IOTA’s Shimmer To Let Users Move Ethereum, Polygon NFTs and More

Shimmer Project For NFTs

Non-fungible tokens are slowly gaining attention with its emerging use cases around the globe. They are going to become an integral part of the metaverse upon its arrival. But interoperability remains one of the biggest issues associated with digital assets. Resting bridges like Ronin can solve this problem. Shimmer, the staging network for IOTA, is integrating into a multichain bridge.

The staging network is working towards integrating IOTA’s web3 ecosystem in with the overall Web 3.0 to improve the user experience in the space. According to a Twitter post by the IOTA community, Shimmer should be able to transfer non-fungible tokens from Ethereum, Polygon and other blockchains and vice versa.

Shimmer needs to get to a point where NFTs from other blockchains (Ethereum, Polygon, etc) can be moved on Shimmer and vice versa.

In other words, the IOTA web3 ecosystem must be smoothly integrated with the rest of the web3 space.
— IOTAREAD 🗞 (@iotaread) September 5, 2022

Recently, the Swiss entity of IOTA titled Tangle got a green light from Zug, Switzerland, for their registration. According to the filing, the organization is an NP working towards management, development and promotions of softwares associated with the distributed ledger technology. Zug is considered as the crypto valley of the nation and this achievement will help the project to fulfill their goals.

The organization bagged another achievement in Europe. Final assessment of the ENSURESEC project, which started in May 2020, was passed by the European Commission. The project will help in providing vital infrastructure tools to increase e-commerce security.

Non-fungible tokens boomed in 2021 and offered massive profits to the investors. But that was all, as the market went down quickly. The year shed light on several digital collectibles too which helped them gain more investors and value. Bored Ape Yacht Club remains the most popular NFTs to this date, with the current floor price of 72 Ethereum (115,272 USD).

Author
Recent Posts

Anurag

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an "average guitar player" and a fun footballer.