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ShareRing Announces the Beta Testing of the NFT Space on Polygon

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Coinpedia

Crypto Journalist and Editor of guest articles in CoinPedia. I am also handling Outreach & Partnerships Manager. Contact me: [email protected]

    Jun 6, 2022

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    According to a recent blogpost, the ShareRing NFT Space is beta testing on the Polygon network since June 1, 2022.

    ShareRing is a multi-chain application whose native token, SHR, is monitored on the ShareLedger. However, the token is also available on other high activity, vibrant networks such as the Binance Chain, Ethereum, and the BNB Chain. ShareRing has brought forth a highly reliable and robust solution for users to secure their personal information and data without giving up on their privacy. 

    Their venture into the NFT space is only a natural fit considering what the technology brings to the table. According to ShareRing, the NFT Space feature will be integrated inside the ShareRing application, allowing users to mint amongst other files, JPEGs, MP4 video files, and audio in MP3 format. 

    Users can sign up for the second (and future) round of beta invites, on the highly scalable and low-fee Polygon network. Notably, Polygon is an Ethereum sidechain. NFTs minted on this platform are compatible with Ethereum’s formatting, allowing easy transfer and saving resources, especially on Gas fees. 

    Crypto and NFT users are increasingly sensitive to fluctuating and persistently high Gas fees on Ethereum. This is primarily because the demand for blockchain space in Ethereum is at record levels, as network utilization rates reveal. Subsequently, it becomes tough for NFT users to mint assets on-chain at reasonable fees because fees are a factor of smart contract complexity.

    Since the NFT Space works inside the ShareRing application, it will be possible for NFT minters to quickly create Polygon addresses inside the ShareRing application and easily send and receive MATIC, the native coin of the Polygon network. By default, the ShareRing application exists purposefully to improve the ShareRing ID. 

    ShareRing Vault is a vault where ShareRing users can issue, store, verify, and share personal information and other identifying documents. Through this vault, users can only share these details with approved persons. With the NFT Space now inbuilt into the ShareRing application, the platform’s creators have indicated that it would be possible for users to store their NFTs on the ShareRing Vault. However, users won’t be bound and can, at their discretion, also send their assets to third-party addresses in Polygon. 

    While test NFT minting is currently on Polygon, the team plans to add other blockchains. This way, users would be free to choose their preferred minting platform. Additionally, the NFT Space is a precursor to the planned ShareRing Events, a feature inside the ShareRing ecosystem that will be highly reliant on NFTs. 

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    Coinpedia

    Crypto Journalist and Editor of guest articles in CoinPedia. I am also handling Outreach & Partnerships Manager. Contact me: [email protected]

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