xGov 165: Proposal to build NFT Bridge between Algorand and EVM based networks

Hi! This sort of happens through the proof of authenticity tag which is added to the metadata that includes data such as purchase history that is not part of the original metadata and it includes a reference to the original NFT on the mother chain. So through this tag, you can find the creator data …

Hi! You can do that already through our Messina.one token bridge. If there are any tokens you’re interested in bridging and think would do well on Algorand, let us know on Twitter or Telegram.

All good points thanks!

Alright, so that’d be a one way, one time migration then more than a mobile bridge where you can go back and forth. I can’t immediately think of a reason to move back and forth other than secondary market activity and people moving somewhere else with their newly acquired NFTs, removing as many mobile incentives as possible.

How did they capture any sales history from the original chain?

The royalties I’ll be honest, I am not too concerned with. Personally I have the, maybe unpopular opinion, that once a sale has taken place, the creator has earned their share. Secondary sales after that are on the open market and between the seller and the buyer. Project benefits though I think is …

I actually got excited when I first saw this Bridge XP, and if it would work - depending on how their methods are - our bridge wouldn’t be a whole lot different. I tried to use it for Algorand and Polygon though and only got as far as this - and this wallet is full of NFTs. So I am not sure if it wo…

You’re right. That should have said “one copy” is ever alive on chain. The original will continue to exist and can always be returned to by whoever owns the copy that contains the proof of authenticity. Royalties are dealt with differently across ecosystems and marketplaces individually. Opensea for example has different methods of handling royalties.

Thanks for the inputs! Every time the NFT is moved to another network, the metadata will be copied. However, the original will always be locked on the birth chain, so if you move back to that original, it will unlock the original without the changes you may have done to the metadata on another chain.

Right so I have not explained it correctly actually. The original NFT, minted by the creator from the creator address on the native chain, will always continue to exist but will be locked on the bridge when it’s moved across to another chain. A new version of it will then be minted on the new chain …

Hey! Rich! Leave AlgoRai out of this lol nothing wrong with AlgoRai! Nothing wrong with the other’s either btw and Micheal Cotton is certainly not a red flag if you dig a little deeper under the surface of who have been operating behind the scenes on Algorand since its inception. If anything, if you’re talking developers, they deserve a lot of credit for the work they’ve done.

Indeed. Design documents, audit records, source code, and so on - it would all be made open source throughout the building process.

Good questions! The metadata is copied along to the new NFT on the new chain, in this scenario Algorand - so that would bring along anything that’s in the metadata, like accessory info, rarity data, ranking and so on. Purchase history is usually not recorded on the metadata. But our minting process allows for appending extra info if needed to keep track.

Hi! The entire build would be open source apart from the UI.

I mean, sometimes that’s all it takes. Plenty of tokens going the same route. We submitted this proposal because there was an ask and interest from the community in building it for Algorand after we had announced the bridge for Polygon and Cronos. We see value in the bridge for NFT projects and creators alike, and we’re excited to see where this leads.

I assume you’ve read our proposal and went through what we believe are the benefits to the community. But in case not, here are some highlights.

So our overhead is relatively low at the moment, and a new NFT bridge won’t add much to it. The cost is mostly a capital expense and not an operational expense. We also have quite a robust runway. So bad market conditions shouldn’t affect the availability of Messina products much.

I’ll check the official response and post tomorrow - but unofficially, 2022-23 was a pretty terrible year and bear market and the token bridge wasn’t shelved! 😊 so I’m sure it’ll be okay. But let me confirm and get a proper answer.

Hi! That’s right. Messina I’d say is a spinoff brand of Algo Foundry, as you can also see on the Messina website when you scroll to the far bottom - it will say Powered by Algo Foundry. Parts of the dev and marketing team also work with AlgoRai, which you could say came through the Algo Foundry studio.

Hey all, you can find below our proposal 165 for an NFT bridge between Algorand and various EVM based networks. Looking forward to hearing your feedback, comments, and questions.

GitHub Proposal Link

Abstract:
Messina.one intends to…