- Sparkles has observed that the interoperability protocols of Flare could enable it to unlock new use cases for NFT and its holders.
- The State Connector protocol of Flare makes it possible to use off-chain information securely and scalably, with smart contracts on Flare.
A latest partnership agreement has made Non-Fungible Token (NFT) marketplace Sparkles become the first NFT platform to be launched on the layer-1 Ethereum Virtual Machine (EVM) blockchain Flare. Flare enables developers to create applications that are interoperable between blockchain ecosystems and internet platforms. After launching two core protocols for decentralized interoperability applications, Flare went live on January 10. Sparkles on the other hand seeks to address issues of NFT intellectual property (IP) rights for NFT owners in the DOTM collection which is in the pipeline. This will be done by attaching on-chain IP licensing.
According to the announcement, Sparkles has observed that the interoperability protocols of Flare could enable it to unlock new use cases for NFT and its holders. The State Connector protocol of Flare makes it possible to use off-chain information securely and scalably with smart contracts on Flare. It is also important to note that the Flare Time Series Oracle (FTSO) takes advantage of the network structure to provide decentralized prices and data series to Decentralized Applications on Flare. Interestingly, this is done without depending on centralized data providers.
Hugo Philion, Flare CEO & Co-founder commented on this:
We are very pleased Sparkles have agreed to continue their NFT platform development on Flare, integrating our core protocols to champion NFTs and provide opportunities for SGB and FLR holders to participate in the digital art space. We look forward to seeing Sparkles become a community-owned platform, push the boundaries of NFT innovation on Flare, and support digital artists on their journeys.
Sparkles achieves environmentally positive status already
Sparkles have handled the most NFT transaction on Flare’s canary network since its launch. The marketplace has facilitated over 90% of transactions on Songbird. Since its launch, it has accounted for $3.5M in value traded. As of now, it has about 3,200 collections with 176 sales per day.
The platform has pledged to become a net zero by 2030. Interestingly, it has already achieved environmentally positive status through collaboration with the leading carbon commodity fair SCB. The objective has been to estimate its carbon footprint and then buy carbon credits to neutralize the emission.
Mohamed Kanoun, Sparkles Founder also commented on the platform:
Sparkles is honored to be leading the way when it comes to NFTs on Flare. We believe Flare will be home to many new artists, brands, companies, games, metaverses, and much more. The future is bright for NFTs on Flare Network.
Last year, Flare announced a partnership with Metropolis World, a curated metaverse platform to allow the smooth movement of users between different metaverse ecosystems and blockchains. Hugo Philion, CEO & Co-founder of Flare, believes that interoperability is a new challenge not only for blockchain but also for the metaverse.
We share Metropolis’ vision for a seamlessly interconnected metaverse universe, and as their key interoperability partner, we will be implementing decentralized and insured LayerCake bridges to ensure safe transit for all user assets.
The collaboration has had a minimal impact on FLARE (FLR) as the asset is still down by 11 percent in the last seven days and currently trading at $0.036297.
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