The Bank of America (BoA) responded with a telling statement, according to them, the “Digital asset sector [is] too large to ignore; not just bitcoin, so much more.” At Astra Protocol, we couldn’t agree more. The immense growth of crypto, followed by DeFi in the last few years, demonstrates that the world is ready for a financial shakeup, and Astra is here to bring trust and security to this exciting space.
The “Digital asset sector [is] too large to ignore; not just bitcoin, so much more”.
One area of DeFi that received special mention in the BoA report was the NFT market. Artists and designers around the world are changing the way they interact with fans around the world. Much like how Spotify and other streaming platforms altered the music industry, NFTs take art to a new digital realm. NFT sales in August alone were over $3 billion, compared to $250 million in the whole of 2020. The artistic digital revolution isn’t going away anytime soon.
The difficulty is that relatively speaking, NFTs are still in their infancy, meaning that there are still challenges to address. As with traditional art, fraud and scams are rife and can cost people thousands in a single instance. One unlucky individual lost $300,000 after they bought a Banksy NFT that turned out to be fake. Knowing which NFTs are authentic can be difficult.
Thankfully, Astra Protocol has been designed with consumer protection in mind. We have created a decentralized technology layer that plugs into verified smart contracts from legitimate organizations and acts as a dispute resolution service for DeFi transactions. When someone buys an NFT with Astra embedded, A) they know it is from a reputable source, and B) if their purchase turns out to be fake, they can dispute the transaction straight away. From there, our unique blend of patented technology and human experts will review the transaction and accompanying evidence independently, producing a binary outcome. If the experts deem that the NFT wasn’t as advertised or the agreement was not honoured, the individual would be immediately refunded. Otherwise, the transaction stands. With Astra, the dispute is resolved on-chain, quickly, is more cost-effective and with much less hassle than going through the courts.
With Astra, everybody wins. Consumers feel safe as they know they are protected against frauds and scams, facilitating increased investment and institutional activity within the market, ensuring the continued growth of DeFi.