Introduction
Existing Non-Fungible Tokens (NFTs) are static and created by ERC721 standard in Ethereum to represent ownership of unique assets, which have two limitations:
- NFT tokens are static and isolated from the off-chain environment;
- ERC721 tokens are limited to Ethereum that cannot be accessible from other blockchains.
RareLink Protocol is a new initiative to create “dynamic” NFTs and provide a two-way token bridge between Ethereum and Polkadot:
- First minting platform to create “dynamic” NFT in both Ethereum and Polkadot. “dynamic” NFT can interact with off-chain environment through Oracle services like Chainlink;
- A new token bridge is created to enables two-way transfer of both “static” and “dynamic” NFTs between Ethereum and Polkadot to access more liquidity in more marketplaces and DeFi applications;