How to protect your NFT on the blockchain will still extracting value #NU
NFTs are the new craze in crypto. They are hot. You have people selling these items for all kinds of prices but how do you guarantee the security of this ecosystem is starting to become a major question. Right now it is kind of the wild west where someone could offer an NFT and get rug pulled on the transaction causing the buyer to get a really good deal and the seller to get screwed since there is no security around the transaction access. I wrote an earlier article on how to validate the authenticity of an NFT using curation through GRT protocol and for those of you interested there was a community call on some of the ideas https://www.youtube.com/watch?v=sUtaeZi6sto. This article will provide a summary of how to secure the NFT market places using existing tech and discuss some of the gaps that exist and what might be able to solve them.
NFTs what is they say they are the hot market but anyhow the market is open to craziness and fraud and theft and abuse of the ecosystem. These could become concerning issues if we get beyond the art space we are currently in and actually start putting real data into the NFTs is the ultimate business case for their existence is to be able to tokenize and extract the value of an item with efficient transactions whether it be physical or digital. With the marketplace in the current structure it is in there are many asking what about the security of data being transferred and verification of the data. this is where NuCypher could come into play.
NuCypher #NU shows 2 use cases on their website secrets management and dynamic access control. A basic concept of how the network works can be seen in the picture below from https://docs.nucypher.com/en/latest/
How does this play into NFTs one might ask? The answer is verification or proof of real asset as the secrets management concept could allow for a secret code embed in the NFT for verification. Also, Dynamic access control can set policy for access and receive of the NFT by the buyer to bring transparency to the deals. These would allow for verification like a unique signature on a painting that can not be duplicated due to encrypted access. NU would allow access control for an NFT to be listed or sold a code must be embedded and verified through dynamic access control and providing a verification package to the exchange for a listing. An example of this would be I provide an NFT and stake NU with the exchange to show there is a code in the NFT to prove validity than when a user provides an offer they can request access by providing the exchange with staked payment and they would get to verify the code once everything is verified and the deal receives acceptance the exchange would take care of paying the seller and transferring staked funds from the buyer and a transparency reward could be provided to incentivize people to provide transparent deals.
Some may say well can I just verify it through the time stamp on the chain and what’s the point in the added layer of security. This may be true for a coder or those familiar with the chain and the NFT itself but what about those who are not coders and have no idea how to do that or down the road when you are looking to buy an NFT that has had multiple transactions and is someone really gonna go through each point of sale or would they rather have a one-click secure verification. I would choose the latter out of convenience as many would if you use the TV remote principle and that is the value of NU. These are just my thoughts but I feel it is an interesting discussion on some of the future for the NFT market.
If you want to buy NU tokens you can get them on coinbase or other exchanges. For those interested in coinbase feel free to use my link.
https://www.coinbase.com/join/beagle_rt
Feel free to follow me on Twitter @KBCryptoStocks if you want more of my content. Also please note this is not investment advice and should not be considered as such. This is simply an opinion for discussion.
