Counterfeit NFTs result in marketplace shutdown: Experts weigh in
The NFT Platform famous for minting Jack Dorsey’s first tweet has halted NFT operations amidst counterfeiting and illicit activity calls. “Rampant” issues relating to minting counterfeit nonfungible tokens, or NFTs, have forced popular platform Cent to halt some operations.Founded in 2017, Cent kicked off as a “social network and informal platform for creative experimentation.” In 2020, the team also launched an NFT platform called Valuables to mint and auction iconic tweets. Jack Dorsey’s first tweet, “just setting up my twttr,” sold for $2.9 million on the platform in March last year. On....
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Counterfeit goods and ingredient sis a major threat to not just the financial ecosystem, but to the health of consumers around the world. Boston Scientific is the latest company being called out on using counterfeit ingredients, which could severely affect consumer health. If only these companies had used blockchain technology to ensure all of the materials used were genuine, this class action lawsuit would have been prevented. There is no denying the blockchain offers plenty of use cases that will affect the everyday life of both consumers and businesses all over the world. Most consumers....
Tezos is one of a number of growing blockchains that is looking to gain a foothold in the NFT space, and has plenty of core competencies to do so. In last weekend’s ‘NFTs In A Nutshell,’ we briefly covered the shutdown of HicEtNunc, commonly known as HEN. The platform was widely utilized as the leading […]
Connect your crypto wallet to the Coinbase marketplace, and have ETH in your wallet to bid, buy and sell NFTs on Coinbase. Not only is the number of nonfungible token (NFT) collections growing at a phenomenal rate, but so are the NFT marketplaces. Previously, NFT marketplaces were mainly decentralized applications (dApps) on various blockchains, but nowadays, crypto exchanges are also seeing the benefits of having their own NFT marketplace. This includes Coinbase, the exchange with the most users worldwide, which, of course, cannot lag behind the competition.Related: What are DApps?....
The Crypto.com hack is less than a week old and still very fresh in the minds of investors in the space. In what was a brief attack, the hackers were able to access a portion of users’ accounts on the platform and steal their funds. In this report, we ask a couple of experts in […]
As Americans wait to hear if they will receive second stimulus checks, lawmakers are scrambling to avert the looming government shutdown. A spending bill, which could include some stimulus measures, must be passed before the Dec. 11 deadline to avoid the shutdown. Stimulus Payments Affected by Government Shutdown As U.S. lawmakers continue their stimulus negotiations, including providing Americans with the second round of direct payments, the government is facing a shutdown, which could be prevented if lawmakers can pass a spending bill before the Dec. 11 deadline. Congress returned to....