TLDR:
Think of this as trading baseball cards but protocol.
The NFT Twins Protocol aims to streamline the process of swapping and trading non-fungible tokens (NFTs) by eliminating intermediaries and reducing friction. Its core functionality revolves around creating "twin" NFTs that are esentially mirrored copies of existing NFTs on different blockchain networks.
The protocol works as follows:
A user deposits their original NFT into a smart contract vault on the native blockchain.
The protocol then creates and mints a "twin" NFT on a desired target blockchain, representing the locked original NFT.
This twin NFT can be freely traded, swapped or used just like any regular NFT on the target chain.
To redeem the original NFT, the owner simply burns or sends back the twin NFT to the protocol's vault.
The protocol then releases the original, locked NFT back to the owner's wallet on the native chain.
By creating these interoperable "twin" NFT representations, users can bypass the need for centralized exchange platforms or other intermediaries. Trades between NFT twins on different chains can occur directly through peer-to-peer atomic swaps using connected smart contracts.
Key benefits include:
Lower fees compared to centralized exchange platforms
True asset decentralization and self-custody
Increased liquidity by interconnecting NFT ecosystems across multiple chains
Ability to easily move NFTs between chains while retaining full verifiable provenance
The protocol aims to abstractaway the underlying cross-chain mechanisms, providing a seamless experience where NFTs can easily traverse blockchain networks without sacrificing security or ownership.
TLDR: Think of this as trading baseball cards but protocol.
The NFT Twins Protocol aims to streamline the process of swapping and trading non-fungible tokens (NFTs) by eliminating intermediaries and reducing friction. Its core functionality revolves around creating "twin" NFTs that are esentially mirrored copies of existing NFTs on different blockchain networks.
The protocol works as follows:
A user deposits their original NFT into a smart contract vault on the native blockchain.
The protocol then creates and mints a "twin" NFT on a desired target blockchain, representing the locked original NFT.
This twin NFT can be freely traded, swapped or used just like any regular NFT on the target chain.
To redeem the original NFT, the owner simply burns or sends back the twin NFT to the protocol's vault.
The protocol then releases the original, locked NFT back to the owner's wallet on the native chain.
By creating these interoperable "twin" NFT representations, users can bypass the need for centralized exchange platforms or other intermediaries. Trades between NFT twins on different chains can occur directly through peer-to-peer atomic swaps using connected smart contracts.
Key benefits include:
The protocol aims to abstractaway the underlying cross-chain mechanisms, providing a seamless experience where NFTs can easily traverse blockchain networks without sacrificing security or ownership.