money / 9 posts found

eBay Just Acquired a Major NFT Marketplace

Comments are off for this post.
eBay has made considerable headway into the Web3 space since it first started selling NFTs on its site in March 2021. In May 2022, the e-commerce giant launched its own NFT collection. Today, June 22, the company announced that it has officially acquired KnownOrigin — an NFT marketplace that has generated over $7 million in trading volume since its launch in late 2018. The news was broken via the marketplace’s official Twitter account, which made the announcement in a series of tweets earlier today at 8:41 a.m. EDT. 1/7 The mission was simple: could we build a new platform that […]

BREAKING: FBI Charges OpenSea Employee With Insider Trading

Comments are off for this post.
A former OpenSea employee has been charged with insider trading by the FBI. Insider trading is one of the oldest and most pervasive white-collar crimes in existence, making this arrest one of the first instances of conventional laws being applied to punish bad actors in the NFT space. The nature of the crime Earlier this morning, former OpenSea product manager Nathaniel Chastain was arrested in the city of New York for allegedly using confidential knowledge gained from his post working for the marketplace to his advantage. Specifically, he’s been charged with one count of wire fraud, and one count of […]

The 10 Most Expensive NFT Collections and Why They’re Valuable

Comments are off for this post.
It’s easy to forget quite how young the NFT space is. One of the most popular projects out there, the Bored Ape Yacht Club, only came onto the scene in 2021. That year, the market exploded, with nearly $41 billion of crypto spent on NFT marketplaces — CryptoPunk #7523 sold for $11.7 million, Bored Ape #3562 sold for more than $1.6 million, and Cool Cat #1490 sold for $1.4 million. These projects might have seen significant financial successes, but which of the world’s most expensive NFT collections also have staying power?  We’re here to find out. We examined the most expensive […]

Should You Buy An NFT? Should Anyone?

Comments are off for this post.
In July of 2021, OpenSea, one of the most popular NFT marketplaces in the world, was valued at $1.5 billion. That staggering number had grown to $13.3 billion in January 2022. And despite the drops that we’ve seen in the market, the demand for NFTs is clearly high. But even though the appetite for crypto art has exploded in the past year and new buyers are entering the ecosystem at an unrelenting pace, the market is rife with skepticism. In many cases of NFT ownership, we’re talking about digital files, after all. How is owning such an NFT any different than […]

NFT Flippers: Tales of Woe and Triumph

Comments are off for this post.
In an unprecedented bull market where 65 percent of all secondary sales deliver a profit, it’s a good time to be a flipper. Hop into any Discord and you’ll hear stories of over 1,000 percent gains overnight. Even famous NFT owners are getting in on it; Steve Aoki, for example, flipped his CryptoPunk #6473 in one month for a 235 ETH profit (over $900,000 USD at the time). Consider these stats from The Chainalysis 2021 NFT Report:  20% of the user addresses on OpenSea account for 80% of secondary NFT sales 5% of all active addresses account for 80% of […]

NFTs and Charity: What to Know About Deductions and Tax Hurdles

Comments are off for this post.
For many, tax season is finally behind us. While it’s nice to take a breath, it’s also never too late to start thinking about next year’s filings — especially if you continue to invest in NFTs and crypto. Whether you’re in that group, or filed for an extension and still have time to submit your information, this guide will help you take a closer look at your crypto and NFT investments, including the potential tax implications associated with capital gains, losses, and charitable crypto donations.  NFT purchases and subsequent sales Joe Biden’s $1.2 trillion infrastructure bill, which goes into effect […]

$34M Locked in a Smart Contract. Was the Akutars Exploit Avoidable?

Comments are off for this post.
Last Friday (April 22), Micah Johnson’s anticipated Akutars project launched to great fanfare. Unfortunately, things went sideways quickly. Soon after collectors began flooding the website to take part in the drop, an issue with the project’s smart contract caused a fiasco that ultimately resulted in the loss of a staggering $34 million. While events have since been set in motion to continue the awaited drop and potentially recoup losses, the launch is already being seen as a cautionary tale — one that has greater implications on the NFT ecosystem at large. A preview of Akutars NFTs What happened with Akutars? […]

How Ethereum NFTs Could Provide a Safe Haven From Crypto Market Volatility

Comments are off for this post.
The crypto market is (and always has been) noticeably volatile. This isn’t new information. Considering the fact that crypto prices are influenced directly by supply and demand, investor sentiments, government regulations, and more (including Elon Musk’s tweets), traders have continued close study of the market in hopes of maximizing gain and minimizing loss. But when it comes to the NFT market, it’s an entirely different ballgame. Does this feel counterintuitive? Kind of. It would make sense if non-fungible tokens (NFTs) were inherently tied to crypto prices. Right? Well, as the NFT ecosystem has grown and evolved, market researchers have become […]

Scams Explained: What Are Rug Pulls? Are They a Crime?

Comments are off for this post.
Back in March of 2022, the U.S. Department of Justice (DOJ) charged Frosties founders Ethan Nguyen (“Frostie”) and Andre Llacuna (“heyandre”) with conspiracy to commit fraud and conspiracy to commit money laundering in what is considered to be the agency’s first NFT “rug pull” bust. The ice-cream-themed project, which was heavily marketed as a “cool, delectable, and unique” collection of 8,888 NFTs, also promised investors raffles, merch, and a “special fund to ensure the Frosties’ longevity.” They didn’t exactly live up to these promises.  Following a two-month investigation, prosecutors in the Southern District of New York arrested and charged Nguyen, […]
error: Content is protected !!