Here’s how Solana Secretum’s messaging app solves major bottlenecks in 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 way 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.
First and foremost, these are huge costs. As the vast majority of NFTs are issued and traded on the Ethereum (ETH) blockchain as ERC-20, ERC-721, or ERC-1155 tokens, trading fees skyrocket during periods of peak network overload. Charges can exceed 5.25% of the price of a certain DST.
Then, an NFT segment looks fragmented, which obviously affects its liquidity logistics design. Besides the larger NFT markets (eg OpenSea, Rarible), few platforms allow buyers and sellers to meet. This, in turn, makes the whole segment vulnerable to manipulations of all sorts.
Last but not least, existing solutions for storing NFTs – just like other crypto wallets – are often the target of sophisticated attackers. As the prices of NFTs are rocketing, such attacks become more and more “expensive” for digital art enthusiasts.
Thus, the scene is in dire need of decentralized solutions that are secure, resource efficient and capable of on-boarding crypto holders with different 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’s fees are 99.9% lower than Ethereum’s, all NFT transactions on Secretum are billed 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 must be attacked in order to gain control of which 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 deployed on Solana in the third quarter. 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.
