Privacy-Centric DeFi Token Secret Soars 90% Amid OpenSea Partnership

October 28, 2021, 9:45 AM AEST - 1 month ago

The Secret Network has partnered with leading NFT marketplace OpenSea to launch Secret NFTs with a “secret world-renowned artist”, spurring the project’s decentralised finance (DeFi) token up 90 per cent.

According to Secret Network’s official website, the project is “the first blockchain with data privacy by default”, with the aim of protecting users and securing applications for Web3. The blockchain recently announced its new production house called Iconic, a platform for artists, developers and other creatives to create the first NFTs with built-in privacy and access controls.

The initial launch of the partnership will be celebrated by having a world-renowned artist and creator – whose identity remains ‘secret’ for now – auction seven unique NFTs as part of a single collection in November. Interested parties can register for whitelist consideration for these Secret NFTs here.

The initial auction will be followed by a second, larger auction that will be open to the general audience to purchase and mint their new Secret NFTs.

Guy Zyskind, founder and CEO of Enigma, the core developers behind Secret Network, stated that a great deal of time had been spent preparing for this “hero event”. OpenSea evidently shared his enthusiasm:

OpenSea is excited to partner with Secret NFTs to help artists provide a multi-tiered experience for their collectors […] Private NFTs offer a new type of solution to all kinds of creators, and we’re excited to move the ecosystem forward together.

Alexander Bercow, art partnerships manager, OpenSea

According to TradingView, Secret (SCRT) has made a 90 per cent gain since the news of the partnership broke. The token had been trading at around US$4.50 beforehand and doubled to $9 at its peak before stabilising around $8 at the time of writing.

The DeFi industry has been booming this year with the total value locked increasing 10 times since January. Australia currently ranks 12th out of 154 countries in terms of DeFi adoption.

Unseen First Issue Privacy-Based NFTs

The Secret NFTs featured in the auction will be the first of their kind to offer buyers “exclusive content viewable only to the holder – and that has also never been seen previously by anyone but its creator”.

We’ve secured IP for one of the greatest artistic creators to kick off our NFT ecosystem and punctuate our privacy-preserving technology. Secret Network is the first blockchain to support NFT assets that contain both public and private content. Programmable privacy for NFTs is fundamentally about choice – any holder of a Secret NFT can choose to make ownership and/or private metadata completely public for anyone to see.

Guy Zyskind, founder and CEO, Enigma

Traditionally, NFTs don’t allow users to choose if they want to keep the metadata and ownership private. Secret NFTs have changed the status quo by allowing these fields to remain private, whereas with other chains such as Ethereum, Binance Smart Chain and Solana, this data will always be public. An additional measure is allowing users to manage their access control where creators can choose who has full access to their content.

Traditional vs Secret NFTs: Secret network

With Secret NFTs, verifiable ownership of goods and experiences does not have to be public. Secret Network’s process of validation occurs without compromising any private data, including proofs of authenticity and transfers.

To learn more about the Secret Network, see embedded details in the tweet below:

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