• Flare Network recently demonstrated that its users can trustlessly purchase Ethereum non-fungible tokens (NFTs) using coins from other networks.
• The purchase was executed through Flare Network’s State Connector and Flare Time Series Oracle (FTSO).
• With this interoperability, the Flare Network opens up new use cases for supported tokens, such as DOGE which can now be used to acquire valuable NFTs.
Flare Network Demonstrates Interoperability
Flare Network recently demonstrated that its users can trustlessly purchase Ethereum non-fungible tokens (NFTs) using coins from other networks. This demonstration was done on Flare Network’s Songbird testnet environment in which developers can deploy dApps before launching them on the interoperable, scalable mainnet.
How It Was Executed
The demonstration 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
With 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. These include Dogecoin (DOGE) and XRP, expanding their use cases beyond trading purposes or speculation to acquiring valuable NFTs as well.
The CEO’s Comment
Commenting on this development, Hugo Philion – the CEO and co-founder of Flare – 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.“ He added: „We are excited to see what other applications engineers can develop harnessing the capabilities of Flare’s native interoperability protocols.“
In conclusion, by demonstrating its interoperability function between different blockchains, the Flare Network has opened up possibilities for various tokens such as DOGE and XRP to be used for more than just trading purposes or speculation; but also for acquiring valuable NFTs as well.