- The primary goal of the NFT platform Sparkles will be incorporating the interoperability of native Flare protocols.
- Last month, Flare shared a demo of interoperability through the test purchase of an NFT on the Songbird platform paying in Dogecoin and XRP.
Layer-1 Ethereum Virtual Machine (EVM) blockchain Flare, which also happens to be a Ripple partner, is quickly gaining traction in the crypto space. After Flare went live earlier this year on January 10, it launched two core protocols for decentralized interoperability applications.
The Flare blockchain allows developers to easily create applications that are interoperable across several blockchain ecosystems as well as internet platforms. On Thursday, March 2, Flare finally introduced the non-fungible tokens (NFT) platform Sparkles on its layer-1 Oracle network.
As per the announcement by Flare, the primary goal of the NFT platform Sparkles will be incorporating the interoperability of native Flare protocols. This would help in increasing the use-cases for NFT utility.
The Sparkles NFT platform will also address some other major issues within the space that includes intellectual property (IP) rights along with attaching on-chain IP licensing to future collections. Besides, once Sparkles transitions into a DAO, it also has plans of decentralizing its core technology and infrastructure.
Last year in January 2022, the Sparkles NFT platform went live on Flare’s canary network Songbird. Since then, it has handled around 90 percent of the NFT sales which is equivalent to $3.5 million in sales. Besides, Sparkles also host around 3,200 NFT collections.
Back in 2021, Sparkles also became a part of the Crypto Climate Accord thereby pledging to become net-zero by 2023. As per the current status, the Sparkles NFT platform has achieved an environmentally positive status via carbon credits.
Flare Network and Interoperability
Moving forward in 2023, interoperability is going to be a big theme for the entire blockchain space. This is one of the key focus areas for many companies and communities operating in the blockchain domain. As a result, through interoperability, they would be focusing on attaining scalability and onboarding more users to the platform.
Ripple partner Flare Network has been working diligently on this mission. Last month, Flare completed one such interoperability test through an NFT purchase on Songbird using digital assets such as Dogecoin and XRP. The team executed this by using two of Flare Network’s top interoperability protocols including the State Connector and the Flare Time Series Oracle (FTSO). The Flare Network team shared the demo of this transaction live with all its users. Speaking on the development, Hugo Philion, Flare CEO & Co-founder said:
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This demo highlights Flare’s ability to provide more types of secure, decentralized data on-chain in order 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.
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