Exciting updates abound as Secret Network discloses details of its Secret NFTs as well as the completion of its reference implementation for its SNIP721 Secret NFT standard. This article covers details of new updates on privacy-focused platform Secret Network, its Secret NFTs, and Secret Grant.
Secret Network NFTs are privacy-focused non-fungible tokens built on Secret Network (SCRT). In line with the launch of its Secret Grant, the platform has also completed the reference implementation for SNIP721. According to an official blog post, it is important to note that the SNIP721 is a Secret NFT standard.
Its completion is an attestation to the privacy-focused network’s ability to ensure programmable privacy as well as facilitate the expansion of the digital non-fungible tokens (NFTs) space. Secret Network’s Secret NFTs are expected to bring to life many exciting use cases across several spheres, including art and gaming.
Importance of Secret NFTs
Digital non-fungible tokens have been a major focus point for the Secret ecosystem since its inception. SNIP-20 fungible tokens currently power the Secret DeFi ecosystem, including SecretSwap. Therefore, making it possible for users to convert their digital assets into privacy-preserving ones. These private tokens can then be used on the Secret ecosystem as well as its DeFi applications (dApps). Programmable privacy is an important feature both for the NFT and the decentralized finance (DeFi) space. Secret NFTs bring to life amazing possibilities for Secret apps similar to the features brought on by SNIP-20s to the Secret DeFi ecosystem.
Two major features exist that set Secret NFTs apart from other NFTs in the digital asset sphere. These features include:
- Private ownership – NFTs are unique and remarkable, making details of their owners accessible to almost anyone. Facilitating private ownership of NFTs is an important feature, especially if owners want to remain private. With Secret, NFT transactions and NFT ownership details will no longer be available to the public by default.
- Private metadata – Alongside public metadata, Secret NFTs also have an optional private metadata column. An example of this column is a user owning game cards that have public abilities, while also having some abilities that remain hidden. NFT art creators might also choose to either create a thumbnail or a watermark version of the art available to the public. Making it possible for users to be able to view the art piece they are about to purchase while safeguarding the non-watermarked version in the private metadata option.
Programmable Privacy and Secret NFTs
Due to its programmable privacy, Secret Network NFT creators have several exciting options to choose from when creating their NFTs. They can determine if the NFT should be private or public, if it should have sealed metadata or not, and if the sealed metadata remains private after unwrapping. NFT creators can also choose if whether a minter can change the metadata of the NFT.
Baedrik, the receiver of the Secret Grant and the brain behind Secret NFT reference implementation, has made it possible for interested Secret Network users to create their own Secret NFTs and applications. In line with this, Secret Network has created several tutorials on Figment Learn to help direct interested users on Secret NFTs.
Baedrik Secret Heroes
Baedrik and Florian recently won a hackathon prize for their Secret NFTs known as Secret Heroes. The hackathon event was the ETHGlobal NFT Hack event. Interested persons will need to purchase four different Heroes cards and then battle their cards against two players.
Users can also apply for a Secret Grant as the Secret Network has set aside approximately $50 million for developers.
SCRT Price
At the time of publication, SCRT was trading at $4.16, with a market cap of $288,793,219 and a 24-hour trading volume of $5,605,386.
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