Security of NFT Project Currencies: Lossless x The Piece
It’s no secret that projects connected to NFTs are highly intertwined with and have their own cryptocurrencies too. Just as with many other projects, those currencies too have vulnerabilities if their smart contracts are not developed properly and can be hacked. That’s where Lossless comes in.
We are happy to announce yet another ambitious project in the NFT field that has decided to use the Lossless Protocol as their security solution and is building their product on Fantom — introducing The Piece.
The Piece is an easy-to-use marketplace platform that democratizes ownership of high-value NFTs by lowering the barrier to entry by allowing fractional sales of NFTs. Each NFT on their site is divided into fragments that can be bought. These fragments are backed by the real NFT. You can trade the fragments until the majority of the holders decide that the real NFT should be sold.
The next introduction of an NFT is decided by a voting process. The community can choose what will be featured next on the site. When you buy a fragment on The Piece’s website’s own marketplace, you get an NFT, which says how many fragments there are and which fragment out of how many you have.
Our team is excited to welcome another new partner into our ecosystem, an additional protocol integration next to the 40+ we already have. $PIECE will too be protected.
Welcome to Lossless!
About The Piece
An EU-based NFT marketplace will offer fractionalized blue-chip NFTs for people to invest in; for the first time, you’ll be able to own pieces of huge collections such as Bored Ape, CryptoPunk, and many more. Collaborating now with Fantom, The Piece aims to be the leading marketplace for fractional NFT investing, with grand plans for the future, possibly moving into fractionalizing a wider range of assets such as real estate.
Restoring trust in web3 security. Lossless incorporates a new layer of blockchain transaction security, protecting projects and their communities from malicious exploits and the associated financial loss.
Lossless protocol implements an additional layer of blockchain transaction security for ERC-20 standard tokens, mitigating the financial impact of smart contract exploits and private key theft. Lossless protocol utilizes community-driven threat identification tools and a unique stake-based reporting system to identify suspicious transactions, providing real-time protection.