NFTs have truly taken the financial world by storm. However, plenty of questions remain regarding these digital assets, specifically around how they can be properly secured and verified. This was well illustrated recently when a phishing scam cost one NFT investor $2.28 million, including in coveted Bored Ape Yacht Club NFTs. The crypto community was not reassured when OpenSea responded by freezing the stolen collection, highlighting a lack of decentralization in the market. In other words, investors are eager for renewed confidence in NFTs. Thankfully, a new partnership involving Nervos Network (CCC:CKB-USD) has emerged to address exactly that.
Nervos Network Teams Up with Pastel
In a new development, two networks are joining forces to help investors feel more secure about their NFT investments. Nervos Network has confirmed it will team up with Pastel Network, a blockchain built solely for NFTs.
The two networks describe the partnership as “a testament to the need for reliability, security and verifiability in the NFT space,” which is made possible by Pastel’s unique solutions.
Nervos will incorporate Pastel’s Sense and Cascade protocols into its ecosystem. Sense helps verify the authenticity of an NFT by comparing it to all other digital assets on the entire internet through its duplicate detection program. Users can upload an NFT to the platform, at which point Pastel’s deep learning tools identify the “fingerprint” of that NFT. The Sense protocol then compares that fingerprint to all others across NFT marketplaces. This system enables the Pastel team to assess the rarity of any one asset. Its second protocol, Cascade, works to combat NFT disappearance and rug pulls. Essentially, it does this by distributing NFT data across the system. This keeps any bad actors from recovering and stealing an entire NFT.
“By integrating Sense and Cascade, Nervos will be able to offer security and reliability to developers and users working with NFTs in our ecosystem,” Nervos co-founder Kevin Wang said.
A Strategic Alliance
According to Pastel Network co-founder Anthony Georgiades, the partnership was a “natural” fit for the two networks. In fact, he is confident that Pastel will be able to help the growing Nervos community thrive in 2022 and beyond.
“I think the fact that they are integrating these two protocols speaks for itself in the sense of how they’re thinking through being super thoughtful and prudent,” Georgiades said of Nervos.
His comments also make sense. Nervos is a layer-one blockchain, focusing on improving scalability for users. It is looking to compete with much larger networks, such as Ethereum (CCC:ETH-USD) and Solana (CCC:SOL-USD). Nervos fans tout its efficiency, scalability and ease of use for developers as some ways the emerging blockchain stands out. With this backdrop, its underlying CKB crypto has gained more than 300% in the past year.
But the Nervos team realized that another big catalyst was cooking… and that Pastel could help heat things up.
According to Georgiades, the rapid growth of Nervos’ NFT marketplace, Kollect.me, alerted the team toward growing community interest in NFTs. Users were seeking to “enhance the ecosystem away from purely decentralized finance (DeFi) functions” and toward NFTs. Nervos had already been exploring plans to expand into new trading platforms, photo sharing social networks and NFT creation studios. With these types of expansions, the need to ensure that all NFT purchases were properly secured and stored became increasingly apparent.
That’s where the partnership with Pastel Network comes in.
“Nervos’s technology changes the way users can interact with others via NFTs by granting them the ability to send, receive, and create NFTs with little-to-no fees,” Georgiades said. “We’re excited to provide the infrastructure that will allow Nervos and the many decentralized applications built on top of it to take advantage of their ever-growing opportunities in the NFT ecosystem by providing enhanced security and reliability.”
The Road Ahead to Enable Safer NFTs
For a rapidly expanding network like Nervos, a partnership that simplifies and secures NFT storage makes a lot of sense. The NFT market continues to accelerate, and that means there will only be more users looking for a network they can rely on.
“Having something where I know if I pay once, I’m gonna have it on this network forever, I can rest assured,” Georgiades said, stepping into the shoes of the consumer his team and Nervos have been working hard to help.
So what comes next? Nervos and Pastel both have big plans for new features in 2022, including new NFT marketplaces, collections and distribution plans. But thanks to their partnership, security and data integrity will remain front of mind for their teams.
On the date of publication, Samuel O’Brient did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.