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New Web3 email design aims to tackle NFT fraud

Fraud in Web3 is, to say the least, a problem. In the first six months of 2022, Web3 projects lost a total of $2 billion to hacks and other fraud schemes, according to a report by blockchain auditing and security firm CertiK.

Given that Web3 is still an emerging space, it’s no surprise that a significant portion of these losses stem from misuse of communication logistics in the NFT space. Hackers repeatedly target Discords projects and fill them with malicious links; Wallet interfaces have such a track record of use against members of the NFT community that companies are urging users to read the fine print before making transactions.

Suffice to say that everything is a bit random. But it is precisely the lack of a consistent and secure communication device in the crypto and NFT space that the Web3 startup EtherMail aims to address.

Secure Web3 communications

Founded in late 2021 by Shant Kevonian and Gerald Heydenreich, the company aims to be the first Web3 messaging solution to set a new standard for anonymous, encrypted wallet-to-wallet communication, according to a press release shared with nft now.

The service, which is still in beta testing, allows users to “claim” their Web3 email address on and access it through a familiar email client of their choice, or using the client’s own. of EtherMail. To claim an address, users log in with the wallet of their choice and sign a transaction agreeing to the terms and conditions of the service.

via EtherMail

This messaging service, according to the company, will help developers of NFT projects proactively mitigate the risk of communication fraud by pre-emptively notifying users of breaches and vulnerabilities. EtherMail also enables self-updating mailing lists for distributing community newsletters based on up-to-the-minute smart contract data.

“Communication in this space is very fragmented, frustrating and overwhelming,” founder Kevonian explained in an email exchange with nft now. “Users’ wallet addresses are not notified of any Web3 activity relating to them, so they have to check different channels to stay up to date with their digital assets. It’s overwhelming to sift through thousands of spam messages and notifications on Telegram, Discord and Twitter. Given the frequency with which holders sell their crypto and NFT assets, there is a high risk of loss of vital information for both users and projects. Users can benefit from real-time blockchain-synced information in their inbox, so they don’t have to worry about losing vital information about their digital assets.

Building dynamic functionality in web3

The service, Kevonian added, can be used in several ways:

  • DAOs can engage members with participation in governance.
  • NFT projects can serve as a whitelisting tool.
  • Web3 projects can notify users of new product releases.

Notably, the company is introducing an “Earn2Read” model tailored to what EtherMail describes as a “mutually beneficial” relationship between advertisers and users.

Using a “Paywall” feature, users can sign up for subscriptions from companies wishing to advertise via EtherMail and specify the type of email content they are willing to read in exchange for the EtherMail’s native token, $EMT, which the company plans to launch early next year. Companies wishing to send advertising to a user’s inbox will have to pay to do so, which the EtherMail team hopes will result in better spam protection while “creating a framework for the e-economy.” -emails”.

The service currently supports Metamask and WalletConnect, and the company plans to integrate more soon.

Given the troubled state of cryptographic and NFT communications, it will be instructive to see how EtherMail and similar services are creating a more secure way for community members to communicate. Many point to the lack of security and fraud protection resulting from the decentralized nature of Web3 as one of its main drawbacks – the advancements coming from EtherMail are an attempt to address this issue. This is a potentially valuable area of ​​focus that, if done well, could save millions of dollars in the fight against Web3 scams.

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