What is Trust X
TrustX is a Social App or a platform for users that want to socialize, promote art, showcase talent and skill or capture a moment that they may have using NFTs and the virtual world. It is a Social App for the gig economy; that is a labour market characterized by short term contracts infused with NFTs and the virtual world.
What are NFTs
NFTs mean (Non-Fungible Tokens). They are digital assets encoded on a blockchain that shows and/or signify ownership of a unique asset or set of rights. Most blockchain tokens that symbolize digital assets (including cryptocurrencies) are fungible, this means that the characteristics of any two tokens are the same. It simply means that any two fungible tokens of the same type will generally have the same and equal value. The technology of NFTs, on the other hand, ensures that each token is unique, and NFT creators have leveraged the dominant characteristics of the technology to create a broad range of unique digital assets. NFTs are considered the future of the blockchain economy.
Advantages of NFTs
One outstanding thing about NFTs is their ability to change digital ownership. Until now, game players have never really owned our digital stuff. We purchase some items within the game and treat them as our own, but the fact is that they don't belong to us, they belong to the game developers. If for example, your favorite game gets shut down today, all of the game items you owned is forever lost.
The advantage of NFT collectables is that their ownership is not managed and controlled by their centralized developers, it is controlled via smart contracts in a decentralized economy. This actually means that even if the game gets shut down or censored, your rights to transfer or sell your in-game items will still remain valid.
How does/will Trust X work
TrustX is the first of its kind. It is a next-generation social app, built to address few fundamental challenges to the NFT landscape, built by TrustWorks global. To fully understand the revolution TrustX is bringing, we need to be enlightened to know the general disadvantages of social apps/platforms that it intends to redress. We also need to know the current challenges of the increasing/widely adopted NFTs landscape that TrustX intends to eliminate. Explained below are some of the problems that TrustX will eliminate.
Disadvantages of Today's Social Media Platforms
It can be seen that using social apps and platforms help the creators amass wealth. Sadly, these apps and platforms give users no financial returns or too little financial returns. And in a world where there's a vast and increasing migration of people from offline dependent activities to semi-online or fully online-dependent activities, this is a big problem.
Another problem is that users are mostly at the mercy of the creators of these platforms and apps when it pertains to the rules or regulations that govern the use of the platforms. most of these, Make rules and regulations not totally user friendly
Some challenges of the current NFT landscape
The barrier between the centralised and decentralised world as the development of NFTs is heavily dependent on the underlying infrastructure.
Difficulty in account management and accessibility when it comes to NFTs is a real problem. Managing private keys, paying several gas fees per transaction and having to set up a new wallet each time are also current challenges.
Little to No Copyright Protection - Copyright, a form of intellectual property law, protects original works of authorship. It protects the value of an author's work (including literary, dramatic, musical, and artistic works, such as poetry, novels, movies, songs, computer software, architecture etc) by giving the originator of the work the ability to protect it from unlicensed or uncredited usage.
Fragmented User Experience & Steep Learning Curve.
Lack of Creative Freedom & Expression for Artists.
The TrustX Plan
The important goal of the TrustX app centres around
• Mainstream Adoption
• Intellectual Property (IP) & Copyrights
• User Experience
To achieve these;
TrustX is aiming at a transparent system with trust-minded publishers and advertisers who will connect to build the digital supply chain with high ethical standards, brand-safe with trust to increase sustainability and services.
TrustX will feature Social Marketplace which will enable users to own their social capital, own the IP to their every post or content. It will give users the rights to decide what or what not to allow on the platform; thus, censorship-resistant.
TrustX app will give the ability for creators to mint instant NfTs without any coding knowledge.
TrustX will also feature Creator Virtual Spaces to interact with fans and organize auctions/events.
The benefits to these are unlimited, just recently the NFT artist "Beeple" has sold for $69 million his art at the world-famous auction house Christie's. Beeple's NFT became the fourth-highest valued piece of art sold in 2021. It outpaced auctions for artwork created by world-renowned artists such as Picasso and Lichtenstein. TrustX gives like the opportunity to every user, where they can get a value at international standard for their creations, ideas, innovations etc.