Cross-chain Technology in the NFT Marketplace
Cross-chain technology is a new technology that can transfer value and information between various blockchain networks.
Sole-X was developed based on Kakao’s blockchain network Klaytn via Orbit Chain.
This cross-chain platform supports interoperability between various blockchains such as Ethereum, Klaytn, etc.
This means that traders can trade in the market with NFTs and coins formed on other chains.
Orbit Chain technology leveraged by TriumphX is the world’s first decentralized open Inter-Blockchain Communication (IBC) platform.
Orbit Chain aims to connect fragmented ecosystems to solve the liquidity problem of independent chains, consistent with the vision of Sole-X.
Cross-chain NFT Marketplace vs. General NFT Marketplace
A normal NFT marketplace supports single transactions, and Sole-X’s purpose is to support free transactions between all chains. Sole-X includes several NFTs and other digital collectibles. Sole-X currently supports transactions with 2 chains, 3 wallets, and 4 coins.
Users will experience high-quality NFT trading while minimizing barriers to entry within the platform. Multi-chain transaction convenience is a key feature of Sole-X.
Sole-X primarily supports NFT uploads based on Ethereum and Klaytn.
Wallets that can connect to Sole-X include Ethereum-based METAMASK and Klaytn-based Kaikas and KLIP.
Transactions are possible with TriumphX’s coins, TRIX, Ethereum (ETH),Klay, and Tether (USDT). In the future, Solex 2.0 will introduce the Polkadot chain and link more chains to expand the cross-chain opportunity.
Trading on Sole-X
To trade on Sole-X, users need to connect their wallets to Sole-X and deposit their assets to Sole-X.
Through this process and bridge function, other chain-based NFTs or coins are converted into Klaytn-based assets.
Sole-X eliminates the inconvenience of purchasing various wallets and coins when trading NFTs on various chains.
Any chain-based NFT transaction is possible even if you only own one of the available coins.
The second reason users should switch to Klaytn-based assets is to save on transfer fees. Currently, the transfer fee is free in the beta version of Sole-X.
However, the platform fees and payment fees in the existing Ethereum chain-based large NFT market are quite expensive.
Klaytn-based Sole-X beta version supports fast and free payments compared to the expensive Ethereum gas fees and relatively relaxed payment speeds.
Sole-X also provides a secure auction system that allows users to escrow the desired auction price when participating in an auction and deposit money directly to the seller if the bid is successful.
By default, the highest priced participant bid is escrowed.
These escrowed tokens are transferred to the seller’s Sole-X account if the bid is successful.
This prevents unreliable transactions, such as the seller not receiving tokens despite the success of the auction.
