Private Ownership On The Blockchain

A non-fungible token (NFT) is a financial security consisting of digital data stored in a blockchain, a form of distributed ledger. The ownership of an NFT is recorded in the blockchain, and can be transferred by the owner, allowing NFTs to be sold and traded. NFTs can be created by anybody, and require few or no coding skills to create. NFTs typically contain references to digital files such as photos, videos, and audio. Because NFTs are uniquely identifiable assets, they differ from cryptocurrencies, which are fungible.

NFT collections are used to group a particular group of NFTs with similar attributes. For example, if you are a painting artist and you intend to sell your works as NFTs, you can create an NFT collection for these works.

When creating an NFT collection, you must specify in advance how many digital works to be included in your collection. It will not be possible to change this number later.

Private and public NFTs are two types of NFTs. By nature, they are both non-fungible, meaning that they are tokens that are non-divisible and hold their own, distinct values. The records of subsequent transactions for both private and public NFTs appear on the blockchain.

However, despite the similarities, the fundamental difference between private and public NFTs is the way in which ownership is displayed. Private NFTs allow for private ownership, ensuring assets and transactions do not need to be exposed to everyone. On the other hand, ownership and all transactions pertaining to traditional NFTs are open for everyone to see. In other words, anyone who owns a traditional NFT can be openly identified.

Private NFTs solve this problem by protecting ownership visibility with private NFTs the validation of fungibility happens without opening verifiability to everyone. This means that the process of validation occurs without compromising private data, including transfers and proofs of authenticity.

Privacy is important because even for small crypto holdings, if your transactions or digital assets are revealed to an audience that you did not intend, you could face potentially negative social impacts: you might use crypto to pay for sensitive products, create or buy digital assets, or information subscriptions that you would rather not tell others about in some cases, its discovery could make you a potential target for blackmail or harassment.

Priverse Marketplace is a tool you use to interact with the blockchain. We never take possession of your items or store your NFTs. Instead, we provide a system for peer-to-peer exchanges. Since you’ll be using Priverse Marketplace to interact directly with others on the blockchain, you’ll need a wallet to help you turn your actions in the browser into transactions on the blockchain. Priverse Marketplace currently only works on the Navcoin blockchain.

NAV is the native currency of the Navcoin blockchain and it’s commonly abbreviated to NAV, which is its ticker symbol.

You need xNAV (Private coin) to pay for some of your interactions with the blockchain and to pay for the items you buy. You can buy it from an exchange like Bittrex, Pancake Swap and send them to your wallet.

After purchasing your NAVs, you need to convert them to xNAV in order to perform NFT-related transactions on the wallet.