CYBAVO announces NFT custodianship and upcoming ERC-1155 support

Posted on Jun 11, 2021 |

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Digital asset custodial platform CYBAVO has announced that they now support NFT transaction support on both Ethereum (ETH) and Binance Smart Chain (BSC). Looking ahead to future NFT iterations, the digital asset security company will soon support next-gen ERC-1155 tokens. 

The recent surge in demand and market growth of NFTs has raised the stakes for investors to ensure that they safeguard their digital collectibles. As such, CYBAVO believes it has become important to provide institutional investors and collectors with a secure solution to not only store non-fungible digital assets, but also trade them.

The cybersecurity company now supports NFTs on their custodial platform Vault, mobile app Wallet, and wallet software development kit (SDK). The CYBAVO Wallet now includes NFT asset storage and transaction support for both the  ETH and BSC chain’s respective ERC-721 and BEP-721 formats. 

Looking to stay at the forefront of industry developments, CYBAVO will also be offering full support for ERC-1155 tokens on the CYBAVO Wallet and Vault in the near future. ERC-1155 is a multi-token standard that will enable the creation of every type of asset, from digital currency and real estate to digital art and gaming items.

As well as storage, the CYBAVO Wallet also supports NFT trading. 

The CYBAVO Wallet and Vault are protected by multi-level security, including biometric and SMS verification mechanisms, as well as multi-party computation, ensuring your assets remain safe and secure. 

To get started, download the CYBAVO Wallet app from the Google Play Store or Apple App Store and add related NFT assets through the NFT asset field. Then you can start exchanging and trading NFT assets.  

What are NFTs?

Non-fungible tokens (NFTs) have captured the imagination of the general public and the attention of investors over the last few months, ever since the $69-million sale of digital artist Beeple’s “Everydays: The First 5000 Days” earlier this year. 

Although NFTs have garnered new attention and interest this year, it’s not a new technology. NFTs first surfaced in 2012 with the advent of Colored Coins. However, most people will most likely be more familiar with CryptoKitties, which allows users to collect, breed, and sell virtual cats. But what exactly are NFTs and how do they work?

NFTs are created and stored on the ETH blockchain using the ERC-721 token standard, as well as the multi-token standard ERC-1155. On the BSC blockchain, they are stored using BEP-721 and BEP-1155.  

They are a form of smart contract that up until recently, only existed on the Ethereum blockchain, but other chains, such as the Binance Smart Chain now offer support for the nascent technology as well. NFTs, as their name suggests, are non-fungible, meaning that each NFT is completely unique and cannot be exchanged for another. They are also indivisible.  

All information of an NFT, including its creator and owner, is stored in the code of their token smart contract, which cannot be altered or deleted. Because each NFT is unique, immutable, and indivisible, it can be inherently linked to assets, whether digital or tangible, to prove asset ownership and uniqueness. Even if two digital artworks appear to be identical, the blockchain recognizes them as different. 

This is in contrast to cryptocurrencies such as Bitcoin, Ether, or Doge, or fiat currencies such as USD or AUD, which are fungible. One USD or Bitcoin has the same value as another and can be exchanged for each other. They are also divisible - you can divide up one Bitcoin and you can exchange $1 for two 50c coins, for example. 

Because of the unique nature of NFTs, they are able to encapsulate the distinctive aspects of artworks, music, real estate, and domain names, among others, and are set to disrupt many more industries. CYBAVO is excited to offer its clients a safe and secure way to store and trade this groundbreaking new technology.