The grass is all the time greener, it appears. NFT initiatives on non-Ethereum chains aspire to see ranges of liquidity achieved by high Ethereum-based initiatives, whereas Ethereum-based NFT collections see the ‘greater fish in a smaller pond’ alternative with leaner non-Ethereum chains. There are a lot extra potential motivations for initiatives to maneuver throughout chains – or develop past only one chain – and for the primary time in current months, that is motion that we’re lastly seeing come to life.
We noticed a first-rate instance of this within the closing hours of 2022 when signature Solana-based initiatives DeGods and y00ts introduced their transfer from Solana to Polygon.
One other case research is within the making this week, this time with a as soon as high-flying Ethereum-based ‘blue chip,’ Doodles.
NFTs: To Ethereum, And Past
There’s been excessive ceilings and low flooring in Doodles lengthy – but temporary – historical past. Nonetheless, the mission nonetheless reveals continued funding – fairly actually as current as September, when Doodles raised over $50M in a VC fundraising spherical led by Reddit co-founder and Doodle holder Alexis Ohanian and his funding agency Seven Seven Six.
On the time, many group members within the NFT house thought this was outlandish and flat out laughable, but it surely hasn’t tempered Doodles’ efforts to proceed rising an IP powerhouse.
The most recent information this week comes straight from the horse’s mouth. An announcement from the Doodles workforce on Wednesday shed extra gentle across the upcoming ‘Doodles 2’ launch, the follow-up assortment to Doodles. In that announcement, the Doodles workforce shared that they’d be launching the mission’s newest iteration on Movement, fairly than Ethereum – and sharing a sentiment of a “way forward for robust cross-interoperability” in doing so.
A letter to our group pic.twitter.com/M9kp0LK0Gq
— doodles (@doodles) January 25, 2023
Movement blockchain (FLOW) secured a significant win this week with it is new assist of upcoming 'Doodles 2.' | Supply: FLOW-USD on TradingView.com
A Cross-Chain Future
It’s onerous to check precisely how a cross-chain interoperability with NFTs really involves life in a method that’s straightforward and free-flowing. The truth is that we’re most likely a 12 months or two away from even being shut. Nonetheless, kudos is because of initiatives keen to take dangers and launch in new and distinctive methods – and plenty of main group members in each NFTs particularly, and crypto at massive, have been advocates for extra cross-chain pollination.
The Movement blockchain is undoubtedly an fascinating selection for the Doodles workforce, too; Movement has been a mainstay for sports activities NFTs, with the overseeing workforce at Dapper Labs securing companions just like the NBA, UFC, and La Liga. Nonetheless, Movement hasn’t been a best choice for conventional NFT collections sometimes – regardless of carrying comparable market benefits to chains like Polygon or Solana, Movement’s enterprise improvement focus hasn’t sometimes been centered on community-driven collections. Doodles, nevertheless, is clearly a mission that Movement will welcome with open arms because the chain appears to be like to diversify it’s roster of premier initiatives.
The ever-present and undeniably sophisticated query is all the time, what’s the finish sport for NFTs? The reply is probably going some multi-media, digital-first legacy IP emblematic of Disney franchises, Pokemon, and so forth. Nonetheless, constructing model loyalty within the house is just not straightforward, and few will survive the lengthy sport. We’ll see the way it shakes out for Doodles and co.