Unlock Protocol News

Unlock Protocol’s Membership NFT Contracts are Now Live on Arbitrum

mm
Published
Updated

Securities.io maintains rigorous editorial standards and may receive compensation from reviewed links. We are not a registered investment adviser and this is not investment advice. Please view our affiliate disclosure.

Unlock Protocol

Unlock Protocol, the Ethereum-based project for memberships, recently announced on Twitter that it launched its NFT memberships on the Arbitrum network. The project explained that this is a rollup protocol that has inherited Ethereum-level security, and on top of that — it can offer all the same benefits as Ethereum itself. This includes things like dApps, smart contracts, and alike, only it does it cheaper and faster than Ethereum ever could.

Unlock Protocol expands to Arbitrum

Unlock protocol is a curious project that focuses on memberships that allow creators to monetize their work on their own terms. Best of all, it allows them to do it without having to rely on and applications or platforms provided by third parties. Everything remains in-house, and so any creator who wants to monetize their work and ensure that only their members can access it can do it with ease.

The project has announced recently that its membership NFT contracts — its ecosystem’s main product — can now be deployed on the Arbitrum network. Arbitrum itself functions as a layer 2 environment that functions on Ethereum’s mainnet. It works as a so-called optimistic rollup, meaning that it can benefit from Ethereum’s security, while at the same time, it offers much faster execution time and lower transaction costs, both of which have been issues that Ethereum’s network has been struggling with since it originally went live.

Deploying Unlock’s NFT membership contracts on Arbtrum is a big move for the project, which has been seeking to expand its offering and make it available for more people. In order to “break the ice,” the project has already deployed the first NFT membership contract on Arbitrum even before making the announcement. Users can now obtain free memberships, although it did note that there are only 100 of them available, and they will be claimed quickly.

How do NFT membership contracts work?

With the addition of Arbitrum, Unlock has now officially been deployed on 8 different Ethereum Virtual Machine networks. These include Mainnet, Polygon, BNB Chain, Avalanche, Gnosis Chain, Optimism, Celo, and now Arbitrum. Every creator, organization, and brand can freely pick any of these networks to deploy their membership contracts and create NFT tickets, subscriptions, and alike.

In order to get started, creators first need to create a Lock, which is essentially a smart contract that defines the terms of the membership. The Lock belongs to the creator, and no one else can modify it in any way — at least not without the original creator’s permission.

Of course, the lock itself does not know anything about the content and features that it locks. It is 100% decoupled from the applications and other types of content underneath, meaning that it can be implemented in numerous different contexts and scenarios, which include front-end, back-end, inside of chat apps, and even other smart contracts.

To learn more about Unlock Protocol, visit our Investing in Unlock Protocol guide.

mm

Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.