A new era of open and trustless information exchange has dawned with the advent of Web3 and blockchain. While blockchain transactions offer unmatched user verification, they do not guarantee user privacy. This limitation has hindered the potential applications for NFTs. Secret NFTs have emerged to fill this void, allowing flexible privacy settings to cater to the specific needs of each use case.
Let’s delve deeper into the world of Secret NFTs!
What Are Secret NFTs?
Secret NFTs are non-fungible tokens created on the Secret Network. They allow users to develop, trade, and use decentralized applications that are private, secure, and resistant to censorship. The developers have designed Secret NFTs to provide a safer and more unique way of generating and trading NFTs.
One of the crucial features of Secret NFTs is their private metadata, which allows creators to offer exclusive experiences that are impossible with regular NFTs. It includes adding covert links to high-quality images and designing game items with hidden capabilities. In addition, encrypted Secret NFTs have a wide range of practical uses, such as verifying digital identities and providing subscription services on the blockchain by securing sensitive data.
The Native Token
$SCRT is the native token of the Secret Network. Users utilize this token to pay transactional and computational expenses such as gas fees, stake with validators to protect the underlying network, collect inflation incentives, and participate in community governance.
In fact, the $SCRT token defaults to public interactions as it is a public asset on-chain. Moreover, $SCRT is the governance token of the Secret Network. It uses the delegated-proof-of-stake (dPOS) system to cast votes, with all delegators’ combined staked $SCRT used to determine voting power.
Source: Secret NFTs
How Do Secret NFTs Work?
Secret NFTs leverage advanced cryptography and blockchain tech to ensure the security and privacy of digital assets. The Secret Network uses “secret contracts,” a privacy-preserving technology, to conceal transaction details and NFT content. Besides, these smart contracts have encrypted input, output, and state to ensure maximum security.
Furthermore, the token ownership is kept private and secure by encrypting Secret NFTs and storing them off-chain. Secret NFTs follow the SNIP-721 standard derived from Ethereum’s ERC-721 standard and provide a broader range of private metadata and ownership options.
Moreover, the owner of an NFT can maintain control over ownership by creating, regenerating, and sharing permits and viewing keys. By utilizing Secret NFTs, creators can tokenize various digital assets, empowering users to exercise greater control and rights over their private data.
The network has various types of Secret NFTs, including collectibles, art, and gaming. For instance, Art NFTs are one-of-a-kind digital artworks that users can buy, sell, and trade online. On the other hand, Collectible NFTs are unique digital products that can be collected and traded, while gaming NFTs are integral to decentralized gaming.
Benefits of Secret NFTs
- Privacy and security
Privacy is a significant advantage of Secret NFTs. Using secret contracts ensures a high level of privacy and security, as the content of NFTs is only visible to authorized parties. What’s more, Secret NFTs are also censorship-resistant, meaning no centralized authority can censor or control them. As such, they are ideal for use in situations where security and privacy are top priorities.
- Interoperability
An additional advantage of Secret NFTs is their interoperability. They can be highly adaptable for various applications and are easily exchangeable on multiple platforms. The fact that Secret NFTs leverages the energy-efficient Cosmos blockchain also makes them environmentally friendly.
How to Buy a Secret NFT?
There are different options for buying a Secret NFT. They are:
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- Directly using a bank account through Transak.
- Using centralized exchanges (Kraken, Binance, MEXC, Okcoin, etc.).
- Using decentralized exchanges (Sienna, UniSwap, Osmosis, etc.).
- Bridge assets, then swap (IBC Bridges, Ethreum Bridge, Binance Smart-Chain Bridge, etc.).
Steps to buy:
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- Keep $sSCRT in your wallet so you can buy the Secret NFT with it.
- Browse the Stashh marketplace
- Choose the Secret NFT you want to purchase.
- Use $sSCRT or $SCRT, which will be transformed into $sSCRT automatically, to make the purchase.
- Utilize permits to authenticate and approve the transaction.
- Use viewing keys to confirm ownership of the Secret NFT.
dApps for Secret NFTs
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Stashh
Stashh is a digital marketplace where users can mint, buy, and trade NFTs while maintaining privacy and access control. All market functionality is available to users, even if they hide their transaction history and personal details.
Source: Secret Network
Users on this platform can create and trade NFTs in various categories, such as art, music, videos, and 3D objects. Additionally, Stashh provides private content options for creators who wish to restrict access to their work to specific individuals or groups.
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Legendao
Legendao is a Secret Network-powered platform where users can play games for profit and purchase unique NFTs from top artists, brands, and NFT makers. It also hosts the Council of Gyld, a collection of 4,321 renowned NFTs.
$LGND is the native token of Legendao used for buying and selling NFTs on the platform. Holders of $LGND can participate in the platform’s governance by voting on proposed changes and enhancements.
Moreover, Legendao offers unique features, such as personalized content choices, maintenance of transaction history, and personal information privacy. Users can play games and earn rewards while exploring the NFT marketplace.
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StakeEasy
StakeEasy is a staking platform that allows users to stake their cryptocurrency assets and earn rewards. The platform supports staking for multiple cryptocurrencies, such as $SCRT and $JUNO, and leverages the Secret Network.
Source: Website
In essence, StakeEasy enables users to engage in liquid staking by staking a cryptocurrency and receiving liquid tokens that can be traded or utilized in various ways.
In addition, StakeEasy offers users access to DeFi features, such as borrowing and lending. The platform’s governance mechanism allows users to vote on changes and propose new features or improvements.
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Alter
Alter Network aims to provide an efficient and affordable option for cloud hosting resources through its platform. The platform connects clients needing cloud hosting resources with international micro data centers with extra space through a decentralized aggregator approach.
Source: Website
Consequently, this approach allows customers to access hosting resources from a broader range of suppliers, potentially leading to lower costs and greater flexibility. Additionally, as the platform’s foundation is a blockchain-based infrastructure, all transactions are recorded and validated by multiple nodes, making it more difficult for fraud to occur.
Conclusion
Secret NFTs on the Secret Network have revolutionized the NFT industry by introducing new possibilities for privacy and security. They provide a secure and private way of owning and trading digital assets through advanced cryptography and privacy-preserving technology, making them ideal for scenarios where privacy is paramount. Additionally, they are highly adaptable and easily exchangeable across various platforms due to their interoperability.
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- The Stashh and Legendao dApps provide a unique and covert platform for purchasing, selling, and exchanging NFTs on the Secret Network.
- The StakeEasy platform allows users to stake their assets, earn rewards, and access DeFi features such as borrowing and lending.
- Additionally, the Alter Network provides an efficient and cost-effective approach to cloud hosting resources through a decentralized aggregator method, which links clients with micro data centers globally.
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These dApps offer personalized content choices, transaction history privacy, and access control options to creators and buyers, making them an excellent choice for those who value privacy and control.
Undeniably, Secret NFTs are poised to play a crucial role in developing decentralized applications.
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