As The Frenzy Over NFTS Continues, Privacy May Be More Important Than Ever!

As The Frenzy Over NFTS Continues, Privacy May Be More Important Than Ever!

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The need for privacy in the NFT field is growing.

NFTS, or long-term non-fungible-tokens, are now in the language of almost everyone in the cryptocurrency industry. The NFTS, which sell for millions of dollars, actually have more than a FOMO. It is known that these are considered a critical problem for many artists, the work is original and solves the confirmation of digital art ownership. Although digital art can be easily copied, the NFTS solve this problem.

What is NFT?

NFTS can be defined as electronic verifiers that prove ownership of a digital artwork. NFTS, which are also used for collectible products, show that a product is actually unique and cannot be copied. NFTS, also designed to give a person a work that cannot be copied, can now be considered evidence of digital ownership.

Many NFTs are directly part of the Ethereum network. The volume of NFTs, on the other hand, increased significantly in a short time, and the total value of many NFT projects increased by 1,785% in a short time.

How Are NFTS Affecting The Digital Art World?

The auction sale of original works of art actually requires very high coins. In addition to the fact that this work of art is not a copy, both artists and buyers do not want to make these transactions public. It's actually quite normal in the art world to want to keep the buyer's identity secret.

An NFT work by an artist named Beeple sold for $ 70 million at an auction by Christie's. Buyers of such high-cost products may care more about privacy than they think. NFT privacy can be ensured by using NFT registration services such as Centrifuge OS.

Privacy is not limited to this, and CUTcoin, developed by the CUTcoin team, also innovates. CUT, an acronym forโ€ Concealed Untraceable Transactions", that is, confidential and untraceable transactions, uses the latest technology for privacy.

Cutcoin's core principles include privacy, anonymity and availability. All transactions with CUTcoin are anonymous and only the wallet owner knows the wallet balance.

This ensures that no one can figure out if several transactions were made from the same wallet. CNT-1 tokens use the RingCT protocol and prevent double spending by hiding and verifying all transactions. The idea, which aims to privatize artwork, was put forward in the CNT-1 whitepaper in July 2020.

Increasing the need for products that detect accuracy can lead to greater use of privacy-oriented cryptocurrencies.

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