Exploring Crypto & Web3 | Researcher | Threads
Abuja, Nigeria
Joined October 2011
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I'm interested in what @FungoLabs could make possible beyond this first collection.
The vision goes beyond simply creating encrypted NFTs.
Think about the possibilities:
→ Other collections launching with encrypted NFTs.
→ Digital collectibles with private attributes.
→ Games built around hidden stats.
→ Smart contracts processing encrypted information.
FHE opens up design possibilities that traditional transparent systems struggle to offer.
One thing Web3 still needs more of is privacy.
Think about it.
We talk about ownership, decentralization and transparency all the time.
But should every detail of what we own always be visible?
I don't think so.
That's why the approach @FungoLabs is exploring is interesting.
The technology behind @FungoLabs deserves attention. 🧠🍄
Let's talk about FHE.
Fully Homomorphic Encryption allows computation on encrypted data without first decrypting it.
Why does that matter?
OC Crypto retweeted
Most NFT collections eventually reveal everything. The artwork, traits, rarity, and other details become visible to everyone.
@FungoLabs is taking a different approach with its Genesis NFTs, where some information can remain private even after minting.
Each Genesis NFT has two layers called The Look and The Essence.
The Look represents the NFT's artwork and visual traits. When someone mints a Genesis NFT, its artwork stays encrypted, but the owner can privately view it whenever they want.
They can choose to publish the artwork for everyone to see or keep it sealed. There's no requirement to reveal it, and a sealed NFT can still be transferred or sold.
Once the artwork is publicly revealed, that decision is permanent.
The Essence works differently.
It contains the NFT's hidden class, four stats, and element. These attributes remain encrypted on-chain, even if the owner decides to reveal the artwork.
Only the current holder has permission to access this information privately.
Fungo uses Zama's Fully Homomorphic Encryption (FHE) technology to make this possible. It allows smart contracts to perform calculations on encrypted information without exposing the underlying values.
This could become particularly useful for NFT gaming.
Imagine two characters competing using hidden stats. A smart contract could calculate the outcome without publicly either character's attributes.
Fungo has already included a game built around Genesis NFTs in its roadmap, although that part is still planned.
I like the distinction between owning an NFT and deciding how much of it the public gets to see.
The artwork can become public, while the underlying attributes stay private.
It's a different way of thinking about NFT ownership, and I'm interested in seeing how Fungo develops these features beyond the Genesis collection.
OC Crypto retweeted
Most NFTs have a funny problem
Everything is public
The image, the traits, the rarity. Anyone can look at it on-chain.
@FungoLabs is trying something different. Encrypted NFTs on Ethereum.
Imagine owning a collectible where the art and traits stay private on-chain, and only you can see them.
Funny enough, that's possible because of FHE (fully homomorphic encryption), tech from Zama. In simple words, it lets a network work with data without ever seeing what's inside it.
Why does that matter?
Because privacy stops being an afterthought. It becomes a feature of the NFT itself.
And Fungo isn't stopping at a collection. A launchpad and a game are on the roadmap too.
I'm not saying it's guaranteed to work, but It's early.
But it's one of the few NFT ideas lately that made me stop and think "wait, that's actually new"
Would you own an NFT nobody else can see?
OC Crypto retweeted
About the $FUNGO NFT Mint
@FungoLabs is planning to hold an encrypted bidding auction by @zama FHE on November 5🔥
✅Mint Supply
• 500 free NFT for WL holders
• 2,500 NFT for general auction
✅Betting currency: cZAMA
✅ How can you acquire NFT? 👀
① Select the number of NFT you want
② Submit your bid price in cZAMA
③ Bids remain encrypted until the auction ends
④ Rank the bids from the highest to the lowest
⑤ The minimum winning bid amount determines the final price.
And everyone who wins pays the same final price
✅ What about bidding?
• If above the clearance price:
Receive the full amount requested
• In the case of the settlement price:
There is a possibility that the allocation will be proportionally distributed
• If below the clearance price:
Unable to purchase NFT, cZAMA is being refunded
⚠️ Important Notes
• Once a bid is placed, it cannot be retracted
• A small non-refundable bid fee applies
• Any unused cZAMA will be refunded
• NFT are minted with a sticker, allowing the owner to control their display
Zama's FHE technology: an intriguing real-world use case that goes beyond the usual crypto story
Due to encrypted bidding, participants cannot view each other's bids before the auction ends.
I can't wait for tomorrow, November 5 😌
How the Genesis sealed-bid auction works, explained with an example 👇
Imagine only 3 NFTs for sale. Minimum price: 500 cZAMA (example only).
4 people bid 1 NFT each:
→ A: 3,000
→ B: 1,500
→ C: 1,000
→ D: 500 (the minimum)
The top 3 bids win: A, B and C.
All winners pay the same final price, the lowest winning bid: 1,000.
→ A pays 1,000, gets 2,000 back.
→ B pays 1,000, gets 500 back.
→ C pays 1,000.
→ D bid the minimum, gets no NFT, gets 500 back.
Lesson: bidding the minimum doesn't mean you buy at the minimum. Bid what it's worth to you, you'll only pay the final price.
OC Crypto retweeted
@FungoLabs A sealed auction paid in public money would leak the very thing it tries to hide.
That is why the Genesis public sale runs in cZAMA, Zama's confidential token, rather than plain ZAMA or ETH. Bids stay encrypted, and the currency carrying them does not expose the bidder's hand before the result.
The mechanics are already known: highest bids win, all winners pay the lowest winning bid, excess bids are refunded, and a bidder at the minimum who does not win is also refunded. What cZAMA adds is the missing half, a payment layer that matches the auction's privacy.
To get there, a buyer buys ZAMA, withdraws it to an Ethereum wallet, converts it to cZAMA through the Zama App Shield feature, and keeps ETH aside for gas. It is an extra step, and that friction is the point. Privacy that is free usually turns out to be fake.
An encrypted NFT sold with transparent money would be a sealed box with a price tag on the outside. Fungo chose to seal the money too.
What if your NFT could keep a secret? 🍄🔐
That's the interesting idea behind @FungoLabs .
Traditional NFTs make most of their metadata publicly visible.
Fungo takes a different approach...👇
NFTs have always been about ownership.
But what if ownership also meant privacy? 👀🍄
That's where @FungoLabs gets interesting.
Built around @zama's Fully Homomorphic Encryption (FHE) technology, Fungo is exploring a different approach to NFTs.
Here's what makes it worth it..
🟨 NFTs are minted encrypted.
🟨 Only the holder can see what's inside.
🟨 The owner decides when to reveal the artwork.
🟨 Even the creator doesn't know what's hidden inside.
Think about that for a moment.
An NFT where discovery is part of the experience.
Fungo isn't just experimenting with digital collectibles. It's exploring what ownership could look like when privacy is built into the experience.
I'm paying attention to what @FungoLabs is building.
The next chapter of NFTs could be more private than we ever imagined.
#gFungo
Post-quantum security + useful-work consensus is exactly the kind of L1 I’ve been waiting for.
I’d bring over a privacy-focused DeFi stack and start experimenting with sponsored gas via ERC-4337 paymasters on QMS.
#QMSBuilders
🧵 What makes a good proof-generation marketplace?
Having GPUs and FPGAs available is only one piece of the puzzle.
How reliably can proofs be generated? What does it cost? How quickly can requests be completed?
Let's break down...
@vanishree_rao @fermah_xyz @7wealthh
//Transparency for developers:
Useful questions to ask of any proof-generation infrastructure include:
• Can I monitor request status?
• Can I understand performance and costs?
• Are failures clearly reported?
• Can I independently verify the resulting proof?