XP.network has announced a partnership with proof-of-stake blockchain, Tezos. The partnership will enable users to leverage XP Network’s multi-chain support capabilities and Tezos’ blockchain efficiencies. Essentially, it allows Tezos users to transfer their assets from different blockchains into Tezos ecosystem via XP.network’s bridge.
XP.network has proven its cross-chain transfer capabilities. It has a reputable record in facilitating NFT transfers between different blockchains. Therefore, following the integration with Tezos, users will be able to transfer NFTs from Tezos to Solana, Ethereum or other blockchains. This cross-chain compatibility is a first in the sector, and it creates new possibilities.
The partnership enhances scalability in the NFT segment. Users will now have greater access to a larger resource pool without facing barriers associated with cross-chain incompatibility. Additionally, it means that users will enjoy a significant reduction in transaction costs. Furthermore, they will also benefit from the near-instant transfers on Tezos.
Commenting on the partnership, XP.network CEO Nir Blumberger exuded confidence in Tezos, describing it as “the benchmark “ for other blockchains to follow.
We are honored and excited to see what the future holds for this partnership.”
Nir Blumberger. XP.network CEO
How the bridge works
XP Network’s cross-chain bridge wraps NFTs, while securing the integrity of the original NFT’s metadata. Also, its design ensures that it does not duplicate the NFTs in the process. The bridge preserves the original NFTs and stores them safely. Users can therefore retrieve them easily whenever they want.
What made XP.network to partner with Tezos?
XP.network is keen on providing a much-needed solution to the NFT market and enhancing user experience. For the network, breaking an NFT barrier without regard to its environmental implications would have been a zero-sum game. Therefore, the network chose Tezos because of its energy-efficient ecosystem and proven technical capabilities.
As a blockchain that operates on the proof-of stake protocol, Tezos is increasingly becoming attractive. As the world continues to adopt blockchain technology, one of the biggest concerns is high energy consumption. Using proof-of-stake ensures minimal energy use, which is good for the planet’s climate. Therefore, as users mint their NFTs on Tezos, they can rest assured that they are doing no harm to the environment.
Beyond its environmentally-sensitive design, Tezos has outstanding technical ability. It supports various projects and assets, including dApps, NFT marketplaces, blockchain-centric games and other assets. Additionally, Tezos‘ transaction fees are among the lowest in the market. In addition, the Tezos network has an impeccable record in terms of security.
Because of its outstanding record, Tezos is growing fast. It has onboarded some of the world’s most popular brands.
About XP.network
Founded in 2020, XP.network is a company that specializes in providing a wide range of NFT solutions. Ultimately, the platform aims to increase the compatibility, scalability and usability of NFTs across different blockchains. To do this, the company has embarked on building a range of products that break down the existing barriers across different blockchains.
About Tezos
Tezos is a proof-of-work blockchain ecosystem that powers a range of blockchain-based products. These include decentralized applications (dApps), NFTs, smart contracts, games among others. It prides itself in its energy-efficient algorithm and institutional-grade security. Notably, Tezos focuses on scalability, adaptability, upgradability and usability of blockchain technology for the benefit of the masses. Its native token, XTZ is the 45th most valuable crypto asset, valued at about $3.4 billion, according to CoinMarketCap.