The grass is at all times greener, it appears. NFT initiatives on non-Ethereum chains aspire to see ranges of liquidity achieved by high Ethereum-based initiatives, whereas Ethereum-based NFT collections see the ‘greater fish in a smaller pond’ alternative with leaner non-Ethereum chains. There are loads extra potential motivations for initiatives to maneuver throughout chains – or develop past only one chain – and for the primary time in latest months, that is motion that we’re lastly seeing come to life.
We noticed a first-rate instance of this within the ultimate hours of 2022 when signature Solana-based initiatives DeGods and y00ts introduced their transfer from Solana to Polygon.
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One other case research is within the making this week, this time with a as soon as high-flying Ethereum-based ‘blue chip,’ Doodles.
NFTs: To Ethereum, And Past
There’s been excessive ceilings and low flooring in Doodles lengthy – but temporary – historical past. Nevertheless, the undertaking nonetheless reveals continued funding – fairly actually as latest as September, when Doodles raised over $50M in a VC fundraising spherical led by Reddit co-founder and Doodle holder Alexis Ohanian and his funding agency Seven Seven Six.
On the time, many group members within the NFT house thought this was outlandish and flat out laughable, however it hasn’t tempered Doodles’ efforts to proceed rising an IP powerhouse.
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The newest information this week comes straight from the horse’s mouth. An announcement from the Doodles staff on Wednesday shed extra gentle across the upcoming ‘Doodles 2’ launch, the follow-up assortment to Doodles. In that announcement, the Doodles staff shared that they might be launching the undertaking’s newest iteration on Move, relatively than Ethereum – and sharing a sentiment of a “way forward for robust cross-interoperability” in doing so.
A letter to our group pic.twitter.com/M9kp0LK0Gq
— doodles (@doodles) January 25, 2023
Move blockchain (FLOW) secured a significant win this week with it is new help of upcoming ‘Doodles 2.’ | Supply: FLOW-USD on TradingView.com
A Cross-Chain Future
It’s onerous to ascertain precisely how a cross-chain interoperability with NFTs really involves life in a means that’s simple and free-flowing. The truth is that we’re in all probability a yr or two away from even being shut. Nevertheless, kudos is because of initiatives keen to take dangers and launch in new and distinctive methods – and plenty of main group members in each NFTs particularly, and crypto at massive, have been advocates for extra cross-chain pollination.
The Move blockchain is undoubtedly an attention-grabbing selection for the Doodles staff, too; Move has been a mainstay for sports activities NFTs, with the overseeing staff at Dapper Labs securing companions just like the NBA, UFC, and La Liga. Nevertheless, Move hasn’t been a best choice for conventional NFT collections usually – regardless of carrying related market benefits to chains like Polygon or Solana, Move’s enterprise growth focus hasn’t usually been targeted on community-driven collections. Doodles, nonetheless, is clearly a undertaking that Move will welcome with open arms because the chain appears to diversify it’s roster of premier initiatives.
The ever-present and undeniably difficult query is at all times, what’s the finish sport for NFTs? The reply is probably going some multi-media, digital-first legacy IP emblematic of Disney franchises, Pokemon, and so forth. Nevertheless, constructing model loyalty within the house isn’t simple, and few will survive the lengthy sport. We’ll see the way it shakes out for Doodles and co.
