NFTrade, an NFT marketplace operating on multiple chains, has partnered with interoperability protocol Rarimo to pave the way for purchasing multichain NFTs with any cryptocurrency across any blockchain.
Through Rarimo’s integration, NFTrade’s users can now conduct cross-chain transactions with Ethereum, Polygon, BNB Chain, and Avalanche. Future plans indicate that support will be extended to other chains utilized by NFTrade, such as Immutable X, Palm, and Moonbeam. Rarimo’s compatibility with all token standards aims to ensure it can readily adapt to any future chains that NFTrade may incorporate.
Simplifying the Multichain Experience
Under the current conditions, users holding crypto on one chain who wish to buy an NFT issued on a different chain encounter an expensive, convoluted, and lengthy process. They have to navigate away from the marketplace and manually exchange their crypto on another platform, which involves multiple interfaces, several transactions, and consequent fees.
Rarimo’s NFT Checkout contrasts this scenario, providing users with a streamlined and cost-efficient experience across multiple chains. Users have the flexibility to pay gas fees in their chosen currency, with the entire process requiring only a single fee, signature, and click.
Rarimo’s Decentralized and Non-Custodial Process
Unseen to the user, Rarimo takes their tokens to an external DEX, swaps them for the chosen payment currency, and then returns this currency to the marketplace’s smart contract to finalize the NFT purchase. The NFT is then transferred to the user’s wallet. This entire procedure is decentralized and non-custodial, meaning neither the tokens nor the NFT are ever held by a third party.
Rarimo manages this single-signature, single-fee process by grouping transactions in the background, allowing for the simultaneous execution of multiple actions.
Lasha Antadze, the Founder of Rarify Labs and one of the service providers for Rarimo, expressed pride in their partnership with NFTrade, stating, “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. 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.”
This development reaffirms the potential of blockchain interoperability and stands as an embodiment of Web3’s promise. With this integration, NFTrade and Rarimo are not only enhancing the current NFT trading experience but are also setting the stage for the future of decentralized digital transactions.
