypto industry, Aisshwarya worked as an SAP Consultant for a global IT firm. He also cleared the CFA Level 1 exam before pivoting to the crypto industry due to its novel and exciting propositions.