An on-chain 2FA has been introduced by CyberKongz, a blockchain-based business that generates and trades Non-Fungible Tokens (NFTs) to protect NFTs in Web3. The action aims to give users a more secure manner to protect their NFTs.
Through the principal developer, OwlofMoistness, CyberKongz updated the ERC721X standard by including more security layers. The ERC721 standard, used to make NFTs, has been upgraded to the ERC721X. The new standard offers additional capability and flexibility, especially through generating and maintaining NFTs.
In contrast to other comparable solutions like ERC1178, the ERC721X standard is also compatible with most platforms, allowing for seamless consumer integration. Users can quickly move their NFTs between systems with the help of the new feature. It was also gathered that the new standard decreases gas fees by around 100 times and enables customers to increase their sales profits, which is one of it’s advantages.
Users are required to pay a gas fee to complete transactions on the Ethereum network. It was revealed that with this feature, users can save more on gas costs, significantly improving the NFT trading ecology. According to the workings, as explained by the company, CyberKongz has now increased the security of wallets to increase the standard by two layers.
Users can access their wallets through the standard private key’s first layer. A 2FA is the second layer, which gives the wallet an additional layer of security. Because this 2FA is an on-chain solution, it is executed and kept on the blockchain. This increases its security and protects it from hackers.
CyberKongz Launches “Wallet Recovery” Function To The 2FA
CyberKongz has introduced the “wallet recovery,” a new feature that CyberKongz has added in addition to 2FA. News has it that the feature enables users to regain access to their wallets in the event that they misplace their private keys.
The purpose of this function is to improve user convenience and give NFT traders better security. CyberKongz’s CEO, who goes by the Twitter handle “Kongz,” expressed his delight at the recent development. In his words, “We are quite enthusiastic about this breakthrough,” he declared.
“Our team has been working nonstop to build a safer and more effective NFT trading ecosystem. We think we’ve succeeded in giving NFT traders a safer and easier-to-use platform with the new on-chain 2FA and wallet recovery capabilities,” he continued.
The CyberKongz team also disclosed that they are engaged in various initiatives that will strengthen the NFT trading ecosystem, including creating a decentralized exchange (DEX) for NFTs. While explaining the new features, they said that users can trade their NFTs using this DEX without the requirement for a centralized platform, increasing traders’ security and privacy.
NFT Trading Records High Activity, CyberKongz Chain 2FA Fingered
Research by Bloomberg shows that the NFT trading ecology has significantly improved due to CyberKongz’s introduction of the on-chain 2FA. The CyberKongz team, earlier today, announced that they are devoted to giving NFT traders a safer and easier-to-use platform, and they are making unrelenting efforts to make this happen.
The latest NFT market analysis shows that OpenSea had continued to dominate the market, getting the most NFT royalties up until the middle of February, when Blurr took over. Blur had targeted users who were more than sensitive to the price. A survey by Alexandria has it that zero gas and optional royalty method contributed to the recent development.
Blurr is currently the NFT industry leader, making it the biggest in royalty market share. The report also says that Azuki whales have surged by 100%, making it the most enduring blue chip of 2023. On the positive side, the Bitcoin Ordinals market activity in the last four months has recorded a significant increase, leaving the trading volume at a mere 0.02% in the ETH market.
However, the NFTFi lending industry has survived the Q1 of 2023, with an accumulated loan of $25 million from January until March 2023. Meanwhile, ParaSpace has taken the mantle as having the biggest market share in the NFT lending industry, while NFTFi tops as having the most NFT lending customers.