Squid recently made an important announcement. We are now facilitating cross-chain functionality within Decentraland, the leading virtual world ecosystem. Built on Axelar, Squid enables cross-chain trading for NFT purchases.
If you choose to purchase an NFT with an alternative asset in your wallet on a Decentraland-compatible chain (such as Ethereum or Polygon), Squid will efficiently process your order behind the scenes. The transaction converts your selected asset to $MANA and then completes your NFT acquisition in approximately 20 seconds.
Strategic movement for ecosystem growth
The primary goal of this initiative is to improve interoperability and accessibility across the Decentraland ecosystem. The move is set to benefit a wide range of stakeholders, including content creators, players and contributors, by simplifying interactions within the digital space.
Despite integrating various tokens, the utility of $MANA, Decentraland’s native token, remains significant. The approach to interoperability is not to exclude $MANA, but to complement it, allowing users to leverage their native holdings alongside other tokens on the market.
Integration mechanism in squid
Squid’s approach to this integration is based on simple principles: When a user executes a request to buy an NFT, we route the order through the chain in the background. Squid estimates the completion time of this process to be approximately 20 seconds, resulting in a noticeable increase in transaction efficiency.
For users looking to take advantage of this new feature, the process begins with connecting their wallet to Decentraland. Once connected, you can go to the ‘Collections’ tab. A notable change here is the introduction of a ‘Buy with Crypto’ button, replacing the previous ‘Buy with $MANA’ option. This includes the flexibility to switch to different networks based on user preferences.
Once the transaction is complete, the purchased NFT will automatically be added to the user’s ‘closet’. These enhancements to the Decentraland platform closely align with Squid’s recent launch of the Squid NFT Checkout feature, which aims to simplify the NFT purchasing process by leveraging cross-chain capabilities.
With the introduction of NFT Checkout, Squid addresses and removes common limitations users face in the NFT market. These restrictions often include restrictions on purchasing NFTs using select tokens and specific chains, which can reduce accessibility. Squid’s solution removes these constraints, providing a more comprehensive and flexible purchasing experience.