Can You Transfer NFTs From Tezos to a Different Blockchain?
The SEC has no way of deciding which tokens are commodities or securities. But we all know that NFTs are 100% commodities.
Today we will do with NFT what we should do with commodities: enter new markets. And to do that, we will test the bridging of non-malleable tokens to other blockchains using XP.network.
How the Cross-chain Transfer of NFTs to XP.network Works in Theory
Cross-chain transfer of digital assets can be implemented in two ways:
- swap: exchanging tokens on one blockchain for the same tokens on another. It only works with assets that the issuer has released on both chains, such as USDT;
- wrap: locking tokens on one blockchain and issuing their wrapped counterparts on the other. Plenty bridge and Allbridge use this method.
With a wrap, any asset can be transferred between blockchains, including non-malleable tokens. XP.network enables just that.
The user sends an NFT to the XP.network smart contract on the source network, validators confirm the deposit, and the project smart contract on the destination network issues the same NFT to the user’s wallet. The wrapped NFT can be handled like a normal NFT: sent to a friend, sold on a marketplace, or even used to get a loan in some lending protocols.
To make NFT cross-chain wrapping secure, the XP.network developers have introduced contract whitelisting. This measure prevents attackers from forging popular tokens like BAYC to sell to collectors on other blockchains. For example, only tokens created on Rarible and hic et nunc can be transferred from Tezos to other blockchains. Fxhash is not currently supported, but developers are open to cooperation and can add collections from other marketplaces to the whitelist on request.
Apart from Tezos, XP.network supports Ethereum, Solana, Binance Chain, Tron, and a dozen other blockchains.
How to Transfer NFTs from Tezos to a Different Blockchain with XP.network
First, we need to open bridge.xp.network, connect the wallet, and select the original blockchain and destination network. We will be transferring tokens from Tezos to Tron.
A window will open with a view of the NFT on the connected wallet. Tokens from contracts not on the white list are not available for transfer.
On this page, you need to insert the wallet address on the destination blockchain, select the tokens to be transferred and click the Approve selected NFTs switch. The fee is quite high at 1.66 tez. When you click Send, XP.network will start the token transfer and display the transaction’s status.
We received the NFT to the Tron wallet within a minute. Tronscan wallet didn’t display the linked image, and XP.network and NFTone marketplace didn’t see the NFT at all. But the APENFT marketplace saw the object immediately.
That said, when trying to put the token up for sale, something went wrong through the fault of the APENFT marketplace or the Tronlink wallet.
Nothing we could do about it.
Conclusion
XP.network is an exciting tool for collectors, artists, and flippers. In theory, it allows you to mine NFTs on a blockchain with cheap transactions and sell them in a network with wealthy users, move entire collections, and collect monkeys like Thanos collected the Infinity Stones.
But in testing, we ran into problems. The wrapped token on Tron doesn’t show up in XP.network: we can’t get it back. When trying to transfer another token to EVM chains, we kept encountering an error and were never able to complete the operation.
If you really want to transfer previously purchased Tezos NFTs to another chain, first create a test token and experiment with it. And also share with us your experience with the XP.network bridge, if you have already used it.
Subscribe and never miss a thing from the world of Tezos!
- Telegram channel
- Twitter in Ukrainian
- Twitter in Russian
- Twitter in English
- YouTube channel
- hub at ForkLog
