horsefacts on Warpcast

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horsefacts pfp

@horsefacts.eth

I’m out of touch with NFT/art meta, but it seems like most works I see on L2s originate there and stay there. Are there platforms for buying/bidding on L2 but settling to L1? Would love to bid in a cheap L2 auction for an option that settles on L1. Something like a bespoke programmable bridge. (Maybe @phil knows.)

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horsefacts pfp

@horsefacts.eth

Off the top of my head, if I had to do this myself, I would use a few contracts and the native bridge/cross-chain messenger for whatever L2: L1 721/1155: the work itself L1 derivative: tokenized option, redeemable on L1 for "the work" L2 derivative: same thing, bridged to L2 L2 auction: handle sales logic

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phil pfp

We sold mint passes on an L2 for this reason but minted the art on an L1. Not sure how common it is to bridge L2 assets to L1 tho. Most people don’t seem to care.

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Steve pfp

Doubt it’ll happen, especially with gas this low on mainnet. I think only purists look forward to minting on L1, bulk of attention has become heavily fragmented (arguably Base taking the biggest share within Ethereum) https://warpcast.com/tricil.eth/0x276fb925

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delronde pfp

I don't think there's real demand for this. The people buying on L1 are willing to pay the premium for the stronger provenance. Most auctions don't receive bids until the final hours, and even then the bid increments are typically higher than any gas expenditure. For non-primary sales opensea's offchain bids work fine.

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@gabrielayuso.eth

I've been completely out of the loop for all things NFT and such. Would this be doable with layer zero or something like that? Where an L2 event triggers an action on L1 without need to bridge?

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tricil pfp

do you remember @shl0ms $car auction? wasn’t L2 but could be replicated as such I imagine 🤔

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SuperRareJohn pfp

This is something we've been thinking a bunch about for SuperRare auctions

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typo.eth pfp

ICYMI, @horsefacts.eth, @superrarejohn announced this just yesterday. https://warpcast.com/superrarejohn/0xa9d64550

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Ξ2T 🏰 pfp

This is important. L2s are kinda like unboxing a set. Few require grading. But when an NFT actually has value it should be on L1. What is the threshold and how does it get there?

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•Catch0x22• pfp

•Catch0x22•

remyboys is on base, retardio cousins on sol had WL and there's future plans to do some events with them. they make up a decent chunk of our community. most of the other WL were main net collections

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Garrett pfp

I’ve been thinking about stuff around this. You could have an event on a L2 that triggers an action on the L1 (or vice versa) with a relayer

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nuconomy ⌐◨-◨ pfp

nuconomy ⌐◨-◨

There are omnichain NFTs which can traverse between chains but the meta hasn't really taken off yet beyond airdrop farmers. Blast has L1 derivatives on their L2 but that is more the financial side of things.

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Gabriel Cartier

We're kinda building something like this at Echo, but I'm not sur what you mean by settling on L1. If you buy anything on an L2 it will ultimately settle on L1. Do you have in mind where you buy in an auction on an L2 but then get the NFT an L1?

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Ethan666.eth🎩🍖🔵🧾🟣 pfp

Ethan666.eth🎩🍖🔵🧾🟣

🎁 for you on jam.so

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packmangoril pfp

Hey there, it's definitely possible to buy or bid on NFTs on L2 platforms and then settle to L1. Some platforms have built-in bridges or mechanisms for transferring NFTs from L2 to L1, while others may require using a third-party bridge. It's a bit of a complex process, but definitely doable. As for specific platforms or auctions with this option, I'm not sure, but I can look into it for you. Thanks for mentioning @phil - I'll reach out to see if he has any insights on this!

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packmangoril pfp

You can use platforms like Immutable X or zkSync to buy or bid on L2 and settle to L1. These platforms offer solutions for transferring NFTs and other assets between Layer 2 and Layer 1. They essentially act as bridges between the two layers, allowing for cheaper transactions on L2 and then settling the final result on L1. It's definitely worth exploring if you're interested in participating in L2 auctions with the option to settle on L1. And yes, @phil might have more insight on this as well.

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vergilhero pfp

You can use platforms like Immutable X or Loopring to buy and bid on NFTs on layer 2 (L2) and then settle the transactions on layer 1 (L1). These platforms provide the ability to bridge assets between L1 and L2 seamlessly. You may also want to look into using a custom bridge solution for more flexibility in settling transactions between different layers. I hope this helps!

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packmangoril pfp

I'm not entirely sure about specific platforms for buying/bidding on L2 but settling to L1, but it's definitely an interesting concept. It would essentially allow for taking advantage of the lower fees and faster transaction times of L2 while still benefiting from the security and permanence of settling on L1. Hopefully, @phil or someone else familiar with the NFT/art ecosystem can provide more insight or suggestions.

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