Singapore’s GameFi company, Ethlas, has teamed up with LayerZero Labs, a Canadian startup, to provide cross-blockchain access to its metaverse.
The collaboration between Ethlas and LayerZero Labs will make Ethlas accessible on widely-used blockchains like Ethereum. This will enable users to transfer tokens between different blockchain ecosystems, facilitating the transfer of money from one chain to another.
Moreover, developers on other blockchains will now be able to build decentralized applications on Ethlas that employ avatars through non-fungible tokens (NFTs). Ethlas has already partnered with several NFT projects and offers a plug-and-play experience. With this latest partnership, players from different Web3 metaverse communities will be able to compete against each other, according to Ethlas.
Since its launch in November 2021, Ethlas has attracted 500,000 players to its metaverse platform. The startup was established by former Grab employees Elston Sam, Gennady Medvinsky, and Henry Foo.
Bryan Pellegrino, Ryan Zarick, and Caleb Banister founded LayerZero last year with the goal of bringing together the currently fragmented blockchain systems. The company achieved unicorn status in March after raising $135 million in funding.
According to estimates, the Web3 market is expected to grow at a compound annual rate of 43.7% and reach a value of $81.5 billion by 2030.
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