Highlights

• Secret NFT will launch in November and it will be one-of-a-kind
• The partnership with OpenSea is to improve the scalability of the Secret Network

About Secret Network

Secret Network is a self-contained, base-layer blockchain network built with the Cosmos SDK. It supports smart contract development and introduces data privacy by default for these contracts, allowing developers to create decentralized applications that also protect user data and preserve privacy. The protocol implements “programmable privacy,” which is defined as arbitrarily complex data privacy controls within an application. Secret Network refers to these privacy-preserving applications as Secret Apps. The project believes that for blockchain technology to be widely adopted, users and organizations must have granular control over their data.

Why OpenSea?

Secret will be launching a Secret NFT on the Opensea.io Market place. This announcement was made on the official Twitter page of Secret.

Secrets have always been, and will be, the currency of culture.$SCRT will be the same.

The first artists choosing to issue their work and build their communities on @SecretNetwork are starting a movement that will be unstoppable.

Soon – a big reveal 🤫https://t.co/9ncZXWcYq3

— Tor Bair {𝕊=𝕊} 🤫 (@TorBair) October 23, 2021

OpenSea is a decentralized marketplace for the purchase and sale of non-fungible tokens. The NFT exchange, which was founded in 2017, began as a market for CryptoKitties but has since expanded beyond collectibles. It currently serves as a marketplace for a wide range of digital assets, such as art, domain names, game items, music, and more.

Because OpenSea is based on the Ethereum blockchain, you must have an Ethereum wallet in order to buy and sell NFTs on OpenSea. Several blockchains, including Polygon (MATIC) and Klatyn, are also supported by OpenSea (KLAY). There are 241 payment options available on the platform, including stable coins, ensuring that anyone can buy and sell items.

What Lies Ahead For Secret Network?

To address privacy concerns, privacy coins such as Monero and Zcash have emerged. They obfuscate transaction details using complex cryptography, preserving user privacy and increasing security. However, they fall short of meeting the needs of DeFi users because neither currently supports smart contracts, leaving a gap in the market.

The Secret Network intends to fill this void. It is one of the first blockchains to support programmable smart contracts with privacy by default, with the Secret mainnet launching in September 2020. Secret will face its fair share of challenges in building a user base, such as overcoming users’ general apprehension about sacrificing convenience for privacy. Private smart contracts, on the other hand, provide significant usability benefits and enable important new use cases. As privacy moves from a nice-to-have to a must-have feature for users of complex Web3 applications, Secret Network could be a sector leader in private computation.

With a 24-hour trading volume of about 20 million dollars, the current Secret’s price is $6.44, a live market capitalization of about 1 billion dollars USD puts the current CoinMarketCap ranking at #103.