Cosmos integrates the ICS-721 standard to enable cross-chain NFT tracking and transfers
Quick take:
- Cosmos has integrated a new standard for NFT interoperability.
- The multi-chain platform will now allow users to track and transfer NFTs across different blockchains without using a bridging protocol.
- The new protocol means that NFTs can be integrated into various sectors such as games, social gatherings and web3 identity.
Cosmos has integrated a new standard for NFT interoperability. The multi-chain network said on Tuesday that the ICS-721 standard will allow users to track and transfer NFTs between blockchains.
ICS-721 is described as an application-layer inter-blockchain communication (IBC) protocol that enables communication between blockchains without requiring a bridge protocol.
The new protocol enables the integration of NFTs across multiple sectors, including gaming, web3 identity protocols and social platforms, Maria Gomez, CEO of the Interchain Foundation told Blockworks on Tuesday.
“The surge in profile picture (PFP) projects highlighted an earlier trend in NFT technology, but this also led to questions about their long-term value and sustainability. As the industry evolves, the focus is expected to shift toward utility and real-world applications, Gomez said.
The ICS-721 NFT standard is a collaboration between the Interchain Foundation and web3 startup Bianjie. The standard is intended to add utility to Interchain NFTs by integrating with multiple use cases and enabling interoperability across chains.
Harriet Cao, the founder of Bianjie said that the standard will initially be offered via all inter-blockchain communication-enabled Ethereum, Substrate, CosmWasm and Cosmos SDK chains, but plans are already underway to add support for more ecosystems.
Cross-chain interoperability has become the main focus area for blockchain companies looking to accelerate mass user adoption. Interoperability allows users to use their assets across multiple blockchains, improving the user experience.
With NFTs becoming a common feature of blockchain games, players reap more rewards when they are able to use their characters across multiple gaming platforms regardless of the blockchains they are built on.
ICS-721 entered beta testing in March 2023, with Bianjie and the Interchain Foundation launching a two-phase hackathon called the Game of NFTs. According to Cao, the first phase of the competition drew 198 participating teams worldwide.
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