The new NFT Passports, which were announced live at ETH Denver, will also permit cross-chain transactions.
The Bored Ape Yacht Club Passport was unveiled on Friday by blockchain platform Harmony, whose mainnet relies on the Ethereum network and claims to have two-second transaction finality and fees 1,000 times cheaper than Ethereum. The Passport allows users to import proof of their apes into DeFi Kingdoms, a play-to-earn game with over 120,000 monthly active users built on the Harmony blockchain. When Ape holders connect their MetaMask wallet to DeFi Kingdoms in the early phases, they will be able to validate and show their assets in the game across various blockchains.
Because cross-chain technology is still in its infancy, funds may be at risk when bridging between chains, as the greatest decentralised financial attack of the year demonstrated. Harmony’s Passport, on the other hand, does not shift assets; rather, it confirms asset ownership across different blockchains, ensuring their legitimacy throughout. Horizon, the company’s cross-chain bridge, presently supports Harmony, Ethereum, BNB Chain, and three more blockchains.
Leo Chen, a Harmony team member, explained:
“We wanted to provide more functionality and alternatives for NFT holders to display their NFTs and interact in the Metaverse. The first choice is for members of the Bored Ape Yacht Club. The cross-chain identification provides a safe and simple means to do so without jeopardising their assets.”
In a similar move, Twitter launched its nonfungible token campaign last month, allowing its premium subscribers to display their NFTs as profile images. However, the feature’s technical capabilities are still being tested, with only Ethereum-based NFTs eligible and no cross-chain functionality.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.