Here’s how Solana’s messaging application Secretum addresses the main bottlenecks of the NFT market
Secretum, a one-stop cryptocurrency ecosystem on top of Solana, is a combination of an NFT marketplace, messaging application, crypto wallet and DEX. Here’s why its NFT-centric toolkit allows it to go far beyond being an average Solana dApp.
NFTs in 2021: Euphoria amplifies bottlenecks
While the craze around non-fungible tokens and marketplaces for them is nowhere near its end, the weak points of NFT platforms become more and more obvious.
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— SecretumApp (@AppSecretum) October 28, 2021
First and foremost, it’s huge fees. As the vast majority of NFTs are minted and traded on Ethereum (ETH) blockchain as ERC-20, ERC-721 or ERC-1155 tokens, trading fees are rocketing during periods of maximum network overload. Fees can surpass 5.25% of the price of a certain NFT.
Then, an NFT segment looks fragmented, which obviously affects its liquidity logistics design. Besides the largest NFT markets (e.g. OpenSea, Rarible), not so many platforms allow buyers and sellers to meet with each other. This, in turn, makes the whole segment vulnerable to manipulations of all sorts.
Last but not least, existing solutions for the storage of NFTs – just like other crypto wallets – are often targeted by sophisticated attackers. As the prices of NFTs are rocketing, such attacks become more and more “expensive” for digital art enthusiasts.
Thus, the scene badly needs secure, resource-efficient, decentralized solutions that are able to onboard crypto holders with various levels of expertise.
Secretum leverages Solana to build a new-gen NFT platform
Team Secretum, a Solana-based multi-purpose ecosystem, is addressing all these issues with its novel architecture. Since Solana fees are 99.9% lower compared to Ethereum’s ones, all NFTs trades on Secretum are charged with negligible commissions.
In terms of security, Secretum guarantees truly decentralized storage of data: instead of using a centralized cloud, Secretum relies on a distributed network of nodes. Attackers are unable to guess which node should be attacked to gain control over this or that non-fungible token.
Also, Secretum integrates NFT market participants in the ecosystem of Solana, one of the top-trending smart contracts platforms in 2021. Solana’s infrastructure is compatible with Enthereum as EVM was rolled out on Solana in Q3, 2021.
Secretum has no KYC/AML checks and allows you to sign up with Solana’s wallet address only. This feature makes its anonymity unmatched.