Emblem vaults are a genius invention. They were created to simplify the trading of crypto assets from non-compatible blockchains and have many potential uses.
Recently NFT archeology on historic and less user friendly blockchains has taken off. And because these chains are not widely accessible, emblem vaults have taken off with them.
But what exactly are they?
- You, the vault creator, mint an empty vault on your blockchain of choice (Ethereum, Polygon, BSC, xDai and Fantom currently supported). The vault is basically it’s own NFT.
- The vault automatically creates wallets for various blockchains and securely stores the private key send-addresses. BTC/CPY, ETH, LTC, NMC, DGB, DOGE, BCH are currently supported.
- The public receive-addresses are readily available and any asset from supported blockchains can be mixed, matched and sent into the locked vault.
- Vaults are tradable on markets like OpenSea, Venly and fangible.
- Only the owner can “crack the lock” and move assets out of the vault.
- Once cracked vaults are no longer secure and become un-purchasable on places like OpenSea.
For now, their first product market fit is historic NFTs. Collections like Spells of Genesis and RAREPEPE, originally from 2015 and stored on the Bitcoin blockchain, are now seeing major sales volume on OpenSea via the Ethereum and Polygon blockchains.