NFTs in a Multichain Future: The Evolution, Challenges, and Solutions
The non-fungible token (NFT) boom of 2021 brought a surge of interest and investment in digital art and collectibles that changed the way art was perceived, bought, and sold. However, this boom also faced criticism, particularly around the environmental impact of blockchain technology. Since then, NFTs have evolved into various applications such as gaming, music, and sports. But the fast-evolving world of NFTs has brought its own set of challenges, including scalability and interoperability issues. Enter multichain networks.
The Need for a Multichain Solution
Multichain networks offer a viable solution to the challenges plaguing the NFT market by facilitating cross-chain transactions and uniting several communities in a neutral and decentralized environment. One company leading the charge in this area is Cudos. Cudos is a decentralized cloud computing platform that enables cross-chain transactions and provides a scalable infrastructure for running decentralized applications (DApps), addressing the scalability issue. By enabling cross-chain transactions, creators and buyers can access a broader market, and the issue of interoperability is resolved.
The Power of Cosmos SDK
While many are familiar with Cudos as a cutting-edge blockchain platform for cloud computing, few may realize that it is built on the Cosmos SDK, a powerful tool for blockchain development. The Cosmos SDK is a modular framework that empowers developers to easily create their own blockchain applications. With prebuilt modules for staking, governance and token issuance, as well as the flexibility to customize and add new modules as required, the SDK is an ideal platform for building specialized blockchains tailored to meet the unique needs of various industries.
For Cudos, the Cosmos SDK has been an indispensable ingredient in constructing a blockchain platform that can handle the intricate computations essential for cloud computing. Thanks to the SDK’s modular design, Cudos has been able to create a bespoke blockchain that can securely and efficiently process vast amounts of data. Beyond its technical capabilities, the Cosmos SDK boasts a vibrant community of developers and enthusiasts, which has provided Cudos with a network of like-minded individuals who share a passion for blockchain technology and its potential to revolutionize industries.
AuraPool: The Future of NFTs
AuraPool is a first-of-its-kind marketplace built by the team behind Cudos – experts in creating infrastructure marketplaces and backed by well-known VCs including Animoca Brands and Outlier Ventures. AuraPool democratizes the process of mining Bitcoin, offering ordinary investors the chance to own a piece of the action by tokenizing hash rate. The sustainable marketplace creates a seamless bridge between NFT collectors and Bitcoin mining farms, providing the opportunity to access unique NFT hash rate collections that hold the key to untold utility – without any of the hardware costs.
The latest venture by Cudos aims to level the playing field and provide new avenues of opportunity for NFTs. Essentially, AuraPool enables users to mine Bitcoin without the need for a physical mining setup, expensive electricity consumption, or the risk of legal complications. By simply possessing hash rate NFTs in their Cudos wallet, individuals can benefit from the mining activities of AuraPool’s issuer mining farm. This breakthrough approach has the potential to significantly expand the pool of individuals able to participate in Bitcoin mining via hash rate collectibles, ultimately contributing to a more diverse and robust network.
The Multichain Future of NFTs
The future of NFTs’ success relies on the development of more robust and scalable multichain networks like Cudos. As the NFT market continues to expand, it is vital to have infrastructure that can support the increasing demand for NFTs and allow creators and buyers to access.
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Writer: Nathan Cooper, Chief Program and Innovation Officer at Sheesha Finance