Friday, 19 April 2024

Crypto News

Flare gets NFT platform to increase use cases for interoperability protocols

Flare gets NFT platform to increase use cases for interoperability protocols

Flare, the layer-1 Ethereum Virtual Machine (EVM) blockchain, went live on Jan. 10 after it launched two core protocols for decentralized interoperability applications. The blockchain network allows developers to create applications that are interoperable between various blockchain ecosystems and internet platforms.

Less than one month later, on March 2, Flare welcomed the nonfungible token (NFT) platform Sparkles on its layer-1 Oracle network.

According to the announcement a primary goal of the Sparkles NFT platform is to hone in on the interoperability of native Flare protocols to increase use cases for NFT utility.

The NFT platform has plans to target other major issues in the space, such as intellectual property (IP) rights, via attaching on-chain IP licensing to future collections. Sparkles also has plans of decentralizing its core technology and infrastructure after it transitions into a DAO.

Since its launch on Songbird, the canary network for Flare, in Jan. 2022, Sparkles has handled 90% of NFT sales, which accounts for $3.5 million in sales. It currently hosts over 3,200 collections.

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Additionally, in 2021, Sparkles joined the Crypto Climate Accord with a pledge to become net-zero by 2023. The platform reports to have achieved an environmentally positive status via carbon credits, which it retired on-chain via the Toucan bridge. 

Interoperability will continue to be a big theme for the decentralized space going forward in 2023. It is one of the major focuses of many companies and communities in the space in the service of helping with scalability and onboarding more users. New tools like trustless bridges have been implemented in order to create safer options for the implementation of interoperable solutions. 

The Web3 Domain Alliance recently expanded with an addition of 51 new members, after which it named interoperability as one of its main focuses for the year.