2021-11-22 17:13

The boom in Non-Fungible Tokens (NFTs) is advancing faster than ever, reaching new price and volume records in 2021:

Digital artwork “Everydays — The First 5000 Days,” sold for $69 million at a Christie’s auction in March.Sales of NFTs surged 700%+ to $10.7 billion in Q3 2021 over Q2 2021.The overall value of NFTs globally has surpassed $43 billion.

The proliferation of NFT gaming is adding more fuel to the fire – Axie Infinity, one of the most popular NFT metaverses, is on track to generate $2.7 billion in 2021, almost only from sales of character and in-game NFTs.

In such an unprecedented and dynamic market, NFT buyers and collectors often face a set of challenges:

Hidden Fees – Most of today’s NFTs are based on Ethereum-standard Blockchain tokens (ERC-20, ERC-721, or ERC-1155). Since each token needs a certain amount of power to be generated, each NFT transaction comes with a so-called “gas fee”. The fee is currently about 5.23% of the average NFT price – a significant cost for both buyers and sellers. A Fragmented Market – Although a number of NFT trading platforms are operating (Opensea, Rarible), they do not help NFT buyers or sellers locate potential NFT assets or collections of interest to them. Liquidity is therefore fragmented, as buyers and sellers often cannot locate each other with ease, reducing the potential to maximize sales prices. Security Issues – cryptocurrency wallet attacks, hacks, and data breaches are becoming more and more frequent. A total of 27 large-scale cryptocurrency wallet attacks occurred in 2020, with owners being robbed of over $3 billion. With the global value of NFTs rapidly reaching $50 billion, collectors need a solution that ensures their valuable digital assets are safe when stored and when traded.

An ambitious team of developers has created a unique, state-of-the-art, and highly reliable Blockchain-based platform that allows NFTs to be stored and traded safely, quickly, and at a minimal cost.

The name of this solution is Secretum.

Secretum – the ultimate platform for safe, instant, and low-cost NFT trading

Secretum is the world’s first and only decentralized, encrypted messaging and OTC trading app, built on the innovative Solana Blockchain. It offers users a set of unique features:

Direct NFT and cryptocurrency token trading between users, via an integrated escrow smart contract functionality, allowing users to find NFT assets owned by other wallets. This opens up endless opportunities for trading NFTs without the need for exchanges, boosting the liquidity of the NFT market.Direct and anonymous registration and messaging/phone communications with any other wallet owner in the world, based only on wallet address. Secretum allows cryptocurrency owners to do something unprecedented, namely communicate and trade with each other without having to know each other or have each other on a contact list.High-security NFT and file storage on a distributed node network, eliminating the risk of hacking, data leaks, or any other external interference that normally affects cloud-based messaging/storage solutions.

Secretum’s use of the Solana Blockchain is a game-changer for the NFT market, thanks to its superior characteristics:

Low cost – Solana’s transaction costs average only $0.00025, a saving of over 99% from average Ethereum gas fees. This means NFT collectors and traders save more money and can increment their trading activity significantly, at almost no extra cost.

High transaction speed – Solana is capable of processing 65,000 transactions per second, 4,000x more than Ethereum. This means Secretum can accommodate an enormous amount of NFT trading activity between its users, without any execution delays.

A booming ecosystem – In July 2021 Neon Labs announced the deployment of a cross-chain Ethereum Virtual Machine on the Solana testnet. Secretum will therefore be able to leverage the speed of cost advantages of Solana with the ubiquity of Ethereum-based applications and NFTs (90% of the total), accelerating the growth of Secretum’s user base and market presence in the NFT market.

Secretum’s unique capabilities and technology are a quantum leap forward both for secure messaging and for the NFT market. By positioning itself to become the go-to solution for both of these two enormous markets, Secretum aims to take full advantage of its future growth.

The post Secretum: A Next-Generation NFT Trading Platform appeared first on BeInCrypto.

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