Connecting Marketplaces to Multichain Conversions
The Box ensures seamless conversion of NFT transactions in a single click.
The marriage of creative expression and technology has snowballed into a movement that has fundamentally changed the way that art is created, sold, and shared. Over the last years, the rise of NFTs and generative art has connected creatives to the means to not only reach new audiences but source new ways to monetize via blockchain tech.
Between bear markets and gas spikes, NFT trading volume has taken a hit, but L2 scaling solutions provide the light at the end of the tunnel with the promise of lower cost transactions and faster processing for users. By offloading transaction activity from Ethereum, fees on rollups are cut by at least 90%, lowering the barrier to entry to engage in the NFT market. However, they aren’t a perfect solution — at least not yet.
Amid the explosion of interest in L2 solutions, the risk of fragmented liquidity amongst chains poses a real threat to their adoption on a larger scale. Users must bridge and swap their tokens in order to engage on new chains, a tedious, multi-step process that leaves room for user error and slippage of funds. More than 80% of collectors will leave an NFT transaction if they don’t have enough tokens to purchase rather than going through the steps to buy, bridge, and swap. Yes, you read that right. That’s a lot of transactions on the table.
To date, building on the blockchain has restricted marketplaces to serving limited user bases holding only a native token to that chain, but there are ways for them to break this cycle and convert as many transactions as possible.
That’s where multichain solutions such as The Box come into play, offering artists and creators the ability to mint and trade NFTs on multiple chains without having to go through the tedious and error-prone process of token bridging and swapping. The Box serves as the link between users and new chains by breaking down the transaction flow to just one click, enabling users to mint NFTs with any token in their wallet without friction.
NFT marketplaces have already begun seeing the benefit that L2 chains provide as the foundation of creative expression. Zora recently went live with the Zora Network, built on the OP Stack, into their ecosystem, and generative art platform Prohibition hit the ground running on Arbitrum to offer creatives with more accessible NFT creation and collection. As marketplaces look to expand their offerings to L2s and drive volume, it is imperative that the infrastructure exists for creatives to connect with audiences across these chains with ease with multichain solutions such as The Box.
As the NFT market continues to evolve, it's clear that accessibility and affordability are key to driving mass adoption. L2s offer a promising path forward for addressing both of these challenges, as long as frontend tools are implemented to streamline interactions across chains. We are on the forefront of an exciting era of innovation that has potential to expand web3 adoption on a global scale, one facilitated by user-friendly tooling such as The Box.