The popular artist Spacebrat released an open-edition NFT using an innovative new technology last week. She partnered with CXIP Labs to allow fans to mint a free NFT using several different blockchains. How did Spacebrat manage to release an NFT on multiple chains at once?
Image Credit: Voyage LA
How Did Spacebrat Release an NFT on Multiple Blockchains?
Collectors minted Spacebrat’s free open-edition NFT titled “Gleam” over 300,000 times in a 48-hour window. Part of this success stemmed from Spacebrat partnering with the Holograph platform for the release. Developed by CXIP Labs, the Holograph protocol permits a multi-chain approach toward owning digital assets.
By using Holograph, Spacebrat was able to release “Gleam” on Ethereum, Avalanche, BNB Chain, and Polygon. From there, holders can bridge the NFT from chain to chain whenever they please. CXIP Labs describes the NFTs minted using Holograph technology as assets “that exist as single instances across multiple execution environments”.
Spacebrat was surprised at the overwhelming interest in the piece. Halfway through the mint, she took to Twitter to post, “I cannot believe planet Earth minted my first NFT 30,762 times in the last 23 hours. You guys are on another level!” After her tweet, mints skyrocketed with a majority of purchases coming from Polygon users.
Image Credit: Decrypt
Free mints have always come with a caveat– minters still have to pay for gas fees. Due to Ethereum’s current lack of scalability and subsequently high gas fees, this means that collectors still pay anywhere from $20-$100 for a “free mint”. Enter Holograph.
Using Holograph, minters can take advantage of less expensive options to acquire NFTs. Not surprisingly, minters chose Polygon’s low-fee layer 2 blockchain to mint 203,000 of the 301,798 NFTs. Avalanche and BNB Chain saw 53,000 and 46,000 mints respectively, while Ethereum came in at a paltry 82 mints.
These numbers are not surprising given Ethereum’s exorbitant transaction costs. Gas fees have spiked recently due to a frenzied increase in meme coin trading. Collectors can use Holograph to secure the piece using an inexpensive blockchain like Polygon, and if they ever feel the need, can pay the necessary gas costs to bridge it over to Ethereum.
Who is Spacebrat?
This NFT marks her first entry in Web3. The breakout success of the mint caught many off-guard– Holograph previously launched an NFT in April showcasing Dan Witz’s “Most Pit 2000” and only minted 444 pieces for $45. Even though Spacebrat’s NFT was free to mint, it’s still an astounding accomplishment to eclipse 300,000 NFTs minted.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
Author Profile
Latest entries
NFT Guest PostsJune 17, 2023Record-Breaking Sale: ‘The Goose’ Artwork Soars to $6.2 Million at Sotheby’s Auction![Snoop Dogg Takes NFTs on Tour With the Passport Series]( "Snoop Dogg Takes NFTs on Tour With the Passport Series")
NFT Guest PostsJune 17, 2023Snoop Dogg Takes NFTs on Tour With the Passport Series- NFT Guest PostsJune 17, 2023Crypto Companies Flock to Hong Kong: Understanding the Implications of New Regulations”
- NFT Guest PostsJune 16, 2023FEWOCiOUS’ Signature Style Takes Center Stage in adidas Originals Collaboration
