The Interoperable Future for NFTs and Blockchain Games
An atmosphere of sheer optimism currently surrounds the blockchain space. Many would argue that the increased popularity of NFTs, DeFi, and GameFi presents a perfect opportunity for creators of NFTs and blockchain game developers to reach a larger audience. While Lovelace agrees with that sentiment, we also believe that aside from improving the scalability of NFT tech, development is also needed across other areas if this budding ecosystem is to reach its full potential.
Choosing the “Right” Blockchain
Currently, Lovelace is launching on Ethereum Virtual Machine (EVM) compatible chains, such as Ethereum, Binance Smart Chain (BSC), and Polygon (MATIC). Lovelace understands the importance of building our infrastructure where the majority of NFTs and games are currently hosted.
Ethereum is currently the most popular blockchain for hosting NFT artworks. In recent times, we have witnessed several large sales and still continue to see a lot of investor interest in this chain. However, the challenge of slower speeds and high transaction costs are critical limitations that we feel both NFT creators and game developers need to consider.
BSC and MATIC are other popular EVM compatible blockchains, meaning they can run any application that works with Ethereum. They also offer several advantages such as lower fees, short block times, and a faster network, which we believe are responsible for them now playing host to several top-quality games. Despite this, some individuals in the ecosystem still have concerns over their popularity and ability to attract a similar user-base to Ethereum.
The blockchain space is progressing rapidly, and lots of amazing chains such as Solana, Tezos, and WAX are being introduced to the market as alternatives to Ethereum and other EVM compatible chains. However, most of the ecosystem still lives on the EVM infrastructure, and any new contenders may need to interact with existing systems for the blockchain space to achieve real growth and progress.
Lovelace World’s Agnostic Approach with the Cardano Network
Lovelace aims to go live on Cardano to assist creators of NFT artwork and blockchain games in tackling the problem of interoperability. Cardano, developed by IOHK, is a chain that aims to become the internet of blockchains by allowing interaction and the movement of assets across different chains. We realize that blockchain bridges have been in existence for some time. However, we feel that many of these bridges have their limitations, and Cardano is the best fit to promote interconnectivity in the blockchain space.
Suppose you own digital assets on the EVM network with no way of accessing the Cardano ecosystem. Lovelace is bridging the gap with, Lovelink, a Cardano connector that allows creators to port their artworks and digital assets into games and metaverses in the Cardano network, so they can build and earn across chains
Lovelace strongly believes that the future of the NFT space could be better built through open collaboration. Our cross-chain NFT marketplace can interact and transfer assets across multiple chains, irrespective of their different protocols. Furthermore, we hope to foster an ecosystem where there is no single dominant chain, so creators do not have to spend time deciding the most suitable blockchain for their game or art collection. In our view, this agnostic approach is the next step in increasing NFT adoption, improving innovation, and building the future of the decentralized web.
About Lovelace World
Lovelace empowers creators to realize the potential of the Metaverse through its NFT marketplace, Play-to-Earn gaming engines, smart contracts, launchpad, and partner integrations.
Our Metaverse-as-a-Service toolkit helps creators breathe life into their NFTs, games, digital economies, and worlds across Cardano and other blockchains.
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