- ShareRing has released their NFT Space for beta testing yesterday on the Polygon network.
- The launch of the NFT Space is a natural progression for ShareRing.
- NFT Space precedes the planned release of ShareRing Events.
ShareRing has released their NFT Space for beta testing yesterday, June 1, on the highly scalable, low-fee Polygon network.
According to a recent blog post, the launch of the NFT Space is a huge milestone and is a natural progression for ShareRing.
NFT Space reflects ShareRing’s desire to create a cyclic beneficial ecosystem for users featuring crucial blockchain-based technology, enhancing user experience and creating value.
ShareRing has launched a blockchain-based digital identity ecosystem whose tokens are available on multiple blockchains, including ShareLedger, which the ShareRing development team is actively building. Through their suite of layer-2 protocols, ShareRing has released the ShareRing ID, a vault allowing users to quickly register and secure their valuable documents and identifying documents.
The NFT Space is available for testing on Polygon through the ShareRing application. Their settling on Polygon is strategic considering the high gas fees on Ethereum, the most active DeFi and NFT blockchain. The smart contracting platform currently struggles with scaling issues. Despite the recent bear market, gas fees in Ethereum have been relatively high, preventing would-be NFT fans from participating and minting assets.
ShareRing has said users would mint and store their assets on the ShareRing Vault, which launched in March 2022 following an upgrade on ShareLedger. It is a vault available for users to securely issue, store, verify, and share files on the blockchain. Through Polygon, ShareRing network users would be free to mint NFTs from JPEGs, MP4, and MP3 files on the ShareRing application.
However, users would also be free to send their NFTs to external Polygon addresses. At the same time, through the ShareRing application, users would be free to create Polygon addresses enabling them to send and receive MATIC, the native token of Polygon. This flexibility would be an exciting feature and would likely draw more users keen to test the NFT Space.
The ShareRing NFT Space presents an opportunity for ShareRing users to experience first-hand the true capabilities of NFTs. Unlike fungible tokens, NFTs are unique and cannot be freely exchanged. It finds immense use cases, especially on data provenance. This way, holders can have a trail of users who have interacted with the NFT file. This advantage goes a long way in privacy strengthening and auditing.
Users interested in testing ShareRing’s NFT Space are free to sign up for the second round of beta invites. The tool is set for launching on multiple blockchains beyond Polygon. The launch of NFT Space also precedes the planned release of ShareRing Events, a solution that will be powered by NFTs.