crypto / 19 posts found

The Fall of FTX Has Revealed Web3’s True Colors

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For many, the crypto world feels like it’s in shambles. The high drama between rival exchanges Binance and FTX has set the stage on which it played out fully ablaze. Over the last few days, repeated revelations have wiped out billions in funds, sent the Web3 community reeling, and irrevocably altered the future of crypto and NFTs. It was the last thing the space needed. The dramatic fall from grace came during a community-wide effort to push back against OpenSea’s recent announcement that it would likely stop enforcing creator royalties for existing collections as of December 8. On top of […]

New Fees and Killing Bots: What Musk’s Twitter Takeover Means for Web3

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Elon Musk officially owns Twitter. After spending months trying to back out of the deal, the world’s richest person is now running one of the world’s most far-reaching and prominent social media platforms. It also happens to be the platform that Web3 and NFT enthusiasts call home. So what does this mean for the community? And could this takeover actually be good news for Web3? Mixed community sentiment So far, the reception amongst Web3 figureheads has been mixed over Musk’s purchase. After all, Musk has the potential to make the platform a more crypto-friendly, Web3-integrated place, indicating his desire to […]

Four Misconceptions About the Ethereum Merge Debunked

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It’s happening. The Ethereum Merge is going down in less than two days, as of writing. For those living under a virtual rock, the hotly anticipated Ethereum Merge refers to the upcoming Merge of the Ethereum mainnet with the Beacon Chain. Following this, Ethereum will move to a proof-of-stake (PoS) verification mechanism, which is touted as using at least 99 percent less energy than blockchains operating under a proof-of-work (PoW) consensus mechanism. We’ve already seen hard evidence of low-impact blockchains operating under a PoS model in the real world, thanks to Tezos, so the promise is irresistible. The Web3 community […]

The Meaning of NFTs: It’s About More Than Money or Art

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What are non-fungible tokens (NFTs)? It seems like a simple question that should have a simple answer. As we outlined in our guide, an NFT is a unique unit of data on a blockchain that can be linked to objects to provide proof of ownership. But that’s just the literal definition of the technology. To really understand NFTs, we need to go beyond that. We need to understand their meaning, i.e., how they are valued and used. The two most common answers when discussing the value and use of NFTs are as follows: 1) NFTs are digital assets that let […]

A Guide to Dogechain: The Next Evolution of Dogecoin

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What was once just a joking paraphrase of one of the many meme-worthy lines inspired by a 2015 clip of Shia LaBeouf can now be read as an assessment of the sheer potential of NFTs: “Don’t let your memes be dreams” — and we saw it come to fruition when an NFT based on Nyan Cat sold for $600,000. And now it’s happening again as the Dogecoin continues to develop as a platform for decentralized finance, blockchain gaming, and of course, NFTs. At the center of the further legitimization of the OG meme coin is Dogechain — which was recently […]

While Crypto Exchanges Seek Regulation, the SEC Eyes Punitive Steps

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As tensions continue to mount between the Securities and Exchange Commission (SEC) and crypto exchanges in the U.S., Coinbase has emerged as a symbol of regulatory resistance to what it sees as an unfair and highly-flawed approach to Web3 oversight. After months of tough talk from SEC Chair Gary Gensler (who has repeatedly said he views the coin offerings on crypto exchanges as securities) and frosty interactions with Coinbase, the agency reportedly launched investigations into every U.S.-based crypto exchange this month, according to Forbes. It’s a bold move that has rattled the Web3 world. This move comes on the heels […]

Should NFT Creators Expect Royalties? Sudoswap Says No

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Creator royalties have remained a prominent facet of the NFT market for years. Even in the early days of the Web3 creative economy, artists of all creeds could sustain themselves through a mix of income from primary sales and kickbacks received via secondary market royalties. Yet, while creator royalties seem crucial, they aren’t hard-coded into the market — much less individual smart contracts. Creator royalties, sometimes called creator fees, are an option only implemented to reserve a certain percentage of each secondary sale (peer-to-peer trades), which is sent back to the NFTs originator. When collecting on secondaries, most collectors have […]

8,000 Solana Wallets Attacked in a Multimillion Dollar Hack

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Late Tuesday evening, scores of Solana suddenly found their crypto wallets completely drained of their digital contents. Unidentified hackers had broken into thousands of hot wallets — software-based crypto wallets that require an active connection to the internet — and arranged for the transfer of all funds in these wallets to an unknown third party. Solana initially confirmed the hack in a Tuesday night tweet, saying: “Engineers from multiple ecosystems, with the help of several security firms, are investigating drained wallets on Solana. There is no evidence hardware wallets are impacted.” Then Solana made a follow-up tweet early Wednesday morning, […]

A Company Says It Created Soulbound Tokens

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A world with Soulbound Tokens (SBTs) may not be so far off after all. In a recent announcement from Web3 development platform Idexo, the company stated that it recently added SBTs into its Software Development Kit (SDK). Effectively, this would grant any and all developers using the platform the ability to create SBTs, as well as the option to host these reputation tokens on several different blockchains, with more options currently in the works. So far, developers will be able to create SBTs on Avalanche, BNBChain, Fantom, Polygon, and (of course) Ethereum. The best part? Idexo says it is prioritizing […]

NFTL;DR | NFTs vs Crypto Explained in Under 400 Words

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If you’re having trouble understanding the difference between cryptocurrency and NFTs, we’ve got you covered with our NFTs vs. crypto guide. But if you need an even shorter explanation, you’re in the right place. We’ve created a bite-sized explainer on what they are, how they interact, and their main differences. Let’s dive right in. What is Crypto? Cryptocurrencies are blockchain-based digital currencies secured via cryptography. Because they’re so highly protected, they’re nearly impossible to counterfeit or double-spend. Bitcoin (BTC) and Ethereum (ETH) are the most well-known cryptocurrencies out there, but thousands exist. Anyone can buy and sell cryptocurrencies on decentralized […]
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