Flare, a well-known layer-1 data protocol, has introduced an integration that enables NFT buyers to conduct trades on various blockchains using their preferred tokens. This recent upgrade highlights Flare’s interoperability and simplifies the process of purchasing NFTs across any chain using any token, without any restrictions.
The interoperability feature is currently available in beta on the network and relies on two primary interoperability protocols: State Connector and Flare Time Series Oracle (FTSO). By using these two protocols, Flare was able to purchase an NFT in a trustless manner on a different chain using a different token. The demo, which used DOGE and XRP tokens, took place on Songbird, Flare’s Canary network and was led by Filip Koprivec, a senior solidity engineer at Flare.
Flare is essentially a high-performance cross-chain protocol that allows for the development of interoperable and composable dApps across chains. These applications are not only interoperable on Web3 but also on Web2 and composable with other applications on Flare. The protocol’s primary objective is “to scale the use of blockchain by enabling all digital assets and on-chain information to flow freely.”
Using Flare to purchase an NFT on a different chain is a straightforward process that doesn’t require much time. Users simply need to visit an NFT dApp on Flare, select their preferred payment chain/token, and then use the Flare Time Series Oracle (FTSO) to determine the dollar exchange rate for the selected token. The NFT dApp will then utilize the FTSO rate to confirm the price of the NFT in the chosen token, and the user can reserve the NFT mint. The dApp will then provide payment details to complete the purchase, including the amount to pay, payment address, and payment reference to associate the payment with the NFT.
After making the payment using their wallet for the chosen token, the user will obtain the transaction data and submit it to the state connector. The state connector will then verify if the payment has been made by consulting with decentralized attestation providers. If there is consensus, the user will take the attestation data and feed it to the NFT contract. It will be verified, and the NFT will be minted into the user’s Flare address.
Flare’s successful demonstration of its interoperability capabilities has opened up new possibilities in the industry. Hugo Philion, cofounder, and CEO of Flare, expressed his excitement for Flare’s potential in his statement, “This demo highlights Flare’s ability to provide more types of secure, decentralized data on-chain to power new functionality and potential use cases for the industry. The NFT demo is one example of the web3 utility Flare can unlock for legacy tokens, enabling them to be used trustlessly in dApps on the network. We are excited to see what other applications engineers can develop, harnessing the capabilities of Flare’s native interoperability protocols.”