- February 15, 2023
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Interchain NFTs, powered by the ICS-721 update to the IBC protocol, will be the fourth publicly incentivized testnet for the Cosmos Hub as registration opened on Feb. 15 with a 20,000 ATOM prize pool.
Game of NFTS
The event, entitled Game of NFTs, is an endeavor designed to create a two-phase initiative to test the application of ICS-721 in a practical sense. Phase 1 is open now through the testnet, and phase 2 will contain a hackathon that includes developers from Amazon Web Services (AWS), HashKey Capital, and IDG Capital. Phase 1 of the Game of NFTs is scheduled to kick off on March 1st, 2023, and will last around a month.
Validators and developers will be testing Interchain NFTs across multiple IBC-compatible chains, including IRISnet, Stargaze, Juno, OmniFlix, and Uptick.
“The Interchain NFT upgrade for IBC brings the connectivity and interoperability already enjoyed by fungible tokens to NFTs, creating all new surface areas for developers and artists to unleash their creativity.”
Participants can sign up for Phase 1 and submit team information via the registration form. The Cosmos Network Discord will be used to coordinate participation in the Game of NFTs.
Powered by ICS-721
The implementation of ICS-721 brought the ability to transfer non-fungible tokens between chains connected with the IBC protocol. It ensures the preservation of non-fungibility, permissionless token transfers, and fault containment.
Technically speaking, ICS-721 is designed to enable multi-chain classId handling with permissionless channel opening and ensuring that only one instance of any token is live across all the IBC-connected blockchains.
According to the GitHub synopsis, it is assumed that application logic in host state machines (existing asset tracking module that is already running on a blockchain) will be responsible for the metadata immutability of IBC tokens minted. Therefore, developers will be “strongly advised to check upstream blockchains (all the way back to the source) to ensure its metadata has not been modified along the way.”
Integrating ICS-721 into Interchain NFTs
The Interchain Foundation is leveraging the cross-chain abilities of ICS-721 to create Interchain NFTS and the Game of NFTs event. This is a significant step forward for the IBC-blockchain ecosystem as it allows for even greater interoperability between different networks on an already extremely interconnected blockchain.
The launch aims to increase the usefulness and value of non-fungible tokens in the Cosmos ecosystem. Additionally, the protocol’s focus on non-fungibility preservation, permissionless token transfers, fault containment, and record-keeping aims to make it a reliable and secure method for transferring non-fungible tokens across different networks.
The post Cosmos ecosystem to launch interchain NFTs via $270K incentivized testnet appeared first on CryptoSlate.
