X-NFT Cardano Integration

The X-NFT team proposes to build a one way bridge and incentivise ADA users with X-NFT to make the leap to Algorand DeFi and NFT communities. We will engage artists (ideally Cardano natives) to produce a collection specifically marketed to Cardano community members. This collection would be redeemable only on Algorand. Cardano users who earn / receive the token will be able to seamlessly transfer through our custom built one-way bridge to Algorand, where it would be burned, and replaced by the Algorand native X-NFT token. The aim is to incentivise users from Cardano to experience both Algorand Defi and NFT communities. We believe that rewards will create a high likelihood that users who receive X-NFT within the Cardano ecosystem will bridge and use Algorand to realise that value where redemptions are possible and trading liquidity is concentrated. X-NFT distribution will be targeting areas with the highest number of suitable users. The token’s utility and focused liquidity will remain on Algorand acting as the driving force behind the need to bridge to Algorand. This is a stand alone application. ### Project Development Token Generation on Cardano: Generate & manage X-NFT tokens on Cardano. #### Bridge Mechanism: Create a one-way bridge mechanism to securely transfer X-NFT from Cardano to Algorand. This is planned to be centralised and very simple (mint & burn) to keep the process as easy and seamless as possible. #### Mint & Burn Process: Implement a seamless process to burn X-NFT on Cardano and mint the Algorand native X-NFT token. #### Reward System: Design and integrate a reward system ideally via Cardano's DeFi platforms to incentivize users for bridging to Algorand. #### Marketing: The new project will be marketed to the Cardano community engaging with KOL’s within Algorand and Cardano to drive engagement and awareness.