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Ethereum (ETH) Receives First NFT from Cosmos-Based Blockchain: Details

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Fri, 11/26/2021 - 13:12
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Vladislav Sopov
In an unmatched experiment, non-fungible tokens were activated on four blockchains before landing on Ethereum's OpenSea
Ethereum (ETH) Receives First NFT from Cosmos-Based Blockchain: Details
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IRISnet has facilitated the transfer of a non-fungible token from permissioned distributed network WenChang Chain that was built using the Cosmos software development kit on Ethereum's largest NFT marketplace.

NFT bridge is established between Cosmos-based WenChang Chain and Ethereum

According to the official announcement shared in Cosmos' main blog, its software development kit was utilized for the first-ever NFT travel between four blockchain networks.

Transferred tokens were minted as digital avatars to fine art Chinese paintings. They represent famous traditional Chinese artwork by Rongbaozhai (Studio of Glorious Treasures), well-known since the 17th century.

First, the NFTs were minted at WenChang Chain, one of the decentralized platforms that belong to BSN Open Permissioned Blockchains, an ecosystem of hybrid distributed networks. The tokens were registered through IP.PUB, which is a Digital Artwork Registration Platform supported by China Promoting Minority Culture & Art Association.

Then, the tokens were sent to IRITA Hub and IRIS Hub, two networks operated by IRISNet, Cosmos-based cross-platform interoperability protocol.

Why is this transfer crucial for IBC instruments?

The transfer became possible thanks to the Terse Inter-Blockchain Communication protocol (TIBC). IRIS Hub seamlessly connects TIBC to Ethereum.

Right now, all NFTs from the experiment are available for sale on OpenSea, the largest Ethereum-based marketplace for non-fungible tokens.

This experiment is unique due to various features. First of all, it demonstrates Cosmos' role in connecting permissioned and permissionless blockchains, e.g., Ethereum and BSN. Then, it shows that Chinese state-backed bodies are still interested in blockchain usage despite a severe crack-down on crypto.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)