NFT Trader has experienced the cycles of the NFT space these past few years with a troublesome factor unfortunately lingering, and in fact has become even more rampant. This being the various fraudulent activities and scamming behaviors happening within the NFT markets. In order to help try and bring this under control, we have directed our development efforts with our new version to make the platform even more safe and trustworthy for users. Protocol features built around the terms “security” and “social” will be fundamental in the development of our Web3 social marketplace.
Here are some of the new key components:
- Removal Of Escrow — In order to achieve the desired mission of decentralization in the web3 space we will be further decentralizing our protocol by removing the current trustless escrow system and now moving forward all deals will be conducted from one Trader wallet directly to another Trader wallet. This is to ensure the users on our platform have a much better UX flow and they feel more secure conducting their trades. * The escrow will still be available for ETH and Matic*
- On-Chain Orderbook — We will have a full on chain mechanism for the order book. So once you create a deal with a counterparty, the deal will by default expire in 7 days and this can be edited by the user. In relation to the removal of the escrow system, this will be significant because any and all Traders will have the potential to submit numerous and various trade proposals for the same NFT.
- Whitelisting Process Discarded — The whitelisting process for the adding of new DApps has been great up to this point, however with the constant release of countless new NFT projects our team has had difficulty keeping up with the demand, thus holding up our users with their trades. For this reason we have removed the whitelist process. Mind you, security is still our objective with the onboarding of new NFT projects onto our protocol so we will implement a different verification standard and inversely use an onchain blacklisting system which will remove fraudulent and fake projects.
- More Secure Wallets Available — Thus far our users have been relying on the non-custodial Metamask mobile and Wallet Connect wallets to sign onto our platform and make trades. Users will now be able to connect to other popular and much requested wallets such as the Coinbase and Fortmatic wallets.
- Improved Responsive Design — With our update you will be able to securely trade your NFTs more conveniently on any mobile device. Through the new UI you will for example not have to scroll or scramble to find your assets or waste time searching during your trade. The overall trading experience will be much more effortless.
- New Tech Stack — With the new tech stack we will be able to achieve a new level of scalability, focusing more on the implementations and building of our system.
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