We're thankful to have LayerZero come to NFT Paris 2023!
LayerZero, the leading omnichain interoperability protocol, will be joining us on the main stage to discuss the ONFT Standard and interoperable NFTs.
In this piece, we’ll be exploring:
- What Is LayerZero: A deep-dive into how LayerZero enables omnichain connectivity and chain-agnostic user experiences
- LayerZero's ONFT Standard: Interoperable NFTs & Notable Projects
- Our Partnership: LayerZero x NFT Paris
WHAT EXACTLY IS LAYERZERO?
Have you heard of the term "Layer 0" in crypto?
Layer 1 blockchains like Ethereum are extended by the capabilities of L2s like Arbitrum and Optimism. LayerZero serves as the essential communications infrastructure which connects smart contracts on different chains from various layers.
LayerZero set out to make the transfer of data between blockchains truly seamless. If you have tried transferring tokens from the Ethereum blockchain to the Binance Smart Chain, you may have had to go through insecure bridges, purchase multiple gas tokens, and make several transactions before completing the transfer. With LayerZero, developers can deliver a secure 1-click experience for their NFT and gaming applications.
It is important to note that LayerZero is not a wrapped asset bridge. LayerZero is the base level infrastructure for applications to seamlessly communicate information across chains. With LayerZero, creators can abstract away the complexity of multiple chains and gas tokens while leveraging the best of different technologies.
How does LayerZero work? LayerZero runs Ultra Light Nodes (ULNs) to transfer messages between blockchains via on-chain endpoints with the help of independent Oracle and Relayer entities Upon sending a message from a specific chain, the Oracle(s) forwards the message to the receiving chain, while the Relayer(s) are used for verifying the transaction. Ultimately, a secure, tamper-proof message is sent in a cost-effective and trust-minimized manner across chains!
Of course, this is merely the tip of the iceberg with regard to how LayerZero works. Be sure to check out their Developer Docs to learn more about LayerZero and how to begin building.
The LayerZero Omnichain Non-Fungible Token (ONFT) Standard enables any NFT to be securely transferred across chains without the need for token wrapping, middle-chains, or centralized bridges.
Pudgy Penguins, a leading NFT and collectibles community, made the leap from single-chain to omnichain with LayerZero! On January 25th, 2023, Lil Pudgy Penguins opened the portal to traverse from Ethereum to Arbitrum, Polygon, and BNB Chain. Pudgy Penguins leveraged ProxyONFT to build a best-in-class NFT bridge for their existing collection of 22,222 NFTs. Demo the bridging experience here.
Today there are over 1000 unique ONFT collections including Pudgy Penguins, Gh0stly Gh0sts, Kanpai Pandas, Tiny Dinos, and more. These projects enjoy the advantages of ONFT, including:
Deploying ONFT is as easy as minting an ERC721. Hassle-free. Existing single-chain collections can leverage ProxyONFT to become omnichain or bridge to new ecosystems.
By adopting ONFT, projects can expand to new communities and enable users to access new markets and greater liquidity. One collection, everywhere.
Abstract away the chain decision and embrace optionality for your community. ONFT enables projects to scale beyond their initial launch chain, protect brand and IP, and eliminate fragmentation.
No bridging fees, wrapped assets, or multiple clicks. ONFT abstracts away the complexity of traditional bridging and delivers seamless transfer between chains.
ONFT tells the story of where your asset originated and where it has been. ONFT token ownership is tracked throughout the unified deployed contracts, never obfuscated by wrapped bridges.
ONFTs empower users to maintain sovereign control over their assets and creators to own fees and royalties on all chains. Users can bring their assets anywhere they'd like; More choice, more freedom, a stronger community.
LayerZero’s ONFT Standard serves to improve NFT interoperability and overall user adoption and experience across web3. In our opinion, the ONFT Standard is a public good for the entire industry!
Don’t miss Bryan Pellegrino, CEO and Co-founder of LayerZero Labs speaking alongside NFT thought leaders on the topic of: "Beyond PFPs, the Building of New Forms of Storytelling and Communities.”
The future of crypto is omnichain. By leveraging LayerZero’s omnichain technology, NFT creators and collectors are able to create and own their digital assets everywhere, unbound by the constraints of a single chain. NFT Paris is excited to dive into this revolutionary technology. Learn more about LayerZero and the ONFT Standard now!
Tickets are live now! Check out our website to save your spot in NFT Paris.
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