What is AxelarSea?
Often transferring messages and various assets from blockchain to blockchain, a lot of problems arise, both for the buyer and for the seller, namely the difficulty of moving them. Thanks to the support of Axelar Network, our today's protagonist, the AxelarSea project, was created. The main goal is to help both buyers and sellers achieve the most efficient NFT transactions, where none of them would be limited to one blockchain.
AxelarSea is a multi-network interoperable NFT marketplace where buyers can pay for their NFT, on any supported network, with assets from a completely different network, and merchants can list NFTs for sale on any supported network, getting paid for it - in another.
The goal of AxelarSea is providing solutions. A merchant can place NFTs on one network while getting paid on another, isn't that cool? At this time, the buyer will be able to buy the same NFT, paying for it from a third network. Even though the buyer's payment is made in the third network, it will be automatically transferred to the second network through Axelar products.
Of course, over time, the list of supported blockchains will grow. There are already 13 of them in Axelar itself. The main problem in the current NFT market is assets and the ability to pay for them from different blockchains. That is, in order to successfully pay for an asset, both the asset and the tokens must be in the same network.
While some marketplaces (such as the EVM) operate on multiple networks within the same ecosystem, there is no single marketplace that connects and facilitates transactions across multiple ecosystems at the same time. As a result, there are now many different trading platforms on the market, which only complicate the work of both buyers and sellers.
Benefits of AxelarSea ?
Most buyers do not own assets across all available blockchain networks and ecosystems at once. Therefore, if they want to buy NFT on a network where they do not have tokens to pay for, they must move their assets to that network, losing funds on high fees and accepting all the security risks, as well as resigning themselves to the possible delays of standard bridges. Consider a similar situation with an example:
- The NFT is on the Ethereum network, with a price listed in ETH.
- The potential buyer has $FRAX assets in the Cosmos network. Using the classic NFT marketplace, the buyer must go through the following steps:
- We are looking for a bridge that supports the transfer of assets from the Cosmos network to the Ethereum network.
- Find the asset supported by the bridge. Some bridges may not support $FRAX, but only $USDC, as a transferable asset.
- Next, we look for DEX on Cosmos, to exchange $FRAX for an asset supported by the bridge, in this example it is $USDC.
- Create a new wallet that supports the Ethereum network.
- By replenishing the Ethereum wallet with $ETH token, to pay transaction fees.
- We are looking for a DEX on the Ethereum network to exchange an asset supported by the $USDC bridge for $ETH. The steps required for a buyer to buy NFTs on a network in which he has no assets, as in the example above, also entail problems that can be divided into the following categories:
- High commissions: the buyer must pay a commission at many stages: exchange for DEX in both networks, bridge services and wallet replenishment in the desired network.- Inconvenience: the buyer must find and learn a bridge that supports the transfer, a wallet for the required network, a way to replenish a new wallet and DEX in a new, unfamiliar network.
- Security: the buyer is at risk (eg phishing attack) when looking for a bridge and DEX in an unfamiliar network.
- The process is time-consuming: the buyer spends time completing several steps and learning a new network.
Solution by AxelarSea
All of the above actions can be automatically performed thanks to AxelarSea. The buyer only needs to provide their $FRAX tokens to AxelarSea on the Cosmos network. AxelarSea will do the following:
- Transfer your asset to the Ethereum network, via the Satellite tool from Axelar Network (convert to $aFRAX token)
- Will make an exchange for the $ETH token, via DEX, under the control and support of AxelarSea.
- Automatically transfer $ETH tokens to the seller. In this case, the buyer does not need to interact with the wallet on the Ethereum network at all. The buyer only needs to deposit his asset in AxelarSea and the service will automatically conduct a transaction between networks.
How can AxelarSea help sellers?
Of course, the work becomes more complicated for sellers who want to sell NFT assets to a wider audience, which means that he must interact with potential buyers on several trading floors at once. Assuming the seller owns NFTs on three different blockchain ecosystems (EVM, Polkadot, and Cosmos), you will need to interact with three different marketplaces. Listing on different sites limits the demand and purchasing power for each NFT, depending on the site. Each site has its own specifics and this leads to problems that can be divided into three main categories:
- Difficult to track: Since several NFTs are listed for sale on different marketplaces specific to each network, it will be difficult for a merchant to track all sales, analyze and try to understand the big picture.
- Limited number of potential buyers: sale on a specific site, available only to buyers registered there, and only in those networks that this particular site supports.
- Time consuming: The seller will spend a lot of time trying to manage their sales across multiple marketplaces at once.
Solution by AxelarSea
AxelarSea provides merchants with its innovative service for listing NFTs from any network, as well as attracting potential buyers from any blockchain. The merchant can manage all his sales from one portal by connecting all the necessary wallets to AxelarSea.
Noting that the seller can place his NFTs on AxelarSea from any network, attracting the attention of potential buyers in all networks