Thread by @DBCrypt0

1/ Nearly every non-native #ERC token including ALL #NFTs are FLAWED! 🚨

Yes, that includes most on #EVM compatible ⛓️

#ETH tokens FLAWED
#SOL tokens FLAWED
#BSC tokens FLAWED
#XRP tokens FLAWED
#AVAX, #FTM, #MATIC, #HBAR, #TRON all flawed!

You get the idea…

But why? 🧵

2/ Well first, unless you are brand new to #crypto then you’ve heard of a wallet being drained from interacting with a token/#NFT

Someone sends you an #NFT. You try to sell it or even burn it. Poof all your #crypto is gone! 🤯

WTH just happened?!? Read on…📖

3/ #ERC tokens are specialized smart contracts NOT actual tokens

This includes ERC-20 and ERC-721 tokens

So every token action be it fungible or non-fungible requires interaction with a smart contract

4/ So when you interact with that token/#NFT you are actually interacting with a smart contract

And for all you know you are giving that SC permissions to do who knows what! 🤯

Hence how even trying to burn an NFT can screw you and cause you to lose EVERYTHING!

5/ Crazy right? 🤯

That’s how we constantly hear about people having their wallets drained

MASSIVE flaw in the design! 🚨

This also adds unnecessary storage for the ⛓️ due to the size of the SC’s

6/ Not only that but it also slows down transactions and requires more block space

This leads to further complications with swaps, loans, etc.

It even makes sending and receiving crypto/#NFTs far more complicated than it needs to be

Why? Because you don’t actually own it 🤯

7/ When you mint or buy an #NFT on these ⛓️ you are interacting with a SC

The metadata for that NFT(what gives it traits, rarity, collection ID, etc) are stored in the SC

Pictures stored in IPFS or other ☁️ storage

The SC is just adjusted to say “You have claim over NFT ID# X”

8/ BUT you don’t actually have it because it is just data in a SC

A smart contract that can be hacked and often even altered without your knowledge 😱

Insane and a HUGE flaw in how tokens and #NFTs are designed on your favorite chain

This includes all the #Layer2 on those ⛓️’s

9/ Ever wonder why #Metamask doesn’t always show all your #NFTs?

Again, it is because they aren’t in your possession and you don’t technically OWN them!

So MetaMask just queries the blockchain to find what #NFTs you have claim to

Same with @opensea and other marketplaces

10/ Hopefully that all made sense and I didn’t lose you

Just know this is a BIG design flaw which will have future implications for all EVM ⛓️’s

Yes, that means #ETH #SOL #BSC #AVAX #NEAR and many MANY more

11/ So is crypto and #NFTs dead then? That sounds pretty doom and gloom!

Not exactly 😎

#MultiversX formerly Elrond created all their tokens to be native including #NFTs

What does this mean? 🤔

Every token fungible or non is actually a TOKEN 🤯

Wow, imagine that! 😂

12/ So that #NFT that I minted yesterday is actually a TOKEN and I have it IN MY WALLET

I can send it, sell it, burn it, etc all without ever using a smart contract

The same goes for all tokens on the #MultiversX ⛓️

$ADA also has a similar token architecture so 👏 #ADA

13/ Now let’s look into why this is beneficial and insane that the rest of the space doesn’t do this…

🔸I actually OWN the token as it is in my possession

🔸My wallet shows all my tokens/#NFTs because they are IN MY WALLET 😂

🔸The VM doesn’t need to be utilized

14/
🔸The speed and efficiency/cost of interacting with that token(send, sell, stake, etc) is GREATLY improved

Interacting with a smart correct can be very resource/gas intensive so this is avoided

🔸No security risks since you are not interacting with a SC 🔐

15/ There are other benefits as well but those are the big ones

#MultiversX is light years ahead by utilizing native tokens

This will have HUGE implications in the future too when it comes to verifying ownership of assets

16/ So I hate to break it to you folks…

That @BoredApeYC @DeGodsNFT @y00tsNFT @Azuki @doodles @moonbirds etc.

You think you own, you DON’T! 🚫

Thankfully they can always be bridged to #MultiversX for true ownership 😉

This can be done with @xpnetwork_ too

17/ Or maybe you just check out the #MultiversX ecosystem and see why it is superior in many ways

Yes, I said superior and that’s not just fluff 💯

Curious as to how?

Feel free to check out my pinned tweet or hit me up with any questions

Oh yeah, and download @xPortalApp 🔥

18/ I’ll even make it super easy for you

This 🧵 will cover the main wallet, marketplaces, tools, and top projects

Everything you need to get started and involved in #MultiversX NFTs

Enjoy! 💪

https://twitter.com/dbcrypt0/status/1634951328509337601

If you found this informational please help get the info out by liking and sharing!

Also, follow for more! 🙏

I know you are looking to do an NFT project soon so may be worth your time to check this out @GrantCardone