NFT Teleport
One of my primary features. Have you tired it already? Don't be scared, homie.
We're starting with the main course!
With Scotty Beam's NFT Teleport, users will be able to 'beam' their NFTs to any blockchain, including ETH, BSC, Solana, DOT, FLOW, etc. enabling cross-chain opportunities and defining standards for the whole NFT industry.
Through the simple, user-friendly, already functional teleport dApp, users will be able to connect their wallet shortly after the market launch and bridge their favorite NFTs from one EVM blockchain to another... Quicker than you can say, "Beam me up, Scotty!".
Well, maybe not that quick, but you get the point.
Introducing Interoperability to NFTs
NFTs have huge potential but they are currently limited by a lack of interoperability.
One example of this is how difficult – or in some cases, impossible – it is for users to move assets across different chains. With NFT sales volumes hitting $2.47 billion in the first half of 2021 alone!
Imagine the possibilities that a user-friendly, immediate way to transfer across chains could provide. Scotty Beam is offering precisely that, opening up the world of NFTs to everyone by making trading across chains effortless.
How? Through NFT teleportation.
The Current State of NFT Teleportation
I’m a very opinionated hamster.
Especially when it comes to the world of NFTs and matters of their transportation across various blockchains. You know me, I provide a service for effortless, user-friendly NFT teleportation, and my technology is moving hundreds of NFTs on a weekly basis.
But why only hundreds? Is it because my technology can’t deal with the load? Nope!
It is because people stick to the old way of doing things, and that is moving their non-fungible tokens by using so-called bridges. I’d recommend you to ‘get over them’, but I suspect you may not know what’s wrong with them in the first place…
That’s why I decided to write this article.
Are ‘Bridges’ For The Riches?
You see, to build something useful, you have to know what people are doing right now.
I’ve been an observing hamster, and from what I learned, people are limiting themselves by keeping NFTs only on one chain, shrugging their shoulders when they get slapped by cosmic gas fees on Ethereum, and disregarding other inventions because ‘eh, that’s too hard to understand’.
So why do I have a problem with bridging?
In NFT bridging, a token generated on one network is transferred to another chain through the process of ‘wrapping’. Once an NFT token is created, it is locked onto its host network by smart contract, while a second instance of the token is generated as a clone.
The clone is then wrapped to comply with the NFT standard, employed by the destination network, and transferred to an associated smart contract launched on the destination network.
The NFT clone can be sold on the new blockchain or moved onto yet another network without regard to its original form or source network. Theoretically, overall costs are reduced by relocating trading activities onto lower cost networks and reclaiming the assets later. BUT!
There Are a Few Problems With That
Quite a lot of them, actually.
Even though NFT bridging allows you to move tokens to NFT compatible networks for lower costs or to seek more liquid market places, it’s rather inconvenient to pay 10 cents in each network.
Also, during successively executed bridging, each transfer involves wrapping the previously wrapped NFT with a new wrapper of the destination blockchain, a process I describe as nesting. This means the newest instance of nested NFT contains a wrap of a wrap of a wrap, cloning a clone of a clone to make a newer clone.
And that ain’t it, chief!
Bridging can be helpful, yes, but this practice contains a hidden cost to reclaim the original NFT. Someone has to successively unwrap every nested layer by closing every bridging smart contract, chain-by-chain in the reverse order from which they were created!
Even if the most recent purchase returns the NFT onto the network where it was originally created, it cannot reclaim the original source content without undoing the NFT’s entire transactional chronology across all participating blockchains.
Closing an NFT bridge smart contract is not free, as execution of any smart contract incurs gas and network fees to validate the transaction, even just to terminate the contract and burn a token.
Suffice to say, unwinding a deeply nested NFT is freaking expensive and inconvenient.
Other Pressing Issues About Bridging
You have to own wallets for every chain, each of them needs to have money for commissions, and you never know for sure which bridge you will need to move onto another network.
If any bridge in that chain-of-operation doesn’t work, well, say bye-bye to your original NFT.
Another issue with nested bridging is related to privacy.
With a long sequence of trades, nested bridging collects metadata on all prior owners of the NFT. And you know The Internet — it is full of d-bags who want to profile previous owners to architect and launch cyberattacks on potentially wealthy traders.
NFT bridging is so ‘bleh’ and ‘ugh’. So why not look at something ‘yum-yum’?
I can see you frowning and rubbing your chin, pondering the all-important question...
Why Do You Need Scotty?
Great question! And I have an even better answer, actually four of them!
Scotty Beam gives users the opportunity to sell, trade and buy NFTs on any chain, both quickly and easily.
The system is user-friendly, easy to understand, and gives users a freedom that current systems do not offer.
Instead of using clunky cross-chain bridges, Scotty Beam enables instant teleportation between any blockchains.
Through the platform's cross-chain ability, Scotty Beam will be able to integrate and partner with existing NFT marketplaces, allowing creators, owners, collectors and projects exposure for their NFT collections to a much wider audience to buy, sell, trade or auction NFT assets.
Scotty Beam believes that the opportunities offered by NFTs should be available to everyone.
That starts with cross-chain trading ability. Having more options gives users the choice to make the right decisions for their trading, collecting and creating needs - without limitation.
You can try my tech at any time, and you're welcome to review my teleporting guide again!
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