Switcheo Network, a second-layer interoperability platform, shares the details on the launch of the marketplace for non-fungible tokens (NFTs) on ZilSwap.
NFT euphoria outgrows Ethereum (ETH), Switcheo launches marketplace on Zilliqa (ZIL)
According to the official announcement (https://blog.switcheo.network/creating-the-opensea-of-zilliqa/) shared on the Switcheo Network's blog, the multi-purpose platform for minting, storage and trading of non-fungible tokens is set to launch on Zilliqa (ZIL).
— Switcheo (@SwitcheoNetwork) September 4, 2021
In collaborating with ZilSwap, a Zilliqa-based decentralized finances hub, Switcheo Labs, is going to release "more inclusive and accessible NFT ecosystem."
The upcoming marketplace will be interoperable with Ethereum (ETH) thanks to a novel cross-chain bridge powered by the Switcheo Network. As such, existing Ethereum-based NFT initiatives will be able to migrate to Zilliqa.
The Switcheo Network team is certain that this launch will come as a crucial milestone for both the digital collectibles' space and Zilliqa (ZIL) progresses:
As a platform that is well-positioned to capture a significant portion of the NFT space, the new marketplace will serve to further strengthen ZilSwap's position as the premier platform on Zilliqa.
Limited NFT collection introduced to commemorate the milestone
More details on the upcoming release will be unveiled soon.
To celebrate the launch, The Bear Market limited NFT collection will be introduced on Sept. 15, 2021. Besides the launch of the marketplace, this release will commemorate the first anniversary of ZilSwap.
As covered by U.Today previously, Zilliqa's (ZIL) transactions got stuck on Aug. 30 due to unexpected issues with the mainnet upgrade. The Zilliqa (ZIL) team released the recovery plan and claimed that all losses would be compensated.