Dear friends, in the few latest posts, we told you about the advantages of our own solution to introduce NFTs into the network. Just to recap, here they are:
📌 Ability to store NFT media data in the blockchain itself;
📌 NFT size of up to 8 GB each;
📌 Minting (NFT creation) speed of 65,535 TPS;
📌New address types for truly decentralized exchange and auctions (exchange, sellNft, bidNft).
These all really make UMI stand out compared to other blockchains that support NFTs. Moreover, building on top of all that, the UMI network will soon have its own NFT marketplace for truly decentralized exchange, and it will be a cut above the rest. Just consider this, for example: when working with centralized NFT platforms, such as OpenSea or Nifty Gateway, all the users’ assets, including their NFTs, are stored in a centralized manner, using hot or cold wallets of these marketplaces. The exchange itself is done via centralized mechanisms. This is not safe for the following reasons:
⚠️In centralized organizations, both hot and cold wallets are at risk of being hacked and assets stolen;
⚠️There is also a risk of various scams (those who actively monitor the NFT industry know about such cases with OpenSea, for example);
⚠️NFT platforms might request personal information (for the purposes of KYC/AML, among other reasons);
⚠️There is always a possibility of trade manipulation, like using bots when initially offering NFTs from popular collections;
⚠️There is also a probability of insider trading by those employees of centralized NFT platforms who have access to nonpublic information. There were precedents.
Now compare the existing centralized solutions with the future UMI-based NFT marketplace that will offer completely decentralized token trade mechanisms. The crypto assets will never be stored using addresses of centralized entities: the UMI-based NFT marketplace will not even have the concept of a hot or cold address since the exchange will be done between the two parties directly, in the P2P format, with both instantly receiving the desired assets without intermediaries.
✨ The set of solutions for working with NFTs within the UMI blockchain is milestone prioritizing decentralization, the highest-possible speed and unconditional ownership of one’s crypto assets.
A platform that will soon become a reality. The UMI-based NFT marketplace is on its way.
With love, as always, your UMI team!💚