• Flare Network has demonstrated that its users can trustlessly purchase Ethereum non-fungible tokens (NFTs) using coins from other networks like Dogecoin (DOGE) and XRP.
• This purchase was executed through Flare Network’s State Connector and Flare Time Series Oracle (FTSO).
• Through interoperability, the Flare Network opens up new use cases for supported tokens such as DOGE to acquire valuable NFTs.
Flare Network Demonstrates Interoperability Functionality
Flare Network, a mainnet seeking to connect Offchain sources and other layer-1s, recently demonstrated that its users can trustlessly purchase Ethereum non-fungible tokens (NFTs) using coins from other networks. This demo was done on Flare Network’s Songbird testnet environment which allows developers to deploy dApps before launching them on the interoperable, scalable mainnet.
Executing The Purchase Through State Connector & FTSO
The purchase of ERC-721 NFTs was executed through Flare Network’s State Connector and Flare Time Series Oracle (FTSO). The State Connector links the Flare Network with smart contracts and Offchain sources while the FTSO is a decentralized oracle that verifiably delivers on-chain smart contracts with reliably proven price and data feeds, including those of NFTs, from external sources.
Expanding Non-EVM Coins‘ Use Cases
By illustrating this interoperability functionality currently in beta, Flare Network assured the broader community that it is possible to acquire NFTs launched on its rails using diverse tokens and coins, including DOGE and XRP. These coins are some of the world’s most liquid and are currently perched in the top 10 by market capitalization. With this feature, non-EVM coins now have expanded use cases such as being able to be used to acquire valuable NFTs.
Comment From CEO & Co-Founder Hugo Philion
Commenting on this demonstration, Hugo Philion, the CEO and co-founder of Flare Networks said: „This demo highlights Flare’s ability to provide more 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.“
Through this demonstration by Flare Networks it is clear that they are capable of providing users with an efficient way to buy ERC 721 NFTs through their platform using cryptocurrencies like Dogecoin (DOGE) & XRP even though they are not inherently compatible with Ethereum yet. This also shows how interoperability can open up new use cases for these non EVM coins by allowing them to be used for acquiring valuable NFTs.