Blank in Action (#4): NFT Privacy

#4 — This is the fourth post in our “Blank in Action” series. In this series, we explore realistic and helpful ways to use Blank Wallet after the upcoming release.

Last week’s post discussed how Blank Wallet can be used to reclaim your privacy after having your wallet doxxed. The public nature of blockchain means that there are several ways to get exposed on-chain, leaving users vulnerable. Billionaire Mark Cuban infamously had his Ethereum portfolio exposed after sharing an NFT linked to his private wallet address. The event served as a stark reminder that even the most innocent of decisions can impact our privacy.

NFTs, or non-fungible tokens, are digital assets that have unique properties, making them distinguishable from other assets. In short, they are “one-of-a-kind” assets that can be bought and sold in the digital world. NFTs often appear in the form of images or videos and offer artists a great opportunity to receive income for their work. Traditional works of art are valued for being “one-of-a-kind”, and NFTs extend this principle to blockchains. Despite being an innovation in blockchain and the digital economy, NFTs come with a host of privacy issues that could affect their continued adoption.

NFTs… Or Privacy?

Users can often be forced into choosing between NFTs and their privacy. Let’s use an example. Jennifer is an artist. She’s been able to support herself by specializing in digital art and getting involved with the NFT craze. NFTs allow her to earn income in a profession where turning a profit can often be difficult. Jennifer is fully involved in the NFT community and collects NFTs herself, however, she runs into one uncomfortable truth — she has to sacrifice her privacy for NFTs.

NFTs are either publicly linked to wallet addresses, or traceable to the addresses that funded them. When Jennifer buys or sells an NFT, she needs to expose her wallet address on the blockchain. Even if she creates a secondary wallet to buy and sell NFTs, she’d leave a trail of digital information that could be used to find her personal portfolio. Jennifer doesn’t want to reveal her financial situation to curious parties or worse — bad actors.

People with Jennifer’s wallet address can see the total value of her portfolio, the tokens she holds, and all of her previous transactions. As someone who makes the majority of her income through NFTs, she feels that information regarding her personal income should not be public for everyone to see on the blockchain. She’s able to sell art on other platforms without privacy concerns and thinks the same should apply to NFTs. As a result, she’s stuck deciding between two options — NFTs or privacy.

Don’t Compromise, Go Blank

Millions of users just like Jennifer sacrifice their privacy for the benefits of blockchain. This friction casts a shadow over cryptocurrency and its chances of further mainstream adoption. Once users have full control over their privacy, they can enjoy the benefits of blockchain and cryptocurrency without hindrance or hesitation.

With Blank Wallet, users don’t need to choose between NFTs and privacy. Blank Wallet works by using a smart contract to pool funds together, rendering their origins untraceable. Funds are accessible to users every step of the way but remain anonymous and obfuscated to onlookers.

Using Blank Wallet, Jennifer could create a fresh wallet address containing funds with unknown origins. She could use this address to buy and sell NFTs without giving up her privacy. The wallet would not be linked to her personal portfolio in any way, and Jennifer would be free to earn income without overarching privacy concerns. Blank Wallet allows users to create multiple addresses, so Jennifer could anonymously transfer funds to her portfolio as she pleases. Moving funds through the Blank privacy pools ensures there’s no way to link a transaction to a certain address.

It’s getting harder and harder for everyday people like Jennifer to stay private. Blank Wallet doesn’t compromise on privacy and offers users the opportunity to enjoy the benefits of cryptocurrency and blockchain without dilemmas. We’re making privacy seamless and accessible by knocking down the barriers faced by everyday users.

About Blank Wallet

Blank is the most private, non-custodial Ethereum browser extension wallet.

Blank allows the user to easily interact with privacy smart contracts on Ethereum to hide the amounts and the origins of cryptocurrency held, in a decentralized, non-custodial, and frictionless manner.

Blank solves the problem of privacy in crypto transactions. Each time you want to make a withdrawal, Blank will create a new wallet address for you with the amount of crypto that you requested. This address originates from the smart contract where everyone’s funds are pooled. All of this is achieved using cryptographic proofs to ensure that the user cannot be linked with the original depositing address.

With crypto transactions increasing, on-chain transaction privacy is being highly discussed to keep you safe from exposing yourself. Blank has developed a system that adds the ultimate protective layer to your crypto transactions while facilitating every function that other wallets offer.

Anyone can easily install Blank and start reaping the privacy benefits in no time at all. Besides the smart contract functionality, Blank wallet offers a higher level of privacy due to Tor integration. Upcoming functionality includes DeFi web3 integrations as well as support for Metamask Snaps Plugins to allow for seamless connectivity and usage.

Reclaim privacy on your Ethereum transfers. Go Blank.

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The most private, non-custodial browser wallet. Reclaim control of your financial privacy. Get BlockWallet. https://blockwallet.io/