Sparkles, an NFT marketplace, has launched on Flare, a layer-1 Ethereum Virtual Machine oracle platform, to increase the usage of interoperability protocols for NFTs and their holders. Flare is a layer-1 EVM blockchain network launched earlier this year, enabling developers to create interoperable applications between internet platforms and blockchain ecosystems.
Flare Introduces Sparkles
Earlier this week, Flare introduced Sparkles to its layer-1 blockchain oracle network to focus on the native Flare protocols interoperability, which will enhance the uses for NFTs. Sparkles plans to address other significant issues, which include intellectual property rights, by attaching on-chain Internet Protocol (IP) licensing to incoming collections.
After transitioning to a DAO, Sparkles also plans to decentralize its core infrastructure and technology. Since launching on Songbird in January 2022, the NFT marketplace has accounted for $3.5 million in sales (90% of net NFT sales).
Presently, it hosts more than 3,200 collections. Sparkles have also pledged to be net-zero this year, joining the CCA (Crypto Climate Accord), and reports an environmentally positive record through carbon credits retired on-chain by Toucan bridge.
New tools like trustless bridges have been implemented to create safer options for implementing interoperable solutions. In 2023, interoperability will be a significant focus in the decentralized industry.
Also read:Many communities and companies are implementing new tools like trustless bridges to enhance scalability and onboard more users.
Flare Network Drives Real-World Applications
While scaling solutions and layer-2 networks have received much attention from cryptocurrency analysts and enthusiasts, developing the decentralized application (dapp) functionality is also crucial.
The application-heavy market is valued at around $500 billion, with DeFi accounting for $48 billion. Still, its development has yet to be stunted by elements like non-user-friendly UI/UX and lack of use.
More relevant applications are required for a broader audience to increase blockchain adoption. One solution is to broaden the range of securely-sourced blockchain and real-world data available in on-chain dapps.
Companies like Chainlink are already moving forward in the data oracle arena to fulfill this objective. With more dapps and users emerging, there is a growing demand for oracles to securely supply more data types and enable rapid, secure trading at the execution level of smart contracts.
Flare, the newly-launched platform, has addressed this issue using Layer-1 blockchain for data. Currently, blockchains and dapps are complex to navigate and utilize.
Flare is an EVM-compatible with network-secured oracles designed to enable decentralized, safe interoperability within Web2 APIs and blockchains.
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