What sets NEST® apart from other NFT marketplaces and Web3 applications out there? And why should you care? In this article, we break down the benefits NEST® provides and discuss the innovation that takes place under the hood. NEST® is a far-reaching solution to the glaring problems in the space.
Market problems
Wallet
The concept of a wallet is always the first obstacle for users getting into the space. Using a wallet to access applications is a relatively young concept that puzzles newcomers. Adding to the steep learning curve, each chain needs you to have a wallet on its network, as these chains do not communicate with one another. It is daunting and downright impractical.
Metamask has done a great job providing users with a web interface to generate blockchain wallets. However, as with the blockchain mechanism, users need to memorize seed phrases consisting of 12 to 24 words. If you’re a pro at memorization, good for you! As mentioned earlier, you’re not just memorizing one seed phrase — each wallet has one! Okay, so now what if you have a terrible memory? Write them down and store them somewhere super safe. Somewhere fireproof with an unpickable lock where no one else can access it apart from you. Talk about convenience.
In Web3, this responsibility lies solely in the hands of the user. Unlike the popular stage of the world wide web called Web2, there is no “forgot your seed phrase” button. If you can’t remember or have lost your copy, your assets are gone forever. The implication is that whoever has the seed phrase is in control. If somebody got ahold of yours, there’s no way on earth you can prove you’re the rightful owner of those assets. Access equals ownership.
NEST® simplifies the wallet creation and management process. With just your mobile number, you can open an account, which is secured by your device. You can import your existing wallet from any chain. If you have a hundred of them, no problem! NEST® also allows you to create wallets on any chain in just a few taps. Now that sounds really convenient — instant multi-chain access in one single app. Say goodbye to an excessive amount of web extensions overloading your browser. You don’t have to endure that any longer.
Adding to our earlier point, your assets are gone once you lose your seed phrase. Lose it to someone else, you can never prove you’re the rightful owner. Popular wallets like Metamask, Exodus, or Trust Wallet do not have a way to tie your assets to your real-world identity. NEST®’s real-world ownership authentication binds your identity to your digital assets, so you and you alone are in control. This is a huge step forward for the whole industry, and it unlocks more potential for sub-ecosystems like DeFi services.
Marketplaces
There’s a lot to say about existing marketplaces. If we’re being kind, they’re lousy. Since the industry is very young, we understand that disastrous is an unfair description. But we can’t watch big marketplaces turn a blind eye to blatant problems like NFT fraud, underdeveloped interoperability solutions, strenuous minting experience, and (many of them) inconvenient payment systems.
OpenSea reported that Up to 80% of their NFT market is fraudulent. Creators and artists scrounge for help from marketplaces that return their emails with radio silence. There is no publicly available tool to verify the authenticity, provenance, or ownership of an NFT until NEST®. We make ownership of digital assets real so no one can steal your work. With an extensive database of traditional and digital art and AI detection, we prevent people from minting NFTs using artwork that they do not own.
Most marketplaces support multi-chain access by switching interfaces for each chain which requires a wallet for every one of them. NEST® tackles the problem head-on with multi-chain wallet generation, as mentioned earlier. Users can easily set up wallets and browse NFTs across different chains in one convenient place. Our infrastructure allows for NFT minting across chains and easily swapping NFTs you created with us to other chains. Never will you have to mint the same darn piece of work repeatedly for each chain again.
As for payments, we make it easy for even the most web3-illiterate of all users. You can still pay by crypto if you want, but we make credit card payments available for convenience and inclusiveness.
Bulking minting is also something we support. It’s handy for event ticketing or mass souvenirs for your events. It is very low-cost and easy to use.
But how are we really different compared to other marketplaces?
NEST® is the first to introduce licensing contracts in the process of NFT minting. This provides a clear statement of rights for the holders, something everyone else is confused about in the market right now. What can I do with it? What can’t I do? This feature allows buyers, sellers, and creators to precisely understand rights and responsibilities. NEST also introduces legal contractual exchange between two participants. Our smart contracts include legal contracts for asset sales and service exchanges all personally encrypted and tied to your digital identity.
NFTs are not just static items to keep anymore. This is a new era for artists, businesses, and organizations. We’re here to accommodate service listings like tattoo services, interest courses, and events with a dispute mechanism for resolving conflicts that may arise. Service providers could leverage the network discovery, direct one-to-one, and decentralization of blockchain services with the support of our contract mechanism for security and protection.
Web3
Web3 is a user-led, user-owned rewiring of connectivity and services. One of the issues with its current state is the high barrier of entry due to the difficulties users face stepping into the ecosystem. Well, apart from the learning curve, many find it difficult to open a wallet and move from one chain to another. That one we’ve discussed earlier.
It’s also challenging for many to use several apps to keep up with their community. NEST® unveils social media 2.0 and community-building tools to allow creators and collections to post content and securely engage with their community on one platform. Along with an NFT marketplace, ticketing, wallet, and distributed identity features, you won’t have to jump round and round again. Just using NEST®, you can access all of Web3 simply and easily.
Final thoughts
NEST® believes that every individual has the right to personal autonomy. Current market solutions tie ownership to the wallet but not to the person. Here at NEST®, we implement the technology of binding digital assets to real-world personal identity and encrypting it where only you have complete control.
We combine real-world protection of contracts and agreements under a legal framework to foster Web3 activities, leveraging the safety and protection they provide and placing true ownership and control in your hands.
Be part of this revolution by joining our social media channels. We’d love to hear from you too! Let us know what features you want to see in the future. Or the biggest pain in your ass while engaging with the blockchain. They’re all welcome! And make sure to join our discord campaign too, check it out here:
https://nes-tech.medium.com/nest-app-pioneer-campaign-310324c1b4ac
