Cardano blockchain has continued to increase its interest in the NFT space after it sold its first $1 million worth of NFT earlier this month. IO Global recently partnered with Bondly to get more involved in the NFT space.
IO Global to Create a Bridge to Bring NFT From Ethereum to Cardano
According to an announcement from Cardano’s official software developer InputOutput (IO Global) on October 21, the company has partnered with Bondly to create an official cross-chain bridge to bring NFT from Ethereum to Cardano.
Bondly is a decentralized e-commerce platform that aims to develop new technologies to improve the security of NFTs and cryptocurrencies. In addition, the use of NFTs and cryptocurrencies is to be made more decentralized and efficient.
According to the announcement, this move is their first joint project that will allow NFT creators to easily transfer their digital artwork from the energy-intensive and expensive Ethereum network to Cardano, the first bridge expected to hit the market in early 2022.
NFT Creators Face low energy efficiency and high transaction costs on Ethereum Network
With Ethereum and Bitcoin still using proof-of-work mechanisms in their networks, NFT creators often face persistent problems of low energy efficiency and high transaction costs. Currently, the transaction cost of the creators of Ethereum is around $15 compared to Cardano’s $0.4. This makes Ethereum 37.5% more expensive than Cardano.
According to the latest data from Digiconomist, the energy consumed by Ethereum and Bitcoin equals the sum of Oman and Colombia, which poses a serious challenge to the NFT ecosystem.
Cardano uses a greener proof-of-stake mechanism to run its network operations and seeks to change that situation through effective price predictability and transaction cost stability, eliminating the risk of loss and high costs associated with using Ethereum for casting and transfer costs NFT.
Upon confirming the new development, Cardano co-founder Charles Hoskinson stated that they took energy efficiency into account when building Cardano, which is why the partnership with Bondly is so important because it enables NFT creators to get leading-edge token creation solutions without sacrificing environmental certification.
Bondly CEO Harry Liu also praised the union, pointing out that the establishment of a cross-chain NFT bridge between Ethereum and Cardano would be an important milestone in the transition from a traditional blockchain project to one of the most anticipated third-generation networks.
Bondly also announced that it will pour a range of green NFTs to commemorate the release of Cardano Smart Contracts, which will allow developers to create applications that will utilize the world’s most advanced green blockchain features and the release of NFTs cross-chain bridge.
