Bianjie, the core development team behind IRISnet has announced the completion of the first successful interchain NFT transfer using the Cosmos Inter-Blockchain Communication Protocol (IBC). The series of NFTs, which were created by traditional Chinese culture studio Rongbaozhai, were successfully transferred from China’s BSN OPB (Open Permissioned Blockchain) WenChang Chain to Ethereum. A landmark development for Interchain NFT technology and global commerce of Chinese traditional artworks, the pieces will be offered for sale on OpenSea EASTIP.
Following the successful activation of Cosmos’ Inter Blockchain Communication protocol in Q2 2021, the Interchain Foundation, the steward of the Cosmos network, backed Bianjie to develop TIBC protocol a subset of the IBC protocol suitable for permissioned chain setups that simplifies interchain connections and expand interchain capabilities for enterprise and permissioned clients. Additionally, users that engage with the interchain NFT technology can satisfy their core business needs, safe in the knowledge that they are utilizing blockchain that meets their country’s compliance requirements and supports the trustworthy communication of information within cross-country business. Developed by Bianjie and powered by Cosmos’ decentralized network of the independent, scalable, sustainable, and interoperable blockchain ecosystem, WenChang Chain launched in February 2021 as one of the first chains comprising BSN Open Permissioned Blockchains.
Harriet Cao, Co-Founder of Bianjie, said “We believe that societies across the globe are heading towards a new form of digital ownership and a new economy — one that’s built on blockchain. The successful cross-chain transfer of Chinese traditional artwork NFTs unveils diverse possibilities of exploring more business implementations through Open Permissioned Blockchains with interchain technology. With so many authorized organizations involved in this process and an increasing number of Chinese traditional artworks being launched, there will be more and more people showing interest in and exploring this completely new realm.”
The ICF funds, stewards, and advances the Cosmos Ecosystem. Actively supporting and incentivizing development within the ecosystem, ICF plays an integral role in the community-driven initiatives to drive innovation within Cosmos. IRISnet — an interchain service hub for next-generation distributed applications is one of the main open-source early contributors of the Cosmos network project. IRISnet recently developed an enterprise product, a consortium blockchain called IRITA, which uses IRISnet iServices as well as privacy computing technology serving important enterprise customers in China and globally, including state level blockchain platforms such as BSN, an innovative ASEAN digital bank, leading healthcare and telecommunication service providers.
Charleen Fei, Head of IBC at The Interchain Foundation said, “The blockchain and NFT markets are hampered by segmentation, and usage and liquidity for these new asset classes would increase dramatically if they were able to move freely across networks. The incredible growth of the NFT market and its propagation across multiple chains shows the impending need for interchain solutions and we are proud to support IRISnet in developing the TIBC protocol to help creators and curators interact with the audiences and artworks that matter most to them.”