Thread by @LukasRepublic

Some #facts about upcoming #nft bridge in @wax_io Cloud #Wallet #waxfam.
1. All ~335M AtomicAssets digital collectibles created on @wax_io will be eligible for transfer
2. You will be able to transfer those #waxnft to #ethereum and #bsc chains. More #EVM destinations will follow.

3. @wax_io cloud #wallet bridge will be bi-directional; meaning digital asset once transferred to another chain will be transferable back to @wax_io #blockchain via Cloud Wallet bridge.

4. Collection owner will have to activate #waxnft collection for transfer in @wax_io cloud wallet. Activation will generate and deploy ERC721 smart contract version of that collection on the destination chain. ERC721 will be deployed under @wax_io collection owner’s address

5. Collection owner will have to pay for gas fees associated with ERC721 smart contract deployment process on the destination chain.

6. @wax_io collection owner will be the owner of the ERC721 smart contract in order to be able to list and verify that collection on marketplaces like @OpenSea. However, the owner will not be able to upgrade nor change that smart contract.

7. Once the transfer is enabled, ERC721 deployed and gas fees are paid, collection owner can decide which marketplaces to list and set up their collection on. Utility of the bridged collection will be under full control of the collection owner.

8. Any secondary marketplace fees from bridged collection will be distributed in accordance to secondary marketplaces setup controlled by the collection owner on the destination chain. Typically such fees will be distributed to the collection owner address.

9. Once bridged over secondary trading fees no longer participate in @wax_io DeFi. Digital collection network trading fees can only be collected on @wax_io blockchain.

10. There will be no collection setup fees nor individual #waxnft transfer fees initially. Users will have to pay for their own gas fees on destination chains.