The Zk layer 1 blockchain Manta Network announced on March 20 that it has added support for assets including Non-Fungible Tokens (NFT) and Soul Bound Token (SBT) to its protocol. The MantaPay protocol, which initially only supported fungible crypto assets, now promises to enable privacy-preserving NFTs and SBTs through the use of Manta Network’s ZK technology. ZK technology is a privacy-focused technology that uses zero-knowledge proofs (ZK proofs) to enable fully private transactions on decentralized finance (DeFi) platforms.
Today, we are announcing an expansion of @MantaNetwork‘s ZK capabilities by enabling privacy support for NFTs and SBTs through zkSBTs and zkNFTs. These assets can be minted through the upcoming NFT Private Offerings (NPO) platform.
Read more: https://t.co/j29wmHqOzA pic.twitter.com/QiyblBWusW
— Manta Network (@MantaNetwork) March 20, 2023
Today, we’re announcing an expansion of @MantaNetwork’s ZK capabilities by enabling privacy support for NFTs and SBTs via zkSBT and zkNFT. These assets can be minted through the upcoming NFT Private Offering (NPO) platform.
The company has stated that its NFT Private Offering (NPO) platform is an NFT and SBT launch pad that is intended to allow users to privately launch zkNFT/zkSBT without the need for technical or cryptographic knowledge. Using Zero Knowledge Proofs (ZKP), users can mint NFTs and SBTs securely and privately, while protecting the privacy of their crypto assets. This platform promises to ensure that only the validity of the transaction is revealed, without revealing any additional information.
Soulbound tokens (SBT) are digital identity tokens that represent the characteristics, traits, and achievements of a person or entity. Manta Network’s zkSBT (Zero-Knowledge Soulbond Token) promises to use ZKP to provide security and privacy features compared to traditional SBTs. zkSBTs are designed to provide a chain agnostic experience. Thus, allow users to drop tokens on various chains, including Ethereum, BNB Chain, Polygon, and more, while maintaining privacy credentials through zkSBTs on the Manta Network chain, which can be verified through Proof Keys without revealing any details from the portfolio.
Manta Network’s support for NFTs and SBTs is poised to be a significant advance for the network as it expands the range of decentralized asset classes it can handle. With the inclusion of zkNFT/zkSBT capabilities, developers no longer need specialized ZKP or cryptography knowledge to build web2 or web3 applications. This functionality hopes to enable the rapid creation of mobile applications and DApps, opening up exciting new opportunities for developers to design projects focused on NPO, zkNFT, and zkSBT.
In 2021, Manta Network raised $5.5 million in a funding round involving more than 30 venture funds, including cryptocurrency hedge fund CoinFund and alternative investment firm ParaFi Capital.
On January 10, Manta Network held a record-breaking trust-building ceremony with over 4,000 people participating. The setup was done in order to help create MantaPay, an app that claims to enable private payments between individuals. According to the company, MantaPay will run on Polkadot’s Manta Network parachain and Kusama’s Calamari parachain. It will use zero-knowledge proofs to ensure that only the sender and recipient of each payment can see the payment.
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