The NFT Project is seeking to promote security with a new Ethereum token standard.
The team behind CyberKongz, a NFT collection based on Ethereum, has released a new version of the popular ERC-721 nonfungible token standard.
ERC-721x has been designed to add layers of security for NFT holders by allowing participants to participate in non-custodial staking and designate a to provide two-factor authentication protection for transactions.
CyberKongz, a software company, said in a statement.
CyberKongz said it protects against frauds that prey on token approvals or compromise seed phrases, and can also guard assets residing on a hardware wallet.
Elliptic, a blockchain intelligence firm, recently estimated that hackers stole more than $100 million worth of NFTs between July 2021 and July 2022.
The news comes as NFTs are showing signs of recovery following a protracted downtrend.
In the past 18 months, floor prices of numerous popular collections have been eviscerated, with the recent calamitous occurrences surrounding Yuga Labs affecting the bearish momentum for certain leading collections.
CyberKongz's floor price is $14,900, down 34% since the beginning of the year, and 98% drawdown from its high of $4924,000 in October 2021. As many other collections, CyberKongz is suffering from severe illiquidity, recording only around five dozen trades since the start of the year. The collection was ranked 49th by market capitalization.
The recent launch of Blend, a NFT lending protocol from the top market, Blur, signaled a surge in activity, signaling a surge in demand for products incorporating DeFi with NFTs. Blend accounted for 82% of May's $375 million in loan volume. In May, NFT transaction volume on Solana doubled.
ERC-721x enables users to 'lock' their NFTs using the token standard's lock registry. The feature prevents assets from being moved without permission.
With lock registry, locked NFTS can participate in'stakeless staking', allowing them to accumulate rewards while being held in the lock registry. The lock registry can be used for parallel staking, allowing assets to accumulate rewards from multiple systems.
CyberKongz said the company had received a $13 million investment from the government, but it did not disclose the details.