New Developments of NFT on Moonbeam: Cross-chain Access and 1:1 Artwork

The continuous updates of blockchain technology have driven the ongoing development of NFT application scenarios on Moonbeam. Users can freely access NFTs across chains, and new use cases such as the 1:1 NFT concept have also garnered widespread attention in this field. Moonbeam is actively enhancing the capability of cross-chain access interconnection contract NFTs, creating new opportunities for the use of NFTs on other blockchains.

The Moonbeam network has a diverse and active ecosystem, natively supporting ERC-721 and ERC-1155 standard NFTs for cross-chain interconnected smart contracts. This means that Ethereum-compatible NFTs can be displayed and used on the same platform without cross-chain transfers. This flexibility will impact the application of NFTs in various fields such as gaming, the metaverse, and art collection.

Moonbeam is compatible with Ethereum and supports cross-chain transfers of ERC-721 NFTs between Ethereum. However, with the emergence of next-generation user-friendly applications, such cross-chain transfers may no longer be necessary, as these applications will address the fragmentation of cross-chain functionality and user experience issues.

NFT Market on Moonbeam

Several well-known multi-chain NFT marketplaces have been deployed on Moonbeam and are exploring the possibilities brought by recent innovations. These marketplaces include Treasureland, NFTrade, Tofu NFT, Moonbeans, Mintverse, and Raresama.

As a cross-chain interconnection application platform that can access users and services on any chain, Moonbeam provides an ideal environment for NFT markets to reach users across multiple blockchains.

The TofuNFT team members stated that Moonbeam is one of the most important chains among the more than 30 chains they support. Many high-quality projects have been deployed on Moonbeam, and it has a strong community foundation, which is crucial for building NFT projects.

Treasureland is another multi-chain NFT marketplace that supports the creation, issuance, auction, and social aspects of NFTs. They chose to support the Moonbeam network because of its strong compatibility and interoperability, which provides long-term development potential for NFTs on Moonbeam, especially for 1:1 NFTs.

A representative from NFTrade stated that they firmly believe in the future of cross-chain and multi-chain, which is also the goal that Moonbeam is striving to achieve. They are excited to collaborate with the Moonbeam development team and its community to create value on their chain and collectibles.

Moonbeam is integrating functionalities from ecosystems like Ethereum, Cosmos, and Polkadot into a single platform to address the current fragmentation of user experience. This will unlock true interoperability and lay the foundation for the next generation of applications. Enhancing user experience is key to driving broader adoption, and the NFT space is an effective avenue to achieve this goal.

Raresama is a marketplace focused on 1:1 art, fully governed and curated by the community. New collectibles, membership verification, and platform features must be decided through community voting.

The Moonbeans market aims to provide a familiar and friendly user experience, allowing new users to easily understand and trade NFTs. They collaborate with partners such as Multichain to support the development of features that allow for NFT bridging, simplifying the cross-chain trading process.

The Value and Application of NFT

NFTs exist on the blockchain, and each NFT has a unique identifier. NFTs are non-fungible, which means that two NFTs cannot be exchanged for one another. This characteristic has given rise to a collectibles-centric market.

NFTs come in various forms, including photography, music, digital art, collectibles, 1:1 art, tickets, memberships, game avatars, and domain names. Creators can choose the minting method, location, and quantity of the NFT based on the intended use.

The value of NFTs comes from community demand and scarcity. Scarcity makes holding NFTs extremely valuable. NFTs can also provide utility, such as access to specific communities, the metaverse, and games. NFTs can be used for voting, proof of ownership, and in some cases, as collateral.

As the possibilities of Web3 expand, new NFT use cases are continuously emerging. NFTs may be used to represent tradable portfolios, assist in royalty distribution, prevent fraud, support staking in decentralized finance, and more.

The success of NFT projects relies on the power of the community. NFTs, especially 1:1 NFT art, are becoming a bridge between traditional real-world art communities and digital blockchain art. As more and more people recognize the potential of NFTs, online communities are bringing more users into the Web3 world.

The Unique Charm of 1:1 NFT

A 1:1 NFT refers to a unique artwork that has only one version. This one-of-a-kind characteristic often gives 1:1 NFTs a higher market value compared to NFTs in a series of collectibles, thereby driving an increase in market demand.

Another appeal of 1:1 NFTs is that these works often come from artists who bring their fans and communities into the market. This not only increases market demand and interest but also highlights the importance of providing a familiar purchasing and trading experience. Additionally, some 1:1 NFTs offer unique benefits, such as VIP event privileges or physical artworks, further expanding their influence.

Moonbeam provides infrastructure for user-friendly development of applications and projects that offer liquidity in Web3, and this advantage extends to the NFT space. The 1:1 NFT model is changing the field and has the potential to address multiple issues, such as the distribution of artist royalties and the convenience of fans purchasing artworks.

On Moonbeam, the Moonbeans market is dedicated to providing users with creative freedom. They have focused on developing fully functional products from the very beginning, creating a simple, easy, and exciting experience for users.

Artists on Moonbeam

1:1 NFTs may be fewer in number, but they bring the community into Web3 as part of the "fan" journey. This is a collaborative experience that bridges the gap between the art world and the community that supports it. Angela Pencheva's experience of minting on Raresama and showcasing her work on Moonbeans and NFTrade is a typical example of this process.

Angela Pencheva is an artist, NFT creator, and designer who is working on her first 1:1 NFT project on Moonbeam. Originally a UI/UX designer from Sofia, Bulgaria, Pencheva later got involved in NFT projects, which ultimately helped her paintings appear in two successful NFT projects.

Traditional artists are transferring their communities to the Web3 space through 1:1 NFTs. From this perspective, 1:1 NFTs are likely to promote broader adoption of blockchain technology as more users start using cryptocurrency wallets and engaging in transactions.

Artists interested in the NFT space can collaborate with the Moonbeam team or marketplaces like Raresama, which have experience in building online communities, minting NFTs, and using related tools, to help them transition from Web2 to Web3.

Despite the challenges of learning the technical terms, the minting process, and Gas fees, Pencheva still believes that entering the NFT space is one of the best experiences of her career. The biggest difficulty is bridging the gap between the traditional art world and the digital blockchain world as an artist.

The entry of physical world art and its fans into the digital realm marks a shift in how people utilize NFTs and suggests potential future directions for NFTs. The focus of NFTs is no longer solely on gaining short-term profits through the buying and selling of simple digital images and randomly generated artworks, but rather on the quality of these works and the authenticity of the artists.

Build on Moonbeam

Moonbeam played a key role in helping Pencheva transition to Web3. After conducting her own research and deciding which Layer 1 blockchain she wanted to build on, the Moonbeam team quickly provided assistance. Pencheva stated that it was Moonbeam's unique interconnectivity contract strategy that ultimately led her to choose the platform.

"As an artist, I don't want to limit my NFTs to a single Layer 1 chain, because I see so many chains being developed in the Web3 space. But with the help of interconnecting contracts, I can significantly reduce the risk of choosing the location for NFT deployment, because as long as they are on Moonbeam, they can interact with other chains," Pencheva explained.

The support from the Moonbeam ecosystem and the entire Dotsama community is also a reason that attracted Pencheva. She stated: "Everyone has been very open and supportive to me, and they are all willing to help, which is just perfect for newcomers like me."

Moonbeam continues to support its ecosystem through cross-chain interconnected contracts and the practical application of Web3 concepts such as NFT, decentralization, and community. Building user-friendly applications will continue to simplify interoperability between blockchains and promote the large-scale adoption of blockchain technology (including in the art world) through 1:1 NFTs.