Denex is the Future of Secure Digital Ownership, a decentralized NFT exchange built on the Ethereum blockchain.
From a technical perspective, the value of NFTs stems from three things: provable rarity through the blockchain, secure and immutable ownership of tokens, and censorship free participation in the ecosystem. NFTs are provably rare by and through the blockchain, but that is being threatened by workaround attempts to reduce transaction and minting fees. These workarounds enable the NFT transactions to take place on regular web apps with centralized servers. This eliminates the provable rarity from NFTs, leaving you to trust the platform’s determination of the authenticity and rarity of an NFT, rather than being able to prove it yourself.
In the case of secure and immutable ownership, the metadata which make up the contents of the NFTs are almost exclusively stored on private servers, making them easily alterable, and if the company storing them goes away or gets hacked, so does the NFT. Additionally, exchanges require you to lock NFTs into their listing contracts, forcing you to store your NFT for long periods in an often un-audited smart contract.
Finally, censorship free participation in the NFT space is constantly under threat from the centralization of NFT metadata, the limitation of open and customizable transaction options, and verification requirements on exchanges. Even on a decentralized network, dictating the way people exchange items opens the door to censorship, and if the decision making is centralized, the exchange becomes centralized and censorable from the top down.