RUBIC NFT WIDGET MVP LAUNCH
This widget is a simple and ready-to-use NFT Cross-Chain Trading tool, that provides platforms and users with a seamless and cost-efficient way to purchase an NFT using funds on any chain.
An easy-to-install Widget enables users to purchase NFTs with more than 15,000 tokens across the current 13 blockchains integrated into Rubic.exchange.
Let’s take a look into why we decided to create the widget, and how it fits into the current development of the NFT market.
What is the size of the NFT market?
The NFT segment of the industry hit a value of $16 Billion in Q1 2022, with over 1 Million potential buyers. The first quarter of 2022 demonstrated a decline in the number of NFT sales and NFT buyers/sellers (in line with the overall drop in the crypto market), but trade volumes did not decline very much.
Moreover, it looks like in comparison to the DeFi market (5M users), NFT users are a separate and less experienced crypto audience. We estimate it will expand our target market by another 1 Million people.
The rise of NFTs has attracted many users who are newer to cryptocurrency: wallets carrying out their first NFT transactions are generally younger than wallets transacting through other types of DeFi protocols (see graph below).
For those users, we solve the accessibility of NFT marketplaces: they don’t know much about different blockchains and what’s special about each of them. With the Rubic NFT Widget, they only need to choose the chain to transact from, without getting into any details.
Why is there a need for a Rubic NFT Widget?
Initially, we determined several issues that users face while purchasing NFT assets:
- NFTs are minted on a specific blockchain. Using certain blockchains means having the right currency to process transactions, such as ETH for Ethereum, BNB for BNB Chain, etc.
- Most NFTs are minted on Ethereum, which is known for high gas fees, especially if one has to buy several NFTs in a row.
- The process of purchasing an NFT ends up being complicated and costly.
Therefore, the lack of comprehensive and cost-efficient tools for NFT trading across blockchain networks has fostered the development of Rubic’s NFT widget.
- To avoid the issue of owning the right currency for buying an NFT, we created a tool that would transfer any token to the required chain automatically.
- The option of purchasing NFT in batches, in one transaction, is aimed at decreasing gas fees.
Overall, the NFT Widget is extremely useful both for crypto projects as well as for the end consumer.
It enables NFT marketplaces and projects to:
- Implement cross-chain NFT purchases directly on their website, using any of 15,000+ supported tokens from 13 blockchain networks.
- Widget is customizable for different colors and sizes and scalable across different devices.
It enables users to:
- Purchase Multiple NFTs in one batch, as a single transaction, saving on gas fees.
- Pay using any of the 15,000+ supported tokens from 13 blockchain networks.
The Rubic NFT Widget is a user-friendly and convenient solution for purchasing NFTs that helps to improve the user experience and reduce the cost of purchases and the barrier of entry.
Use-Cases For Rubic’s NFT Widget and Potential Routes To Market
With Rubic’s NFT Widget, major NFT marketplaces like Open Sea have the opportunity to expand their audience and address broader market needs. OpenSea currently offers cross-chain support across the Ethereum, Polygon, Klatyn, and Solana blockchains. Still, each of these blockchains requires its native cryptocurrency to buy any NFT. Consequently, in the case that users don’t have the required crypto assets, they have to transfer tokens and spend their time and additional money to even initiate a trade.
Rubic’s NFT Widget enables NFT marketplaces as big as OpenSea (or even small marketplaces), as well as separate stand-alone NFT projects that sell non-fungible tokens directly — to provide their users with the options of buying NFTs right on their website, using any of the 15,000+ supported tokens from 13 blockchains, including the most popular networks amongst NFT users, such as Ethereum, BNB and Polygon.
In addition to NFT marketplaces, there’s also a more nascent Web3 gaming space, referred to as GameFi, where users are monetizing their leisure time with play-to-earn gameplay and business models. In 2021, Blockchain Gaming and Metaverse projects (GameFi) exploded in popularity and funding.
DappRadar recently reported that blockchain-based gaming activity has increased 2,000% over the last year. NFTs are boosting them further, as it’s a tool to sell, buy and trade in-game inventory (microtransactions), which can also be bought with the help of our cross-chain Rubic NFT Widget.
It’s still in the early days of Web3 development, but Rubic is already positioned to be a default aspect of the cross-chain ecosystem by already providing and enabling multiple use-cases! The Rubic NFT Widget is just one tool amongst our suite of cross-chain solutions for crypto projects.
Stay tuned and follow us to learn more!
About Rubic
Rubic is the Cross-Chain Aggregator which allows you to swap any of our 15,500+ assets, on and between 13 blockchains, in one click. Rubic’s Cross-Chain Routing Protocol includes On-Chain & Cross-Chain swaps for Ethereum, BNB Chain, , Polygon, Avalanche, Fantom, Arbitrum, Gnosis, Fuse, Celo, Optimism, Moonbeam, OKC and Cronos; with seamless fiat on-ramps and more!
Rubic’s aim is to deliver a complete “One-Stop, Full-Circle’’ decentralized trading platform. Rubic.exchange is the place where users can complete Cross-Chain swaps using an intuitive solution, to get the best rates from all leading trading protocols, just in one click!
