Hello everyone, welcome to Maze Time, I’m Nati from Maze NFT protocol. Today we have invited Andy, the operation manager of Maze NFT, John, the founding member of Ploy Network, and Brain, the ambassador of the SINSO Chinese community. With three guests, we will discuss about how infrastructure can empower NFTs in current bear market. First of all, do an introduction to our users please.
Hello everyone, I’m Andy, the operations manager from Maze World. The Maze NFT protocol is a metaverse building platform that integrates creation, use, and trading. The NFTs created by each art creator are part of the Maze world metaverse, including scenes, buildings, weapons, creatures, etc., here , will be the starting point for players to enter the metaverse. At the same time, in the Maze NFT trading platform, the world’s first radical trading model is adopted, which allows NFTs on the platform to circulate at a faster speed and at a more reasonable price.
Maze is currently upgraded to v2 version, based on NFT on BMC, it can use contract of reproductive agreement, can support contract NFT based on EVM, and also supports multi-chain NFT, providing technical support for NFT cross-chain, currently mainly supports cross-chain to ether Square, BSC, which also makes NFT on the Maze platform more scalable. At the same time, we are also looking for suitable projects for cooperation based on the “Maze World” metaverse. Interested and outstanding creators can also contact me. The above is my introduction, thank you.
Hi, I’m John Wang, the founding member of the Poly Network. Poly Network is a global cross-chain protocol dedicated to realizing blockchain interoperability and building Web3.0 infrastructure. Poly Network has integrated about 30 blockchains including Ethereum, Polygon, Avalanche, Fantom, BNB Chain, Arbitrum, Optimism, HECO, OKC, Neo, Ontology, Zilliqa, Harmony, Metis, etc. Since its inception, more than $16 billion in cross-chain asset transfers have been realized.
Hello guys, I’m Brian, the Chinese SINSO community ambassador. I have previously been responsible for the overseas market operations of public chains and decentralized exchanges. SINSO is committed to building a Web3.0 ecosystem for project ecological partners, focusing on high-speed decentralized caching and data governance, aiming to seamlessly migrate data to the Web3.0 architecture. SINSO has developed a series of middleware and various infrastructures to help the project side’s application fully transition to Web 3.0.
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Thanks. Although foucs on different aspects, Maze, Poly and SINSO all belong to web3 infrastructure, and we all serve NFTs. Maze is an NFT trading platform, and is currently working on the metaverse. Poly Network is an NFT Cross-chain bridge, SINSO is a decentralized storage middleware, and NFT projects have a greater demand for storage, so I would like to invite all the guests to talk about your understanding of NFT.
In the past few years, the world of NFTs has taken a huge leap, and the transaction volume and application scale of NFTs have been growing rapidly. Besides Ethereum, many ecosystems have developed their own NFT marketplaces. However, an important limitation of NFT projects is that they are usually minted and developed on at most one or two blockchains. This approach leads to limitations such as a lack of interoperability — data sharing and access between the two networks.
If an NFT is limited to one blockchain, there can only be a limited number of transactions, which limits its stability and price growth. Both users and NFT projects need to move NFTs to more liquid markets and blockchains such as Ethereum. NFT cross-chain can improve the current fragmentation problem of NFT and enhance its liquidity. When the chain where users and projects are located does not have enough liquidity, the cross-chain bridge provides them with the opportunity to migrate their NFT.
Another example of a single blockchain being limited is that only that blockchain token can be used to purchase NFTs developed on that network. For example, NFTs on Ethereum can only be purchased with ETH. In addition, the high gas fee of Ethereum will also discourage many users.
In order to provide effective and innovative solutions and support the development of the NFT ecosystem, Poly NFT Bridge, a cross-chain NFT bridge launched by Poly Network, helps to expand the NFT market to reach a wider audience, and provides NFTs provide more exposure.
Everyone may know the definition of NFT more deeply than I do, so I won’t go into details here. The past year has indeed been a year of rapid progress for NFTs. At the same time, there are many problems in the NFT market: such as poor liquidity, high volatility, market chaos, and whether the NFT boom is sustainable;
But there is a very important part of NFT that needs to be solved by our project party and everyone — the problem of “on-chain storage”.
The current model of Ethereum’s technical architecture, even in the layer2 network, it is difficult to achieve large-scale data storage with a high gas fee for a mint, and it may not be successful with a single mint. Such an environment is difficult to solve the storage problem of NFT. Everyone knows that assuming that NFT data is stored in a centralized server, once the centralized server has force majeure factors, the NFT data and value will be gone.
The Filecoin network has created a good environment for storing NFT data, giving birth to IPFS — Interplanetary File System.
Using IPFS to store NFT data, on the one hand, solves the waste of disk space caused by data redundancy; Storage stress and network load.
IPFS uses hash value as the retrieval method of data content, and internally uses IPLD to unify heterogeneous data structures into one format, which is convenient for data exchange and interactive operation.
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Poly Network was originally a cross-chain bridge for homogenized tokens. When we saw a cross-chain DEX built on Poly, when did Poly start to do NFTs? What optimizations have been made in technology and products for NFT cross-chain?
Poly Network started doing NFT cross-chain as early as May 2021.
Cross-chain NFTs are the foundation to a multi-chain metaworld. To unlock their potential, the market needs a cross-chain interoperability protocol that is technically sound and compatible with digital assets and NFTs. Poly Bridge is a cross-chain bridge built on Poly Network, which can provide NFT token transfer and contract cross-chain invocation for heterogeneous chains.
In early April, Poly Bridge was newly upgraded, including asset cross-chain bridge and NFT cross-chain bridge. This upgrade greatly improves the user experience and efficiency. Poly NFT Bridge has no handling fee, is very easy to operate, and supports NFT common standards such as ERC-721 and ERC-1155 and API interfaces commonly used by OpenSea. Users and project parties can now conduct seamless cross-chain transactions between nearly 30 public chains through the Poly NFT bridge.
Users approve and lock their NFT tokens in a smart contract, then Poly Bridge mints corresponding NFT tokens using the same metadata. Users only need to log in to the Poly NFT Bridge page, connect their wallet, select the NFT assets already held in the wallet, select the desired target network, and finally click “Confirm” to complete the NFT cross-chain transfer.
For the project side, the operation of the Poly Bridge NFT bridging function is equally friendly. The project party does not need to change its native smart contract or re-set nodes. It only needs to arrange a mapping contract on the target chain that it wants to cross to complete the cross-chain of digital assets and NFTs with the help of Poly Bridge.
If you are interested in supporting any cross-chain NFT use case, please contact us via email, community, Twitter DM, etc.
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As the infrastructure of Web3, SINSO aims to simplify decentralized data storage, and NFT as Web3’s important data is also needed for storage. I would like to know if SISNO has specific optimizations for NFT data, and for NFT projects. No more support?
As of our live broadcast, SINSO Getway has built thousands of nodes in its testnet, distributed in more than 10 countries around the world.
As an intermediate cache network, SINSO also provides various components for NFT platforms such as Maze to assist Maze in iteration and migration in the underlying distributed storage network. One of SINSO’s star products, SINSO Getway, as a distributed cache network, is built for the current usage scenarios required for NFT, Wallet, Gamefi, VR, AR, video streaming, and high-speed CDN and DAPP responses, enabling NFTs to quickly and distribute interact with the storage network. In addition to ensuring decentralization, user data privacy and security, SINSO Getway also focuses on improving efficiency and is characterized by seamless integration of data and smart contracts, making it widely used in the NFT project ecosystem, and will be used for NFT projects in the future. Ecology to make more contributions.
As the number and types of NFTs continue to increase, NFT and Gamefi projects are under tremendous pressure to store explosive data, and many projects have to use centralized storage, or IPFS proprietary nodes and third-party services to improve customer experience. SINSO Getway provides a solution that balances efficiency and decentralization. We need to ensure that NFTs have a fully consistent decentralized architecture throughout the data access and interaction process.
The Filecoin network is the storage resource pool for many NFT projects, and SINSO Getway can become a bridge for more NFT projects to use Filecoin storage resources.
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Maze NFT protocol has strategic partnership with our Poly Network and SinSO. Can you talk about your specific cooperation and consideration? Are there more possibilities for other cooperation in the future?
I am very happy to have established a strategic partnership with Poly Network and SINSO. The cooperation with the two has effectively supplemented the shortcomings of the Maze protocol, and has effectively improved the convenience of the underlying infrastructure, security and ecological expansion.
We have cooperated with Poly on cross-chain tokens before. Through the Poly cross-chain bridge, BTM can participate in other Defi projects on BSC, Matic and other chains. The user experience is very good. I am very happy with the Maze platform and Poly’s NFT this time. The cross-chain bridge is also very suitable. With the help of Poly, the Maze platform will not be limited to the BMC chain and ecology, we can ecologically trade and use NFTs on the ETH ecology, BSC ecology and Matic, and external NFTs can also cross-chain into the Maze platform for transactions, which is very big boost
Cooperation with SINSO complements our needs in decentralized storage. Previously, our NFT data was stored on centralized cloud services, which will be limited by the security and stability of cloud services. There have been cases where the service was stopped due to the downtime of the cloud service. After using the data service of SISNO, Maze stores the NFT data on SISNO. When the centralized server has problems, we can switch it, and the decentralized Services provide immutable functionality
The mission of Poly Network is to connect existing heterogeneous chains and maximize the value transfer capability and application scope of blockchain. At present, Poly Network has linked nearly 30 blockchains and nearly 100 DeFi and NFT projects.
In June, Poly Network officially launched a systematic development framework to provide developers with “Interoperation as a service” and encapsulate interoperation as API services. Compared with existing cross-chain solutions, Poly Network is more inclusive and provides higher security guarantees. Based on this architecture, developers can integrate blockchain systems of any architecture on the Poly Network, build cross-chain DApp applications, and build exclusive cross-chain bridges on the application interface, giving cryptocurrencies and NFT assets higher liquidity and utilization.
So far, dApps including Poly Bridge, Chainswap, Demex, Flamingo, MDEX, O3 Swap, Wing, and ZilBridge have used Interop as a Service. Poly Network expects more partners to join this platform to build a new order of NFT cross-chain and multi-ecological aggregation with us, and become the cornerstone of NFT market liquidity.
Of course. Maze has become one of SINSO’s important ecological partners. We already have a good cooperation model in NFT data storage. In the future, SINSO is willing to cooperate with Maze on the SINSO Data Land component. As a tool for personal management of data sets, SINSO Data Land is deeply integrated with Maze, which can empower Maze in the NFT collection function and the resource manager function.
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Now I have heard that some NFTs have been stolen, or some related security issues. I would like to know how each project ensures the security of users’ assets or data?
All Maze NFTs are issued and controlled by contracts without administrator rights. The contracts used by Maze are industry-wide contracts and have been subject to security audits. We often hear that the theft of some NFTs may be due to the leakage of user private keys or phishing. These platforms cannot prevent them. We can only guarantee that if a single user’s NFT is stolen, it will not affect other users’ NFTs.
Protecting user assets and data security is always our number one priority.
For on-chain users, Poly Network continues to provide heterogeneous blockchain interconnection and build a shared ecosystem to achieve reliable and secure interaction and liquidity for decentralized applications.
Poly Network’s contracts are open source, and our contracts have been audited by several authoritative organizations such as BlockSec and PeckShield. The audit reports independently audited the Poly Network contract components. They all believe that the organizational structure of the Poly Network code base is relatively clear, and the risk control system more rigorous.
In addition, we also open bug bounty and launch a $500,000 bug bounty program to enhance network security. Do your best to avoid vulnerabilities, and backdoors that may be hijacked.
The loopholes are temporary and need to be avoided a little bit in the process of industry progress. Just like the early DeFi protocol, there were also a large number of attack incidents, but as the general security awareness of project developers increased, the attack incidents gradually decreased, and the NFT market will also go through such a process.
SINSO has sufficient backups for the NFT data of ecological partners, and will connect to cold storage, and will add fixed storage for the cache network later. There are various ways to ensure user data security.
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For new NFT users, do you have any suggestions for participating in or investing in NFT projects?
Identification is mainly based on the following three points:
The first one should be carefully selected when choosing a project, mainly including the strength of the project party (including the investor, who are the core members), the feasibility of the project’s economic model, and who are the partners.
The second is to understand the project contract before participating, to see if there are any obvious loopholes or risks. To avoid participating in such projects, the audit mechanism should be improved. If the project has passed the audit of an authoritative organization, the risk will be relatively small.
The third is to find out whether users of the project telegram, dicord, twitter and other communities and media platforms are active, and what users communicate in the community.
Investment risks cannot be completely avoided. This requires everyone to learn more about projects and identify the good and the bad. As said, Web3 does not have a teacher. The best teacher is yourself. When you have seen 1,000 projects When it comes to the project, you are already ahead of many people.
For some users who are just getting started with NFT, they can look at it from these perspectives:
You can learn more about the current state of the market environment. You need to think more and be more cautious about NFT projects. At present, the bubble is relatively serious. Learn about the value of NFT in many ways, whether it is a de-neutral product, and what the NFT turnover rate is.
We should focus on the long-term track, focus on high-quality interest-earning assets, and focus on the most suitable profit distribution method for web3 users.
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Now the overall market is already in a bear market, but the industry will continue to develop. The bear market is just the time to consolidate the foundation of the project and build it. I would like to ask all the guests to introduce the future plans and prospects for the industry.
At present, the NFT track is still in its early stage. After last year’s frenzy from the early stage, it is obvious that this year’s NFT market has become more rational and the popularity has declined. The era of barbaric growth has passed. The project needs to have stronger strength and better creativity.
How to retain these users requires in-depth consideration. If the continuity of the project is done well, users can be retained in this track for a long time. In fact, the current NFT ecology is also beginning to seek more ecology, Metaverse , games, DAO, social, physical, brand syndication, and more.
Maze is also paying attention to other developments in the NFT track. Currently, it plans to build a Maze world based on the NFT project on the Maze platform to expand the longer-term development of the NFT project.
At the same time, based on the feasibility of DAO, Metaverse, GameFi and other tracks based on its own IP cryptosanguo, it will also try to do some joint activities with offline brands, which will start a new business model.
Hope to support more chains, and hope that more projects can use Poly Network’s cross-chain protocol for cross-chain deployment. Despite being in a bear market right now, there are still many projects under development and the industry is still developing a lot. Poly Network is actively looking for dApp partners to build a Web3.0 interoperability ecosystem with us. Poly Network provides various technical support to global partners. If you are interested in joining the Poly Network ecosystem, please contact us via Discord.
At the same time, at this stage, we will also plan our decentralization rhythm as a whole to welcome the next booming period of this industry.
SINSO is progressing relatively well, and we will soon release an important component: the Data Land I just mentioned, we regard Data Land as a unified storage space for data in the personal metaverse. When our NFTs are cross-chain, no matter how Our data is always stored in a unified place, and Data Land is the display entry of a data resource browser. No matter how we do NFT cross-chain asset transfer, the corresponding data is stored uniformly. We can provide NFT browsers and favorites on the user side. According to our paradigm, we will give users a web2.0 and The DID of web3.0 joint login allows each individual user to access their own DataLand. We can describe DataLand through a picture, which is especially like a data explorer, but behind this is a decentralized architecture.
Data is the most important asset of human beings in the future, and a technological paradigm to ensure data privatization and confirmation is imminent. Especially in the era of Web3, various Web3 projects are in full swing, but without exception, the biggest problem of these projects is the storage of data value. Only by truly confirming the ownership of the data on the chain can transaction users feel at ease. Therefore, SINSO is full of expectations for the future of the industry.
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Thank you for your wonderful sharing! I also look forward to the future strategic cooperation between Maze, ploy and sinso. I look forward to everyone contributing more to NFT and web3. So this issue of Maze Time ends here, see you next time!
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