Several Blockchain service firms continue to thread on expansion as the crypto market fortunes continue to rise. Non-fungible token (NFTs), an unpopular market in Space, is starting to gain recent attention, as the Ethereum-themed projects of the Space are now generating vast amounts of funds. The value of the unique digital tokens in the market has also started to plummet. However, Hex Trust, owners of Hex Safe- a cryptocurrency custody vault, are the latest to look towards the NFT market. In a new press release, the Digital asset custody specialist has now confirmed the launch of a new vault that will provide protection services for NFTs.
NFT Safe to support ERC-721 and ERC-1155 Ethereum tokens
The Digital asset custody provision firm has announced the new NFT vault’s launch as part of the firm’s blockchain expansion service. The new product is called NFT Safe and is expected to allow NFT holders to hold, move and protect their assets. As announced in the press release, there are no limitations to the Vaults, as the firm has also confirmed that traders and investors of NFT tokens in the vault will be able to utilize them at any time, regardless.
The new NFT Safe by HEX will initially provide support for both ERC-721 and ERC-1155 Ethereum tokens before any future upgrade will determine may integrate more tokens to the safe. The idea behind these two initiatives is because ERC-721 is one of the most popular forms of NFT token, while ERC-1155 is a new, improved design that is getting popular by the day. The growth of the NFT market, which had seen the market capitalization of the relatively unpopular market hit $300 million as of February, means that a service of this nature being offered by HEX Trust thrives in the Space.
NFT Space will integrate with NFT Marketplace
Alessio Quaglini, the CEO of HEX Trust, in his words to the press, believes that the importance of the NFT Market to the cryptocurrency space cannot be undermined. The firm’s Executive expressed his delight that the project his firm had been working on for the NFT space is finally at execution point, as he confirms that they are also interested in contributing to the rapid growth of the Space. The new vault service’s integration with the NFT Market place is another fascinating technology behind the vault.
Investors who utilize the custody service can trade, sell or even buy NFTs from the marketplace regardless of their assets being held by the HEX vault. The nature of NFT means that like every other cryptocurrency like Bitcoin and Ethereum, the holder has wallets to keep their digital assets. However, the system interaction service between the assets in custody and the NFT Marketplace will solely be handled by HEX’s NFT Safe to limit transaction breach risk. Quaglini also confirmed that his firm also has plans to add support for NFT on popular blockchain protocols like Binance Smart Chain.