NFTDriveEX Introduces Atomic Swap Feature Connecting Symbol and EVM Chains

Exciting news for NFT enthusiasts and blockchain innovators: NFTDriveEX is set to introduce an atomic swap feature, bridging the gap between Symbol and various EVM chains.

This groundbreaking update promises a seamless, secure, and cost-effective way to trade NFTs, ushering in a new era of digital asset exchanges.

Stay tuned for a revolution in NFT trading, making cross-chain transactions easier and safer than ever before.

NFTDriveEX to Feature Atomic Swap Capability

On March 26, 2024, the Japanese company NFTDrive, which operates the NFT-focused wallet leveraging Symbol (XYM) known as NFTDriveEX, announced the imminent release of the atomic swap functionality on NFTDriveEX.

NFTDriveEX is an NFT-focused wallet accessible through smartphone or computer browsers, equipped with various features such as the issuance of full-on-chain NFTs utilizing Symbol, 3D data display, QR code-based NFT trading, temporary wallets, and multi-level multisignature capabilities.

Earlier in February of the same year, the company had announced NFTDriveEX's compatibility with the Ethereum and Polygon blockchains. The firm has now reported that the atomic swap feature is scheduled for release in the near future.

The materials released in conjunction with this announcement include logos for JPYC, USDC, USDT, WETH, and notably, SHIB as well.

What Is an Atomic Swap?

An atomic swap is a mechanism that allows for the secure and direct exchange of cryptocurrencies across different blockchains without the need for intermediaries, representing a groundbreaking technology that enables users to swiftly and safely trade cryptocurrencies among themselves.

Typically, trading cryptocurrencies directly between users might lead to issues such as failing to receive ETH after sending BTC as expected. However, atomic swaps solve this problem systematically, ensuring safe and direct transactions between users.

While trading cryptocurrencies through intermediaries like exchanges may incur transaction fees and require trust in the intermediary, atomic swaps eliminate the need for intermediaries, facilitating quick and low-cost cryptocurrency trades.

Purchasing Symbol-based NFTs with Various Tokens

The atomic swap feature to be implemented in NFTDriveEX will allow for the purchase of NFTs issued on Symbol with various chains and tokens. The specific process of atomic swaps in NFTDriveEX is described as follows:

Atomic Swap Process in NFTDriveEX:

1. Link EVM addresses to Symbol addresses.
2. Utilize metadata to acquire the sender's, receiver's, and creator's EVM addresses, and verify if the transaction was executed by the same address.
3. The NFT buyer locks the payment and sends an offer, while the NFT seller locks the NFT.
4. Once the NFT buyer unlocks the NFT to receive it, the NFT seller is able to unlock and receive the payment.

Additional Information on NFTDriveEX Atomic Swaps:

• When locking payment tokens, the buyer will lock a total amount that includes a 20% royalty.
• The transaction has a deadline of 10 days from the offer's submission, after which it is considered void, allowing for unlocking.
• A "release key" generated at the time of the offer must be securely kept until the transaction concludes.
• Upon receiving an offer, the NFT seller must verify the transaction details and sign it, initiating the lock of the NFT using the same release key's hash, along with the necessary transaction information and network fees.
• The NFT buyer uses the release key to receive the purchased NFT and cannot unlock their payment until the 10-day period is up. The NFT seller must receive the payment before the 10-day deadline.
• Upon the buyer receiving the NFT, the release key is made public across the network. The buyer sends a transaction to the seller for notification, and the seller must withdraw the payment before the 10-day deadline.
• It's important to be cautious as the buyer can withdraw the payment with their release key once the 10 days have passed.
• Avoid transactions close to the deadline for caution.

While details and the exact release date of the atomic swap feature remain unspecified, the announcement has indicated that it is "coming soon," making the forthcoming official release announcement highly anticipated.

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