Ethereum may currently rule the NFT collectibles space, but Solana has recently emerged as a rival with puny fees and speedy transactions—neither an Ethereum strength. But you can’t buy Solana NFTs on OpenSea or use the popular MetaMask wallet, for that matter, so there’s clear distance between the ecosystems. Until now, that is.
Launched yesterday, the Wormhole NFT Bridge connects Ethereum and Solana with a way to transfer assets between the competing blockchains. It’s a bi-directional bridge that can send assets in either direction, effectively “wrapping” the original NFT asset to make it fully compatible with the other platform.
For example, if you wanted to bring a Solana NFT over to Ethereum to sell it on OpenSea, the bridge would first lock the original NFT asset within the Wormhole smart contract on Solana. A smart contract is what powers decentralized apps , DeFi protocols, NFTs, and more, all via code that performs set instructions.
Rather than literally transfer the asset from Solana to Ethereum, the NFT is frozen within the smart contract and then a new version is minted on Ethereum. The resulting ERC-721 NFT asset can be used and transferred like any native Ethereum NFT, and you can always bridge it back to Solana to release the original version from the smart contract. ERC-1155 standard support is planned, as well.
“Users that are only active on a single chain have no way of getting access to exciting NFTs on others,” Hendrik Hofstadt, co-founder of lead Wormhole contributor Certus One and now Director of Special Projects at Jump Crypto, told Decrypt. “The Wormhole NFT Bridge solves this and allows users to acquire new NFTs that were previously inaccessible, or tap into the liquidity of other chains' marketplaces.”