Crypto for Dummies

2023-04-14 21:00:42 ​ NFT warranties can help mass adoption of the technology, says Web3 exec

The Web3 space has seen its fair share of exploits in the recent past, with more than $320 million exploited by hackers in the first quarter of 2023. For many users, particularly prospective users, securing their digital assets is a top priority.  A new nonfungible token (NFTs) warranty service from Web3 payment provider Wert and insurtech service Avata is trying to troubleshoot the asset security gap for both active and prospective collectors. According to the announcement, the opt-in warranty for NFTs will cover up to 90% of the value of the digital assets for any NFTs compromised in a smart contract hack. Cointelegraph spoke with George Basiladze, the co-founder and CEO of Wert, who said a solution like this helps bridge the “trust” gap, while offering needed protection to an array of collectors. The service will be available on nearly 80 digital asset marketplaces, including the KnownOrigin NFT marketplace. According to Basiladze, the NFT protection will be charged at 6% of the asset cost at checkout, and coverage will be calculated by the purchase price rather than the current market value. Открыть/Комментировать

2023-04-14 14:01:01 NFT studies show that over 75% of NFT buyers buy them for long-term profits and utility. Открыть/Комментировать

2023-04-13 21:00:43 ​ Fidelity International Launches Metaverse Experience, Developed by TerraZero Technologies

TerraZero Technologies, Inc. ("TerraZero"), a technologies products and services firm and in-house creative studio, in collaboration with Fidelity International ("Fidelity") has completed and deployed a 64-parcel activation to the Decentraland Metaverse, marking Fidelity's first major step into the Metaverse and Web3 together. The new Metaverse experience within Decentraland aims to encourage financial literacy and educate. Brandon F. Johnson, Co-COO and Chief Experience Officer at TerraZero sees these virtual environments as technologies which can intervene where more attention is needed, "Fidelity International is bringing financial literacy to young people, creating opportunity for equity and equality for future generations. This experience and those which follow will serve as a global point of entry for people who want to set themselves up for success. This is a genuine instance of intervention where modern education models have lacked for decades. If we're going to truly change the world for the better, let's democratize access to resources which can help people succeed not just tomorrow, but for their entire lives." Открыть/Комментировать

2023-04-13 14:00:59 Decentralized exchange SushiSwap has suffered an exploit resulting in a loss of $3.3 million from at least one user.

The exploit involves a bug on the RouterProcessor2 contract, and by approving the contract, users are allowing exploiters to steal their tokens with the "yoink" function. Открыть/Комментировать

2023-04-12 21:00:42 ​ NFT Aggregator Market Heats up as OpenSea Pro Overtakes Blur

Having lost its title as the world’s most popular NFT marketplace to Blur in February, Opensea has launched a major counteroffensive. When using the relaunched aggregator, users are able to browse listings from over 170 NFT marketplaces, including OpenSea. It also equips them with aggregated cross-market data and a suite of tools. Designed to help collectors and traders optimize how they buy and sell NFTs. Significantly for OpenSea, the recent relaunch appears to have been well received by the community. Two key metrics of platform use — daily active users and new wallets created — spiked significantly throughout the week. From a 54.8% share of all NFT aggregator users on Monday, by Saturday, Blur’s share had declined to 27.%. Meanwhile, OpenSea Pro saw its daily user base surge from 18% to 57% of aggregator users in the same time period. The Drop is a way to reward Gem’s early adopters. Anyone who bought an NFT on Gem before March or the end of March is able to claim a free Gemesis NFT between April 4 and May 4. Открыть/Комментировать

2023-04-12 14:01:02 South Korean government traced $314.2 million worth of illegal assets tied to Do Kwon. Открыть/Комментировать

2023-04-11 21:00:34 Mintoo, PDAX team up to launch Pinoy artists in metaverse

A collaboration between Mintoo and the Philippine Digital Asset Exchange (PDAX) led to the launching of a new digital art collection for its Artist Series dubbed as “New Horizon.” The collection features a slew of thoughtfully-curated digital art masterpieces made by established and emerging Filipino NFT artists. PDAX CEO Nichel Gaba said these new digital assets will revolutionize their market as the country’s top cryptocurrency exchange app. “As a cryptocurrency exchange, we’re always looking for ways to innovate and provide our users with new and exciting opportunities. Having Mintoo on the PDAX app will expand our offerings to include digital collectibles and provide Filipinos with the tools and resources they need to participate in this market. This is something which is very timely since we believe that this new technology is on the verge of revolutionizing the way we think about ownership and value,” said Gaba. Meanwhile, Mintoo, a home-grown digital collectibles marketplace, saw the opportunity to help Filipino artists to enter and connect with the growing NFT industry. Открыть/Комментировать

2023-04-11 14:00:53 Solana introduces a solution to reduce on-chain storage costs for NFTs by up to 100 times. This means minting 1 million NFTs on Solana would only cost around $110. Открыть/Комментировать

2023-04-10 21:00:42 ​ The Rolling Stones one-of-one NFTs that aren’t NFTs

Instead of calling the limited edition NFTs, which accompany vintage, real-life photo slides, the companies handling the drop are calling them Digital Certificates of Authenticity, or DCOAs. The strategy follows recent trend to avoid using NFT terminology when launching a collection of digital collectibles targeting mainstream consumers. The companies managing the drop, OneOf and Globe Entertainment, are using the term Digital Certificate of Authenticity, or DCOA. The trend of companies shying away from calling digital assets or tokens with utility NFTs in favor of more generic terminology like digital collectibles appears to be gaining momentum, especially when geared towards mainstream consumers. A recent promotion for a Nicolas Cage vampire movie, Fox Entertainment using tokens as loyalty passes for fans of its show “Masked Singer,” and Reddit's avatars are all examples of NFTs being issued without using the term itself. NFTs have come to carry a negative connotation for many as scandal and major price deterioration have plagued the digital-assets market, causing some people to sour on the once hot space. Открыть/Комментировать

2023-04-10 14:00:59 Japan approves Web3 whitepaper to boost the crypto industry development in the country. Открыть/Комментировать