Multi-Chain NFT Deposit & Withdrawal Has Arrived on the RECUR Platform
Today, RECUR begins enabling cross-chain interoperability for NFTs, marking a major milestone for the RECUR Platform, our users, and brand partners
RECUR’s mission is to make the Metaverse open, easy, and fun.
Our goal is to connect the largest global brands and creators with their fans through immersive and engaging NFT experiences, and we are only just beginning. Due to the ever-changing nature of the Web3 ecosystem, we recognize the need to be future-proof, and to give our users the most control of their digital collectibles. Our multi-chain approach to interoperability does just that and provides true ownership.
With this in mind, we are thrilled to announce that Multi-Chain NFT Deposit & Withdrawal is now available to RECUR users, starting with the RECUR Pass and available soon across RECUR-powered experiences. You can officially withdraw and self-custody your RECUR NFTs in your Web3 wallet or take them onto marketplaces, ecosystems, or other destinations of your choosing.
When withdrawing a RECUR NFT, rest assured that you will be able to deposit them back on the RECUR platform as needed.
To start, users can withdraw RECUR NFTs onto the Ethereum and Polygon Networks.
While we are initially launching Multi-Chain NFT Deposit & Withdrawal for our RECUR Passes only, we will be expanding this feature across brand experiences powered by RECUR in the near future, where you will be able to see your favorite characters, brands, and sports on mainnet.
Interoperability is Future-Proof
The RECUR platform was built to be chain-agnostic from day one. Something our users and our partners have in common is a demand for truly authentic digital collectibles; another thing is wanting those collectibles to live on forever with the ecosystems and blockchains of the future.
RECUR’s brand partners have built and expanded their IP portfolios for decades, some over a century. Our future-proof platform solution allows us to incorporate cutting edge innovation as the ecosystem evolves, enabling these brands and creators to be supported not only today but long into the future.
Everyone should be able to explore and enjoy all that is offered across the wide variety of blockchain networks that are already thriving, without being gated into any single ecosystem.
As Web3 evolves, we will be able to support it. Enabling & offering interoperability is essential to our goal of supporting authentic NFT experiences in perpetuity within any ecosystem.
How Does it Work?
As opposed to the prevalent use of mirrored tokens and cross chain bridges across the Web3 ecosystem, RECUR’s institutional solution removes the numerous security vulnerabilities that have made these solutions unsuitable for global brands and institutions.
RECUR built a unique, institutional-grade, in-house swapping infrastructure that enables fans of the largest brands in the world to take their NFTs across blockchains securely and seamlessly.
While the rest of the ecosystem chooses to wrap, mirror, or duplicate assets and information across multiple blockchains concurrently, a solution that has proven to be insecure, with numerous costly vulnerabilities being exploited in the last few months alone, RECUR utilizes a secure, enterprise-grade approach that leverages swapping.
When other cross chain solutions use mirroring, they “lock” tokens on the original minting chain and duplicate the locked tokens on a new chain. This leaves the “locked” tokens incredibly vulnerable to exploit via this fundamental security challenge.
When withdrawing an NFT to a new chain, RECUR fully transmits the data of your NFT and removes it from its originating chain. This provides security by eliminating the key issues associated with token mirroring, all while ensuring your NFT remains truly unique, non-fungible, and secure all while keeping the metadata and provenance information intact.
RECUR’s solution, offered for the first time with NFTs, has proven secure enough for the largest institutions in the world, who leverage similar cross-chain infrastructure when securing regulated stablecoins across the institutional trading and DeFi ecosystems.
How do I swap my RECUR NFT to a different chain?
RECUR NFTs can be withdrawn to the chain of your choosing. If your NFT has already been withdrawn from the RECUR Platform, in order to swap it to a different chain, you must redeposit your NFT back into RECUR and withdraw it to the next chain that you desire. Once you re-deposit your NFT and select another blockchain, RECUR will take care of the rest, making it simple, seamless, and secure to move your NFTs across blockchains.
For example, if you withdrew your RECUR Pass on Polygon, when you choose to transfer the NFT back to RECUR you will have the option to do so onto another RECUR-supported blockchain.
What are RECUR’s Plans for Cross-Chain Support?
At launch, Multi-Chain NFT Deposit & Withdrawal is available for RECUR Passes on the Polygon and Ethereum networks. We live in an ever-evolving Web3 ecosystem where many blockchains can and do co-exist harmoniously, each with their own unique properties and value propositions. As such, we will continue integrating chains into our blockchain agnostic platform for our users to enjoy.
In the coming weeks we’ll share more details on which chains you can expect to be supported next, but this process will be a phased approach. Our priority is the safety and security of our users, and the addition of any new blockchain requires rigorous testing before we enable it.
Does this Affect Royalties?
One of the great benefits of NFTs is their ability to provide reliable and consistent royalties for their creators. Recurring royalties are so important to us, that it’s in our name. EIP-2981, the royalty standard for the NFT ecosystem (adopted by Coinbase, OpenSea, and many others), was co-authored by our own CTO, James Seibel.
We’re proud to confirm that creator royalties are maintained for NFTs withdrawn from RECUR across blockchains and other marketplaces.
The interoperability of the RECUR Platform is one of its greatest strengths. With today’s release, we are doubling down on our commitment to our users, our partners, and the greater NFT ecosystem.
We hope you’re as pumped as we are.
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