ZeroX Network to bring Derivable Asset Utilities to Neo X

Neo has announced that ZeroX Network will integrate support for the Neo X EVM sidechain. ZeroX plans to bring its Derivable Asset Utilities NFT concept to Neo X, allowing for NFTs to be represented differently across various dApps (i.e., it’s simultaneously a hero in one game and a ticket on an event platform), without any on-chain changes to the underlying token.

ZeroX Network offers a utility layer that resides on top of other blockchain networks, connecting blockchain assets to traditional mobile and web applications. It is enabled by the ERC-7276 standard, developed by ZeroX Network, which allows an underlying NFT to maintain its on-chain features but represent itself differently on applications. This concept, known as a DAU, will enable digital assets to maintain dynamic on-chain states across multiple dApps.

The trading of DAUs also distributes royalties to the underlying asset, making it a form of passive reward generation.

Ultimately, the team aims to leverage ERC-7276 to power product offerings such as an explorer, a Web3 gaming arcade, and a marketplace.

The ZeroX team has received industry recognition for developing this standard. In 2023, the team was the first-place winner at the ETH Singapore Hackathon and placed in the top three at the BNB Chain Hackathon.

ZeroX developers have opted to build its scalable, secure, and developer-friendly blockchain infrastructure on Neo X. The team notes that X’s anti-MEV properties, enhanced security, and native cross-chain functionality are positive features that will meet the needs of traditional application users for whom ZeroX intends to build its solutions and products.

Looking forward, Neo and ZeroX aim to build toward technological alignment, strong community support, mutual focus on innovation, and a shared vision for mass adoption.

The full announcement can be found at the link below:
https://medium.com/neo-smart-economy/neo-welcomes-zerox-into-the-neo-x-ecosystem-8051c7c3ad34