The Interchain Foundation (ICF) has joined forces with Bianjie, a leading blockchain development company, to introduce a groundbreaking NFT standard on Cosmos. This new standard, known as ICS-721, empowers users to seamlessly track and transfer their non-fungible tokens (NFTs) across diverse blockchains.
Inspired by Ethereum's popular ERC-721 NFT standard, ICS-721 is an application layer inter-blockchain communication (IBC) protocol. Unlike traditional bridges, this protocol enables direct communication between blockchains, eliminating the need for intermediaries.
ICS-721 opens up a world of possibilities for NFT integration in the Web3 ecosystem. From gaming and socializing to identity management and beyond, this standard allows NFTs to find utility and real-world applications, according to Maria Gomez, managing director at the Interchain Foundation. With a focus on long-term value and sustainability, the industry is shifting toward NFTs that offer practicality and use cases beyond profile pictures (PFP).
The Interchain NFTs built on ICS-721 gain a distinct advantage by leveraging cross-chain interoperability. This standard not only enhances functionality but also enables seamless transfer of NFTs across different blockchains. It unlocks a new level of flexibility and utility for NFT owners and creators.
Harriet Cao, the founder of Bianjie and a prominent technical contributor to Cosmos, shared exciting news about ICS-721's availability. Initially accessible on all IBC-enabled Ethereum, Substrate, CosmWasm, and Cosmos SDK chains, the standard is set to expand its reach to additional ecosystems in the future. This expansion will further enhance the interoperability and accessibility of NFTs across various blockchain networks.
With the launch of ICS-721 on Cosmos, the NFT landscape undergoes a transformative shift. Users can now enjoy the freedom to track and transfer their NFTs seamlessly across blockchains, opening up a world of opportunities for collaboration, creativity, and decentralized ownership. Cosmos continues to pave the way for a connected and interoperable Web3 ecosystem, empowering individuals and industries to harness the true potential of blockchain technology.
