Privacy has an intuitive product-market fit for platforms that service asset swaps, derivatives markets, and other trading and investment functions. But collectibles, gaming, and other less-financialized corners of crypto need robust confidentiality protections just as badly. This problem needs a solution.
Leading the way to this future of better privacy in the digital collectibles landscape is NFTb, a team focused on expanding what is possible with nonfungible tokens (NFTs) through cutting-edge technologies for Web3 builders. The Oasis Protocol Foundation is proud to announce the approval of a grant to support the NFTb team as they work to integrate Oasis privacy technology into their platform.
What is NFTb building?
NFTb is a Binance Labs-backed multichain social gaming HUB with DeFi features growing since 2021.This multifaceted platform aims to bridge the gap between NFT creators, games, players, communities, collectors and investors. For this reason, they turned to the Oasis team for their data security and smart privacy needs.
Learn more about the team (soon rebranding to PixelRealm in 2024) here.
How does NFTb use Oasis?
NFTb (soon to be PixelRealm) is set to launch the first of its kind gaming marketplace on Oasis Sapphire as part of this collaborative agreement. This launch marks a significant step forward for the collectibles and gaming ecosystem on Oasis and creates an easy onramp for Web3 collectors to enter an ecosystem with stronger data safeguards and robust privacy. With a seamless onboard process, feature-rich user experience, and secure trading platform, NFTb will accelerate the growth and vibrance of the collectibles and gaming communities on Oasis.
As a key player in the Web3 gaming sector, NFTb is set to allow users to buy, sell and set up auctions for their digital assets, notably NFTs, thanks to the programmable confidentiality tech stack of Oasis Sapphire. This initiative is poised to serve as a pivotal gateway for achieving widespread user adoption.
Fully transparent Layer 1 networks like Ethereum are not capable of supporting this auction format, so they are stuck with a lack of confidentiality, persistent front-running, and gas wars (fierce bidding battles between onchain users to pay validators). The need for confidentiality and complex computation in sealed bid auctions necessitates a blockchain environment like Oasis Sapphire, which can provide the required programmable privacy and computational capabilities.
Specifically, sealed bid auction mechanisms will be another key feature powered by Oasis Sapphire inside the NFTb platform. Sealed bid auctions present historic advancements in the financialization of Web3, but they cannot be implemented on fully transparent blockchains like Ethereum. Oasis Sapphire, with its unique confidentiality capabilities, is the only ecosystem that can support sealed bid auctions with the benefits of enhanced privacy, fairer bidding, reduced manipulation, and broader market participation that comes from sealed bid auctions.
“We are thrilled to work with the Oasis Foundation team to implement Sapphire’s cutting-edge privacy into our platform,” said Alper Esen, COO of NFTb. “The digital collectibles and gaming markets deserve robust privacy protections, and we are committed to build that with tools like Oasis Sapphire.”
Since 2018, the Oasis Network has redefined Web3 standards for customizable, battle-tested privacy technology. Oasis Sapphire, for example, is still the only production-ready confidential EVM in the industry. Solutions like the Oasis Privacy Layer (OPL) expand the accessibility of this technology to any dApp developer, whether they build natively on Oasis or not. Oasis is excited to support NFTb’s plans to bring these privacy tools from Oasis to the digital collectibles market.
“NFTb is pushing the boundaries of Web3 technologyprivacy in the NFT market, and we are proud to support their work in bringing confidentiality to collectibles and gaming,” said William Wendt, Business Development Manager at the Oasis Foundation. “Not only will NFTs on Oasis benefit from their work, but the NFTb team is raising the bar for every NFT marketplace in terms of privacy and confidentiality.”
Building Smart Privacy Together
Beyond NFTb, Oasis remains steadfast in its mission to back other Web3 builders championing the cause of advanced privacy solutions for all Web3 applications. Oasis warmly invites innovators, whether newcomers or experts, to join the global community of Oasis BUIDLERs and creators. Oasis is the industry-leading solution for Smart Privacy available to every Web3 ecosystem.
Visit the Oasis’s grant page for more information on the future of privacy.