Metaverse Interoperability: Transferring NFT Using Decentralized Oracle Network

Abstract

Metaverse interoperability has become necessary for uniform virtual experiences between different metaverse ecosystems. Blockchain technology along with decentralized oracle network have played a key role in representing and transferring metaverse assets across different metaverse environments. This paper discusses the concept of interoperability with respect to metaverse, representation of metaverse assets on blockchains, and shows the application of decentralized oracles in achieving metaverse interoperability. Various standards for representing assets in blockchain and their comparison is performed. In the paper, the ERC-721 standard was used for tokenizing assets and transferring them from the Avalanche Fuji testnet to the Ethereum Sepolia testnet and Arbitron Sepolia to Ethereum Sepolia. Chainlink CCIP was used to transfer NFTs between blockchains. A comparison in term of the total gas consumed in both the transactions was performed. The paper has shown that Distributed Oracle Networks (DON) have become a useful solution in providing accurate and secure data feeds as well as transferring assets between different blockchain networks.