An interesting new format is starting to be utilized to launch NFTs, called omnichain. What this means is that an NFT collection can be launched simultaneously across several different blockchains, and post-release, NFTs can be transferred between the compatible chains.
Omnichain NFTs can be created so that they have different characteristics depending on which chain they’re based on, and can alter when transferred across to a different chain. This kind of interoperability could lead to a situation where distinctions between different blockchains become less important, and we simply deal in NFTs as a whole, rather than having separate ecosystems.
Omnichain NFTs are making use of the LayerZero protocol, developed by LayerZero Labs. The protocol enables interoperability between blockchains compatible with the EVM (Ethereum Virtual Machine), with plans to incorporate non-EVM blockchains in the future.
Currently, LayerZero works with Ethereum, Polygon, Binance Smart Chain, Avalanche, Fantom, Arbitrum and Optimism.
LayerZero Labs, which is based in Canada, recently raised $135 million in a funding round, with the company valued at $1 billion, which gives an indication of how significant interoperability might become within decentralized app development, and in web3 in general.
Gh0stly Gh0sts & Tiny Dinos
The first omnichain NFT collection was Gh0stly Gh0sts, which stealth minted on April 3rd using LayerZero. The launch was across several blockchains, and it was free to mint. From there it took off on secondary, and is now holding a floor price on OpenSea of around 0.5 ETH.
There are 7,710 ghosts, with varying numbers on the different chains, but the majority are on Ethereum (a higher number minted on Ethereum to start with, and more have since been moved over to Ethereum). One feature of the design is that the background color indicates the minting chain, while the border changes color depending on which blockchain the NFT is currently located on.
There’s a possibility that Gh0stly Gh0sts could come to be seen as a historically significant collection.
Soon after Gh0stly Gh0sts, came Tiny Dinos. Also minting for free using LayerZero, this 10,000 piece omnichain collection had no roadmap and no Discord, but quickly picked up volume on secondary, and is currently at an entry point of around 0.2 ETH.
Again, this is an early mover, it’s attracted attention from Sartoshi (the creator of MFers), and pixel art may be due for a revival this year. Also, Tiny Dinos has triggered a flurry of copycats (there are Tiny Girls, Tiny Boys, and Omnifrogs, that I’m aware of) which is a sign that a project might be significant.
Both Gh0stly Gh0sts and Tiny Dinos utilize CC0 copyright licensing. CC0 (or creative commons) is the most permissive kind of licensing, meaning that anyone can utilize the NFT images however they like, without permission from either creator or owner.
In other media, this would be highly unusual, but it’s been applied before in NFT collections including MFers, Nouns and CrypToadz, and now in these two omnichain collections too. CC0 allows for anyone to get creative with the content being dropped, which can, potentially, result in explosions of activity and expanding network effects.
There’s no reason why omnichain projects in particular should use CC0, but it ties in with the feeling of openness and innovation, and might become something that sets NFTs, or omnichain NFTs in particular, apart from traditional media and art. Either way, along with omnichain, use of CC0 is a trend to be aware of.
NFTs on the Cardano blockchain have been making moves lately, but when it comes to tools and analytics, the Cardano NFT world has felt sparse compared to everything available on Ethereum.
Helping to improve this situation is CNFT Jungle, which provides rarity rankings, analytics, information on future launches and current mints, and extensive sniping tools.
CNFT is basically the Opensea of Cardano. It is the NFT marketplace that allows you to buy and sell a huge range of Cardano NFTs. While Opensea deals primarilty in Ethereum based NFTs, the CNFT marketplace is solely dealding in Cardano NFTs making it a very niche market, but one which can make big returns for the right investors.
CNFT has a few major benefits that Cardano NFT enthusiasts can take advantage of in order to make the most of their Cardano NFT experience.
- NFT Rarity Rankings, this allows you to easily find the best and rarest NFTs from a given collection. There are usually two strategies when it comes to NFT collecting. Get the floor NFTs, or get the rares. If you are getting the rares then you need good rarity tools.
- Launchpad, if you want to get the best Cardano NFTs early then CNFT can help you out. It has a launchpad which helps regular users get early access to the hottest NFT collections. 9 times out of ten the biggest gains come from buying an NFT during the mint or launchpad event.
- Analytics, CNFT provides the key data that you need for flippign NFTs. Want to get a hot collection on sale? Then watch the activity page on CNFT for falling volume. Want to ride the next wave of a new trending project then watch for an NFT collection to be rising in volume and rising in rank.