Manta Network, a zero-knowledge layer 1 blockchain, has added support for nonfungible tokens (NFTs) and soulbound tokens (SBTs) to its protocol. The MantaPay protocol, previously supporting only fungible crypto assets, will now enable privacy-preservation for NFTs and SBTs through the use of Manta Network’s ZK technology, which uses zero-knowledge proofs (ZK proofs) for fully private transactions on decentralized finance (DeFi) platforms.
The newly introduced NFT Private Offering platform is designed to enable users to mint NFTs and SBTs privately, without requiring any technical or cryptographic expertise. The platform is based on ZKPs, which allows users to maintain the privacy of their crypto assets, revealing only the validity of the transaction and not any additional information.
Soulbound tokens represent a person or entity’s traits, features, characteristics, and achievements. Manta Network’s zkSBTs (zero-knowledge Soulbond Tokens) provide security and privacy compared to traditional SBTs, using ZKPs to create a chain-agnostic experience. Users can launch tokens on various chains, including Ethereum, BNB Chain, and Polygon, while maintaining privacy credentials through zkSBTs on Manta Network’s chain, without disclosing any wallet details.
This move by Manta Network is a significant development towards bringing privacy to nonfungible crypto assets. The NFT Private Offering platform will enable users to create and manage NFTs and SBTs privately, which could attract privacy-conscious individuals and entities to the platform. The use of zero-knowledge proofs is an effective way of ensuring privacy in DeFi platforms, and this development will likely enhance Manta Network’s reputation in the DeFi industry.
In conclusion, Manta Network’s support for NFTs and SBTs and the introduction of its NFT Private Offering platform are significant developments towards bringing privacy to nonfungible crypto assets. The platform’s ZKP-based technology promises privacy-preservation, making it an attractive option for privacy-conscious users. The introduction of zkSBTs is also a significant development that could enhance privacy and security features compared to traditional SBTs.
