About Fantom

Every major blockchain goes through cycles of intense popularity and diminished interest. The first of these cycles usually has little to do with a chain’s real advantages: for example, a single dApp or even a person can create hype around an ecosystem – only for the public’s attention to move elsewhere soon after. But at the end, a blockchain’s true value comes through.

Fantom is an extremely fast chain that can reach 20,000 TPS and a time to finality (actually a more important metric) of around 1 second. The average transaction fee is less than $0.01.

In March 2022, Fantom reached $7.8 billion in DeFi TVL, becoming the second-largest network after Ethereum. This happened as the famous DeFi developer Andre Cronje announced a new Fantom-based DEX, Solidly, and projects rushed to attract liquidity to secure the highest rewards.

However, months later Cronje announced his departure from the DeFi industry, and that hit the Fantom ecosystem hard. The TVL and the price of FTM surged again when Cronje returned. By June 2023, Fantom’s TVL was around $300 million – though it took another hit with the Multichain bridge hack.

But through it all, the Fantom team continued building, and the ecosystem continued evolving. Here at XP.NETWORK, we focus on real value, and Fantom is an extremely valuable element of the overall Web3 infrastructure. It’s much more efficient than, say, BNB Chain, and with its super-low fees it’s a great match for NFTs.

The NFT scene on Fantom is very lively and varied, in spite of the crypto downturn. Marketplaces that support Fantom include multichain platforms PaintSwap, AirNFTs, tofuNFT, and NFTKey. Among the top-selling collections you’ll find Magicats, Ancestral Umans, 8-Bit Nostalgia, Astrokid, Mummy Club, etc. - many with unique art.

Fantom on XP.NETWORK: NFTs bridged to and from 15 chains

As usual, the best place to start researching the movements of NFTs across chains is the XP.NETWORK Explorer – a unique tool that tracks only non-fungible tokens as they are bridged between 30+ blockchains. You’ll see that a total of 71 NFTs have been transferred from Fantom so far using our powerful bridge. Meanwhile, 65 NFTs were sent to Fantom.

This may not seem like a lot, but the truly interesting thing is the variety of the chains that were used for bridging. Fantom users received NFTs from BNB Chain (BSC) and Polygon (the “usual suspects"), but also from TON (The Open Network), Moonbeam, Tron, Tezos, MultiversX, Gnosis, Harmony, and Velas. From Fantom, NFTs made their way to Polygon, BNB Chain, Avalanche, MultiversX, Gnosis, Harmony, Caduceus, GateChain, SKALE, Velas, and VeChain. Tron, and Tezos.

Note how many non-EVM chains are on the list. TON, MultiversX, Tezos, Tron – all of them use their own non-fungible token standards. It says a lot about the expertise of the XP.NETWORK team that all those transfers became possible: indeed, our bridge supports over a dozen different NFT standards.

It’s not just the first time that NFTs were bridged between Fantom and those non-EVM networks: we believe that some of those transfers were the first occasions of bridging any asset between Fantom and those chains. This is a matter of great pride for XP.NETWORK.

As for the collections that were bridged, we can mention:

• Wicked Boys (Fantom-native to Moonbeam)

• Cursed Transistors (Fantom-native to TON)

• Gokudo Paradise (to GateChain, Avalanche, Caduceus, and SKALE)

• Omniboys (to Polygon)

• Powerful Dragons (to Polygon)

• Fantom Runner (to Avalanche)

• I Do Dirt (from BNB Chain)

• Polkamon (from BNB Chain)

XP.NETWORK’s bridging ecosystem would be incomplete without Fantom. Regardless of the current market situation, it’s a very important blockchain with a loyal community, great technical specs, and a big future – including for NFTs.

We invite you to try the XP.NETWORK bridge and send an NFT to or from Fantom – it’s cheap, takes just a few seconds in many cases, and will be a very valuable experiment for you as a Web3 user. Once you’re done, check out the explorer to see your transaction!