Why Do We Need Push Notifications on NFT Marketplaces? Understanding NFTs and Why Do We Need Push Notifications
Cryptocurrencies and blockchains are now being discussed at family dinners. Institutional investors’ involvement, soaring crypto values, and the evolution of DeFi are all having a significant impact on adoption. The popularity of NFTs, or non-fungible tokens, is the latest in a long line of factors driving crypto to new heights.
From art to digital treasures, real estate to gaming, NFTs are now ubiquitous. Over $440 million was spent on these tokens across several NFT platforms in March alone. Twitter just announced a 140 NFT reduction the other day.
What exactly are NFTs?
The term “fungible” refers to goods that may be easily replaced or exchanged with other identical items with no loss of value. As a result, we may claim that fiat currencies like the dollar, as well as cryptos like Bitcoin and Ether, are fungible things or tokens.
You may, for example, quickly exchange one Bitcoin for another without losing any value. You can do the same thing with a dollar as well. You can also exchange a $100 bill for 20 $5 bills. This means that a Bitcoin or a dollar bill has nothing special about it that distinguishes it from other Bitcoins or dollar bills. As a result, they are fungible.
What’s the Big Deal About NFTs?
The popularity of NFTs is fueled by two factors. The first is the technological expertise they provide to a variety of businesses, including art, gaming, music, real estate, and many more. The second reason is that the NFT has attracted a large number of well-known artists, celebrities, IT entrepreneurs, and company owners. Let’s have a look at both.
NFTs are particularly secure because they are stored on a blockchain. If you hold an NFT tied to a Picasso, you truly have a blockchain-based proof-of-ownership for the painting. And blockchains are cryptographically secure, distributed ledgers that make tampering with a record stored on them nearly difficult. This means that no one can hack a blockchain and steal or tamper with your NFT.
Furthermore, blockchains are transparent public ledgers with all records accessible to the public. As a result, you may quickly determine who previously had the Picasso painting’s NFT and confirm its validity. This has the potential to reduce the sale of counterfeit items in the art and luxury goods industries, which now results in billion-dollar losses each year.
But that isn’t the case. Famous personalities are increasingly active in the realm of NFTs, from digital artists like Beeple to engineers like Elon Musk and businesses like Jack Dorsey.
Twitter CEO Jack Dorsey has listed his first-ever tweet from 2006 as an NFT for sale. For $2.9 million, the NFT of the tweet “just putting up my twttr” was sold. Elon Musk even made an animated music video promoting NFTs, complete with an NFT song he meant to sell as an NFT. He had offers worth millions of dollars but decided not to sell it.
Wait for the biggest one if all of this has made your jaw drop.
Mike Winkelmann, also known as Beeple, recently sold the NFT of a digital art piece for more than $69 million. It was a composite of 5,000 of his daily digital artworks, which he had been posting since 2013. It was the third most expensive artwork ever sold by a living artist after the transaction.
Celebrities are developing their own NFTs as you read this. The NBA already has NFTs, which introduce basketball to the blockchain realm. Despite this, it only feels like the beginning… a tremendous one.
NFT Marketplaces to Get Push Notifications
There are two common methods for obtaining NFTs: centralized and decentralized marketplaces. Nifty Gateway is one of the most popular centralized markets. It simplifies the procedure by allowing you to buy NFTs using your credit card. However, as with other centralized systems, it is vulnerable to cyber threats, as evidenced by the platform’s latest hack.
So a decentralized NFT marketplace like OpenSea, where you genuinely own the NFTs you buy, is your best hope. Because they are decentralized, no one can actually hack them or exploit your account unless the private keys and passwords to your wallet are compromised in some way.
These marketplaces, like mobile applications from the early days of smartphones, do not feature push notifications. Let’s say you use OpenSea to buy and sell NFTs. Of course, you’d like to be kept up to date on the most recent NFT sales and new NFT listings. When you put an NFT up for sale, you might wish to be notified when a new bidder comes in. Push notifications can be used in a variety of ways.
Unfortunately, today’s decentralized networks are unable to offer push alerts to keep you up to date on the newest developments. However, with the Ethereum Push Notification Service, or EPNS, this is no longer the case. EPNS not only allows decentralized apps and services to deliver push notifications to their users, but it also rewards them for doing so. This results in a win-win outcome for all parties involved in the ecosystem.
Push alerts will become unavoidable as we progress deeper into the world of NFTs and decentralized markets become a popular hangout spot for NFT aficionados. As a result, we are certain that EPNS will be able to properly address the problem at hand.
About Ethereum Push Notification Service (EPNS)
EPNS is a decentralized notification protocol that enables users (wallet addresses) to receive notifications. Using the protocol, any dApp, service or smart contract can send notifications to users in a platform-agnostic fashion (mobile, tablet, web, user wallets, etc).