
To promote security, the NFT Project teamed up with the new Ethereum Token Standard to launch a new security measure.
The team behind CyberKongz, an Ethereum-based NFT collection, has unveiled an updated version of the popular ERC-711 nonfungible token standard.
ERC-721x was developed to add layers of security for NFT holders by allowing users to participate in non-custodial staking and designate a to provide two-factor authentication protection for transactions.
CyberKongz said in a statement that it is preparing for a ban on downloading and storing data.
CyberKongz said the feature protects against scams that prey on token approvals or compromise seed phrases, and can also guard assets residing on a hardware wallet.
Elliptic, a blockchain intelligence firm, has recently estimated that hackers stole more than $100 million worth of NFTs between July 2021 and July 2022.
NFTs are showing signs of recovery following a prolonged downtrend.
In the past 18 months, floor prices of numerous popular collections were eviscerated, with the recent controversies surrounding Yuga Labs exacerbating the bearish momentum for certain leading collections.
The CyberKongz floor price has dropped to $14,900, a 34% loss since the start of the year and a 98% drawdown from its peak of $4922,000 in October 2021. CyberKongz, like other collections, is suffering from severe illiquidity, recording just around five dozen trades since the start of the year, according to NFT Price Floor. The collection is listed as the fourth most valuable collection by market capitalization.
The recent launch of Blend, an NFT lending protocol from the top market, Blur, led to a surge in activity, signaling strong demand for products incorporating DeFi with NFTs. In May, blender accounted for 82% of May's $375M in loan volume. NFT transaction volume on Solana also doubled in May.
Users can 'lock' their NFTs by using the token standard's lock registry. The feature prevents assets from being moved without permission, preventing them from being transferred.
locks allow NFTS to participate in'stakeless staking', allowing them to accumulate rewards while being held on the lock registry. The lock registry can be used for parallel staking, allowing assets to accumulate rewards from multiple systems.
CyberKongz said it was not the first time a company had a sale, and it was not without a problem.