Solutions for buyers

For most buyers, they don’t possess asset on all available chains in the blockchain ecosystem; hence, if they want to buy an NFT on a chain that they don’t have any token, they have to move their assets to that chain, incurring high fees and security risks/delay through bridges.

Example: Consider the following situation.

• An NFT is hosted on Ethereum chain with an asking price quoted in $ETH.

• A potential buyer has assets as $LUNA on Terra chain.

The buyer has to go through the following steps:

• Looking for a bridge that support asset transfer from Terra chain to Ethereum chain.

• Looking for an asset supported by the bridge. For example, some bridges might not support $LUNA, and only support $UST as a transferring asset.

• Searching for DEX on Terra to exchange $LUNA to an asset supported by the bridge, which is $UST in this example.

• Creating a wallet that supports Ethereum chain.

• Funding the Ethereum chain wallet with $ETH for transaction fees.

• Searching for DEX on Ethereum chain to exchange the asset supported by the bridge ($UST) to $ETH.

Steps taken by a buyer to move an asset on Terra chain to buy an NFT on Ethereum chain.

Problems

Steps needed for a buyer to buy an NFT on a chain that he/she doesn’t have an asset on, as described above, are riddled with problems, that can be categorized as following:

1. High fees: The buyer has to spent fees on many steps including making exchange on DEX on both chains, the bridge, and funding wallet on the new chain.

2. Inconvenience: The buyer has to research for the bridge that support the transfer, the wallet for the new chain, how to fund the new wallet, and the DEX on the new and unfamiliar chain.

3. Security: The buyer experiences security risk (for example, phishing attack) when searching for bridge and DEX on an unfamiliar chain.

4. Time consuming: The buyer wastes time to execute several steps and doing research of the new chain.

Solutions (via AxelarSea)

Many of the steps required by a buyer described above are automatically executed by AxelarSea.

The buyer only need to supply $LUNA to AxelarSea on Terra chain. AxelarSea system will perform the following actions.

• Transfer the asset to Ethereum chain via Axelar Network (becoming $aLUNA)

• Make an exchange to $ETH through DEX supported by AxelarSea

• Transfer $ETH to the seller

Notice that the buyer doesn’t need to setup wallet on Ethereum chain at all.

Buyer needs to simply deposit his asset and AxelarSea will automatically transfer the asset cross-chain, swap the tokens, and transfer it to the seller.