Magic Eden may want users to claim a token called TestME Tuesday using its digital wallet—but the NFT marketplace is encouraging degens to sit this one out.
That’s because the TestME token, as the name implies, is intended to be a trial run and precursor to the Magic Eden Foundation’s governance token. That token, rebranded as ME earlier this year, has yet to be assigned a specific release date.
The Magic Eden Foundation will release the bare-bones token on Tuesday as a way for its associated NFT marketplace to flex its technical muscles. Though the company is encouraging users to claim the token if they can, it’s also cautioning users against speculating on what’s intended to be a one-off showcase.
The token won’t serve as the cross-chain NFT marketplace’s governance token, which was initially teased in January. Rather, the endeavor is being billed as a test run for Magic Eden Wallet, which will be used when the governance token is released later.
The cross-chain NFT marketplace has leaned heavily into its digital wallet offering since its release in November. Supporting fungible tokens, the product’s prioritization has coincided with Magic Eden’s push beyond digital collectibles as the market for NFTs moves further away from its frothy days in 2021 and 2022.
Users who want to claim TestME will need the NFT marketplace’s wallet, Magic Eden said in a blog post. U.K. and U.S. residents are excluded from participating in the rollout.
The window for claiming TestME will last two days, allowing users to “get comfortable with the process of claiming tokens,” Magic Eden said. Additionally, those two days will give Magic Eden the chance to vet any technical issues.
Citing the token’s lack of “intrinsic value,” Magic Eden said that it adopted the token purely for testing purposes and “discourages trading of the token.”
Nevertheless, TestME will likely see some activity that mirrors moves similar to those of other projects.
MockJUP, a token released by the decentralized exchange aggregator Jupiter as a test for its launchpad in January, became a pseudo-meme coin for a short amount of time. It wasn’t ultimately supported long-term, but some early traders made money on the Solana token as degens aped in ahead of the anticipated, real-deal JUP airdrop.
Magic Eden said that TestME’s distribution will be limited to those who have engaged with the platform in the past six months. And even though users will need a Magic Eden Wallet to claim TestME, other types of wallets can be linked to it to provide proof that a user has recently engaged with Magic Eden’s services, the company said.
While Magic Eden entered the NFT market on Solana, the company has added support for several other chains, including Bitcoin and Ethereum. Still, the company views Solana as core to its business, with Solana token trading slated for the platform.
Originally, the Magic Eden Foundation’s governance token was set to be called NFT. However, the foundation decided to keep Magic Eden’s branding attached to the asset as the platform expanded to support a version of Bitcoin-based fungible tokens called Runes.
More details about Magic Eden’s governance token, letting holders participate in voting on the platform’s direction, are set to be released following TestME’s rollout. Meanwhile, Magic Eden CEO Jack Lu has shared details about his vision for ME’s ultimate role.
“$ME will […] serve as an incentive layer to continuously help onboard, engage, and reward all Magic Eden users,” he wrote on Twitter (aka X) earlier this month, adding the token’s “integration will also reward the most long term continuous users.”
As the Magic Eden Foundation pushes forward with plans for a governance token, TestME may just be one step in a lengthy technical process. At the same time, the bare-bones tokens could generate some buzz—and eager wallet users—for what’s to come.
Edited by Sebastian Sinclair
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Have you wondered, why people are paying huge amounts of cash on digital assets that don’t physically exist? The NFT space has exploded and is indeed being sold for millions of dollars. It seems like the craze is not slowing down anytime soon. In this blog, we’re diving into the world of the most expensive NFTs ever sold, breaking down the reasons behind their jaw-dropping prices, exploring the hype, and predicting where this booming market might go next.
Here’s a list of the top 10 most expensive NFTs ever sold, offering insight into the significance and value of these unique digital pieces.
Top 10 Most Expensive NFTs Ever Sold:
RankNFT NameArtistAmount1The MergePak$91.8 million2Everydays: The First 5000 DaysBeeple$69.3 million3ClockPak and Julian Assange$52.7 million4CryptoPunk #5822Larva Labs$23.7 million5CryptoPunk #7523Larva Labs$11.75 million6TPunk #3442Tron-based (Joker)$10.5 million7CryptoPunk #4156Larva Labs$10.26 million8CryptoPunk #3100Larva Labs$7.67 million9CryptoPunk #7804Larva Labs$7.6 million10Right-click and Save As GuyXCOPY$7 million
1. “The Merge” by Pak – $91.8 million:
The highest-selling NFT to date is Pak’s “The Merge.” This NFT was sold in December 2021 for a record-breaking $91.8 million, but what sets it apart is the fact that it wasn’t a single piece, but a collection of masses purchased by over 28,000 collectors. Pak, known for boundary-pushing digital art, created a dynamic and evolving NFT, which highlighted the potential for interactive digital ownership.
2. “Everydays: The First 5000 Days” by Beeple – $69.3 million:
Beeple, a renowned digital artist, made headlines when his “Everydays: The First 5000 Days” was auctioned at Christie’s for $69.3 million in March 2021. This artwork represents a collage of 5,000 digital images Beeple created daily over 13 years, demonstrating the evolution of his artistic journey and the growth of the NFT market. Beeple’s work is credited for helping legitimize NFTs in the traditional art world.
3. “Clock” by Julian Assange and Pak – $52.7 million:
“Clock” is an NFT designed to raise awareness and funds for WikiLeaks founder Julian Assange’s legal defense. Created by Pak in collaboration with Assange, this NFT sold for $52.7 million, positioning itself as one of the most expensive NFTs ever sold. It shows a dynamic countdown of the days Assange has been imprisoned, adding a political and activist dimension to the NFT space.
4. CryptoPunk #5822 – $23.7 million:
CryptoPunk #5822 is part of the iconic CryptoPunks collection and was sold for a staggering $23.7 million in February 2022. This specific Punk, one of only nine alien punks, is distinguished by its blue skin and bandana. Its rarity and the historical significance of the CryptoPunks collection made it highly desirable for collectors.
5. CryptoPunk #7523 – $11.75 million:
Often referred to as “Covid Alien,” CryptoPunk #7523 was sold for $11.75 million in June 2021. This NFT, another from the rare alien series, gained additional significance due to its character’s medical mask, symbolizing the pandemic era. Its combination of cultural relevance and rarity makes it one of the top-selling NFTs.
6. TPunk #3442 – $10.5 million:
TPunk #3442 is from the TPunks collection, which was created on the Tron blockchain and is often seen as the “Tron version” of CryptoPunks. It was sold for $10.5 million to Justin Sun, the founder of Tron, which contributed to its popularity. The NFT’s design, resembling a Joker-like character, further heightened its value and appeal in the NFT space.
7. CryptoPunk #4156 – $10.26 million:
Sold for $10.26 million in December 2021, CryptoPunk #4156 is one of the most valuable pieces in the CryptoPunks collection. This particular NFT stands out with its ape appearance and blue bandana, adding to its rarity. The combination of these factors made it one of the highest-grossing sales.
8. CryptoPunk #3100 – $7.67 million:
CryptoPunk #3100 sold for $7.67 million in March 2021, making it one of the rarest and most expensive CryptoPunks. It features a character with an alien design and a white headband, contributing to its appeal among collectors.
9. CryptoPunk #7804 – $7.6 million:
Another major sale from the CryptoPunks collection, CryptoPunk #7804, sold for $7.6 million in March 2021. Known as the “digital Mona Lisa,” this punk is depicted wearing a cap and sunglasses and smoking a pipe. Its unique combination of attributes, combined with its alien design, made it highly valuable.
10. “Right-Click and Save As Guy” by XCOPY – $7 million:
This NFT was sold to Snoop Dogg for $7 million in December 2021. Created by XCOPY, this piece mocks critics of digital art and NFTs who claimed that NFTs had no value because you could simply “right-click and save” the digital file. Despite its meme-like nature, it became an iconic and valuable digital artwork, highlighting the intersection of culture, satire, and technology in the NFT world.
This NFT is a great example of how NFTs can capture cultural and political moments. The value comes not only from the art but also from the context in which it was created.
Analysis of Value and Appeal: Why Are NFTs Worth So Much?
Now that we’ve seen some of the top sales, the question is What makes these NFTs so valuable? Here are a few key factors driving the high prices:
1. Rarity:
Rarity increases value in a similar way to traditional collectibles. There are only 10,000 CryptoPunks in the world, and some are more sought-after than others due to characteristics like as wearing unusual items or being aliens.
2. Cultural Relevance:
NFTs, such as Beeple’s “Crossroads,” provide a distinct historical context by capturing a political time. When it comes to digital art that speaks to society as a whole, people are prepared to pay top cash.
3. Ownership and Provenance:
NFTs use blockchain technology to provide ownership that can be verified. NFTs have ownership that cannot be disputed since they are connected to the blockchain, unlike real works of art that may be faked or stolen.
4. Flexibility and Utility:
Some NFTs are more than just static pieces of art. An example will be having Beeple’s Human One which can be modified over time and therefore updated. This kind of flexibility adds yet another dimension to the value proposition.
5. Speculation:
Let’s not forget about the speculative nature of NFTs. A majority of buyers are purchasing assets in the form of NFTs with the intention to hold them, hoping that their worth is appreciated in the future, similar to purchasing shares or properties.
Market Trends: Where Are NFTs Headed?
The NFT market has been growing at an astronomical pace, but like any market, it’s bound to experience some shifts. Let’s break down a few key trends we’re seeing:
1. NFT Utility IsEvolving:
The idea of NFTs is moving beyond static visuals, as we’ve seen with dynamic NFTs like Beeple’s “Human One.” More creative uses for NFTs are probably in store, such as digital apparel, concert tickets, and virtual real estate in the metaverse.
2. NFTs in the Gaming Industry:
A growing number of games now support NFTs, letting users purchase, exchange, and sell in-game items for NFTs. This development may change the way we see player ownership and virtual economies.
3. Mainstream Adoption:
Celebrities, musicians, and even large corporations are entering the NFT market. Sports leagues are making NFT trading cards, and Twitter’s Jack Dorsey sold his very first tweet as an NFT for $2.9 million. NFTs are expected to grow in popularity as more mainstream companies join the market.
4. Environmental Issues:
There has been debate over NFTs. The environmental effects of blockchain technology are a common topic of criticism, particularly when considering the energy needed to mint NFTs. Although some platforms are tackling this by implementing more environmentally friendly blockchain technologies, the market will still be concerned about this.
Future Predictions of NFTs:
It’s hard to say where the NFT market will go from here. Some believe it’s a bubble waiting to burst, while others think it’s just the beginning of a digital renaissance. What’s clear is that NFTs have already changed the way we think about ownership, art, and value in the digital age.
On the other hand, NFTs could establish themselves as a mainstay of the digital economy. As additional sectors of the economy, including as entertainment and fashion, adopt NFTs, the industry may experience consistent long-term development.
NFTs may reach new heights as a result of the emergence of the metaverse, or virtual environments where users interact with digital assets. Consider becoming the owner of a virtual mansion or piece of art in an entirely virtual world. This may increase the need for NFTs even further.
NFTs have captured the world’s attention, and while some argue that the market is inflated, there’s no denying that digital ownership is a powerful concept. From rare CryptoPunks to Beeple’s record-breaking artwork, the most expensive NFTs are more than just pixels, they’re status symbols, cultural landmarks, and, in many cases, financial investments.
So, what do you think? Are NFTs just a passing trend, or are they the future of art, ownership, and digital culture? Let me know your thoughts in the comments, who knows, maybe you’ll be the next big NFT collector! For more updates on NFTs and the latest trends in Web3, be sure to subscribe to our newsletter!
As the cryptocurrency landscape continues to evolve, innovative platforms are poised to catalyze remarkable changes in the DeFi ecosystem. Cardano’s integration of Bitcoin smart contracts is a strategic move positioned to tap into the potential of both blockchain technologies, ultimately enhancing the utility and scalability of decentralized finance. This integration promises to carve a new path for DeFi, addressing existing challenges while unlocking new possibilities.
Understanding the Integration
The blockchain industry has seen vast advancements, with Bitcoin and Cardano emerging as pivotal players. While Bitcoin is primarily known for its role as a digital currency, Cardano is lauded for methodological advancements in blockchain technology and smart contract capabilities. By integrating Bitcoin smart contracts within the Cardano platform, a synergy is created that aims to harness the strengths of both blockchains for a more robust DeFi infrastructure.
The Rationale Behind the Integration
This integration is fueled by an intent to combine Bitcoin’s secure and decentralized nature with Cardano’s scalable and flexible environment.
Bitcoin’s Security: Bitcoin stands as the most secure blockchain due to its extensive hash power. By leveraging Bitcoin’s network for smart contracts, Cardano ensures a high level of security for decentralized applications.Cardano’s Scalability: Cardano offers a more scalable platform than Bitcoin. Integrating Bitcoin’s smart contracts allows Cardano to bring scalable smart contract functionality to Bitcoin’s network.
The Impact on Next-Gen DeFi
Decentralized Finance (DeFi) has emerged as a revolutionary application of blockchain technology. The integration of Bitcoin smart contracts represents an evolution in DeFi, promising to overcome existing limitations and introduce new features.
Solving Current DeFi Challenges
Despite its growth, DeFi faces significant challenges such as scalability issues, high transaction fees, and security vulnerabilities. Cardano’s integration of Bitcoin smart contracts addresses these issues by:
Reducing Transaction Costs: Cardano’s efficient consensus mechanism enables low-cost transactions, a substantial improvement over existing networks with high fees.Enhancing Security with Bitcoin’s Network: The integration provides a robust security layer, safeguarding DeFi applications against attacks.Increasing Network Efficiency: The integration allows for a more efficient processing of complex smart contracts, reducing congestion.
New Opportunities for Innovation
This integration heralds an era of innovation within DeFi, paving the way for advanced financial instruments and products:
Cross-chain Interoperability: By bridging Bitcoin and Cardano, decentralized applications can leverage the benefits of both networks, creating seamless interactions.Smart Contract Use Cases: The ability to execute smart contracts on Bitcoin’s blockchain delivers more versatile and complex financial instruments.Enhanced User Experience: With reduced fees and enhanced efficiency, users are likely to experience smoother interactions within the DeFi ecosystem.
The Technical Landscape
The technical underpinnings of this integration involve the use of Bitcoin’s scripting language and Cardano’s Haskell-based Plutus platform.
Bitcoin’s Scripting Capabilities
Bitcoin’s scripting language is restricted compared to fully featured smart contract languages, often focused on basic conditional operations. Yet, **when combined with Cardano’s functionality**, it allows for more complex, scalable solutions.
Cardano’s Plutus Platform
Cardano’s smart contract capabilities, built using Haskell, provide a robust and flexible platform for developers. The modular nature of Cardano’s architecture facilitates easy implementation of Bitcoin’s scripting.
Security and Safety: Haskell offers improved security due to its mathematical foundations, reducing the risk of smart contract vulnerabilities.Scalability: Cardano’s highly scalable architecture supports increased transaction volumes and complex computations efficiently.
The Road Ahead
The integration of Bitcoin smart contracts on Cardano marks a significant leap forward in blockchain technology. This development not only bridges the two prominent chains but also sets a precedent for future cross-chain collaborations.
Potential Challenges
Though promising, the integration journey will face challenges:
Technical Complexity: Bridging two distinct blockchain architectures involves technical intricacy that requires sophisticated coordination.Regulatory Environment: As DeFi grows, it faces increasing scrutiny from regulators, which may impact the deployment of these cross-chain solutions.Adoption and Usability: For widespread adoption, user-friendly interfaces and education will be paramount, ensuring that end-users can seamlessly leverage integrated services.
Future Prospects
This integration serves as a foundational step towards a more interconnected blockchain ecosystem. It has the potential to:
Drive DeFi Adoption: Enhanced efficiencies and features can attract more users to DeFi platforms.Attract Institutional Interest: Improved security and lower risks might appeal to institutional investors, fostering wider acceptance.Inspire Further Innovations: The cross-chain integration model could inspire similar innovations, leading to a more connected blockchain world.
As blockchain technology continues to push forward, initiatives like Cardano’s integration of Bitcoin smart contracts are paving the way for the next era of decentralized finance, promising a world of more inclusive, secure, and efficient financial systems.
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About Web3Wire Web3Wire – Information, news, press releases, events and research articles about Web3, Metaverse, Blockchain, Artificial Intelligence, Cryptocurrencies, Decentralized Finance, NFTs and Gaming. Visit Web3Wire for Web3 News and Events, Block3Wire for the latest Blockchain news and Meta3Wire to stay updated with Metaverse News.
In case it wasn’t already obvious, Bitcoin exchange traded-funds (ETFs) are hot—with demand for the products smashing all expectations.
Data from Bloomberg shows that of the 575 ETFs launched this year, 14 of the top 30 products have been either new Bitcoin or Ethereum funds, with the top four spots owned by Bitcoin funds.
And in the past four years, of the 1,800 ETFs that started trading during that span, BlackRock’s iShares Bitcoin Trust is the biggest by far in terms of inflows, the data shows.
575 ETFs have now launched in 2024…
*14 of top 30* by inflows are either spot btc or eth ETFs.
Includes 6 of top 10.
There are also 2 MSTR-related ETFs in top 30.
Crypto appetite from tradfi is real. pic.twitter.com/DmD6f5zJ1P
— Nate Geraci (@NateGeraci) October 23, 2024
ETFs are popular investment vehicles that trade on stock exchanges. They allow investors to buy and sell shares that track the price of anything from the S&P 500 and gold to Bitcoin and real estate firms.
In January, the Securities and Exchange Commission (SEC) approved the Bitcoin products, allowing 10 such funds to start trading on American stock exchanges after a decade of denials.
The investment vehicles have been widely popular, attracting billions of dollars in months in flows. Last week, they collectively crossed the $20 billion mark—smashing expectations by taking just 10 months to do what gold ETFs did over five years.
The reason for the fast money, according to Bloomberg Intelligence ETF research analyst James Seyffart, is partly down to investors who had wanted to invest in Bitcoin for some time, but didn’t have a safe or easy way before the approval of the ETFs. Now that the ETFs are trading, that demand is rapidly entering the market.
“I think it was partly pent-up demand,” he told Decrypt. “But it’s also new demand as people are learning more.”
He added that traditional financial institutions are interested in the products too—including hedge funds involved in futures trading. “That has helped improve flows and demand,” he said, adding that hedge funds have been going long on the ETFs and then selling the futures contracts.
Massive institutions—including Morgan Stanley and Goldman Sachs—now have exposure to Bitcoin via the new products. The price of Bitcoin even hit a new all-time high in March following their approvals.
But the Ethereum counterparts haven’t had as much luck thus far. The SEC approved the ETFs for the second-biggest cryptocurrency—reluctantly, it appeared—in May. They haven’t done nearly as much in terms of inflows since trading began in July.
This is partially because Grayscale’s Grayscale Ethereum Trust (ETHE) previously operated like a closed-end fund rather than an ETF before July. Its subsequent conversion means that investors who previously had cash locked up in the fund have fast been redeeming shares—leading to massive outflows.
So far, $3 billion has left the fund, bringing the total flows for all nine Ethereum ETFs currently trading to negative $472.7 million, Farside data shows.
However, that doesn’t mean demand won’t pick up. Investors have thrown cash at the other products, and that could mean a turnaround is on the horizon.
“It’s just that the outflows from ETHE are overwhelming the inflows to these other [Ethereum] ETFs,” added Seyffart. “For now.”
Edited by Andrew Hayward
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The cryptocurrency landscape is constantly evolving, and with it, the fortunes of various digital assets wax and wane. One such asset currently under the microscope is Polygon (POL), which has seen its price tumble to the lows of 2021. As investors and enthusiasts ponder its future, it becomes imperative to examine the factors contributing to this decline and assess what lies ahead for Polygon. In this article, we’ll delve into the history, current challenges, and potential future of Polygon to provide a comprehensive overview of its trajectory.
Understanding Polygon: A Brief History
Polygon, formerly known as Matic Network, has been a significant player in the cryptocurrency ecosystem, offering layer 2 scaling solutions to improve the performance of Ethereum’s decentralized applications (dApps). Since its inception, Polygon has focused on enhancing blockchain interoperability and providing faster, more cost-effective transactions. Its meteoric rise in early 2021 demonstrated its potential, drawing the attention of developers and investors alike.
The Rise of Polygon
Polygon’s initial success can be attributed to several key factors:
Scalability: Polygon’s layer 2 solutions significantly improved Ethereum’s transaction throughput.Cost-Effectiveness: Users experienced reduced gas fees, making it an attractive option for dApp developers.Strong Community: Polygon fostered a vibrant community of developers and users, further driving its adoption.
Current Market Scenario: What’s Happening with POL?
Despite its promising start, Polygon’s price has recently plummeted to its 2021 low, raising questions about its sustainability and future prospects. Multiple factors are contributing to this downturn:
Market Volatility
The cryptocurrency market is inherently volatile, with prices subject to rapid fluctuations. Polygon is no exception, and the recent broader market retracement has undoubtedly impacted its valuation. Increased regulatory scrutiny and global economic uncertainties have further exacerbated these volatile conditions.
Competitive Landscape
The rise of competitors offering alternative layer 2 solutions has intensified competition. Ethereum’s advancements, such as Ethereum 2.0, as well as the emergence of other blockchains, are challenging Polygon’s market positioning.
Technical Challenges
While Polygon has addressed Ethereum’s scalability issues, it still faces technical hurdles that need resolution. Improving network security and maintaining seamless user experiences remain critical tasks for the platform.
Investor Sentiment
The sentiment of cryptocurrency investors plays a vital role in price movements. As excitement wanes and skepticism rises, assets like Polygon experience increased selling pressure, contributing to their decline.
Assessing Polygon’s Future Prospects
Despite these challenges, Polygon has several avenues through which it can revive its fortunes and regain investor confidence.
Innovation and Development
To sustain growth, Polygon must continue to innovate and develop its technology stack. Some strategies include:
Enhancements to Infrastructure: Continued improvements in speed and efficiency will benefit users and dApp developers.Partnerships and Collaborations: Forging alliances with other blockchain projects can bolster Polygon’s ecosystem.Ecosystem Expansion: Encouraging new and existing dApp developers to build on Polygon could drive further adoption.
Engaging the Community
A committed, engaged community can be a project’s greatest asset. Polygon can capitalize on this by:
Hosting Educational Initiatives: Workshops, webinars, and hackathons can educate and empower developers and users.Community Governance: Facilitating community participation in decision-making can foster stronger ties and innovation.
Redefining the Narrative
Polygon needs to actively communicate its value proposition to the broader market. Clarifying its unique offerings and future goals can potentially restore investor interest and trust.
Conclusion: Navigating Uncertain Waters
Polygon is currently at a critical juncture, confronting both opportunities and challenges that could shape its future trajectory. As it navigates these turbulent waters, the focus must remain on innovation, community engagement, and strategic positioning. The journey ahead will not be without difficulty, but with astute management and a renewed focus, Polygon can overcome today’s obstacles and emerge as a stronger entity. For investors and users, staying informed and vigilant will be key in understanding the evolving dynamics of this ever-changing landscape.
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About Web3Wire Web3Wire – Information, news, press releases, events and research articles about Web3, Metaverse, Blockchain, Artificial Intelligence, Cryptocurrencies, Decentralized Finance, NFTs and Gaming. Visit Web3Wire for Web3 News and Events, Block3Wire for the latest Blockchain news and Meta3Wire to stay updated with Metaverse News.
The name “OpenSea” undoubtedly comes to mind when you first hear about NFTs, and for good reason! The largest NFT market in the world, OpenSea allows anybody to create, purchase, and sell non-fungible tokens. If you’ve ever been curious about what OpenSea is, how it works, or if it’s the right platform for you, you are at the right place. In this blog, we will have a solid understanding of OpenSea NFT and how to make the most of it. So, let’s dive in!
OpenSea is a massive marketplace where you can purchase, sell, and even build NFTs. Think of it as the Amazon of the NFT world. OpenSea offers the resources and infrastructure to participate in the NFT ecosystem, whether you’re a creator, a collector, or just an interested bystander. It’s similar to entering a sizable gallery, except everything is digital and entirely one hundred percent unique.
How OpenSea Works?
Now let’s examine how OpenSea functions; it’s actually not as complicated as it might sound.
1. Browse or create NFTs:
There are two options available to you: peruse the millions of NFTs in the current marketplace or start from the beginning and make your own. This covers everything, from virtual real estate to digital music and art.
2. Connect to Your Wallet:
You’ll need a cryptocurrency wallet in order to begin trading or producing NFTs. Consider it to be your online bank account. Though OpenSea supports a number of them, including Coinbase Wallet and Trust Wallet, MetaMask is the most widely used. As soon as your wallet is connected, you can begin using the platform.
3. Buy or Sell NFTs:
Purchasing or selling only requires a click button. You look through NFTs, see how much they’re normally asking for Ethereum, then either make a deal or pay the asking price. Depending on their plan, sellers can either establish a fixed price or put their NFTs up for auction.
4. Gas Fees:
Oh yes, the infamous gas fees! Every time you make a transaction on the Ethereum blockchain, you’ll be paying a fee, often called “gas.”
Let’s get into some practical tips, shall we? Whether you’re looking to buy your first NFT or trying to sell one for a profit, these tricks will help you navigate the marketplace more effectively.
How to Buy NFTs in OpenSea?
Source: nftpay.xyz
1. Do Your Research:
Learn more about the project before investing your hard-earned Ethereum in it. Examine the creator, the exclusivity, and the surrounding community. The NFT’s worth may rise over time if the project is well-known.
2. Examine Transaction History:
You should look over the history of transactions for each NFT. The NFT’s value may be more volatile if it has been resold several times.
3. Establish a Budget and Follow It:
When you’re enthusiastic about a project, it’s simple to get carried away by the excitement and overpay. Determine how much you can afford to spend in advance.
How to Sell NFTs in OpenSea?
1. Build a Narrative Around Your NFT:
Uploading a file isn’t enough if you’re selling. You should write an intriguing narrative that will draw in potential customers. What distinguishes your NFT? What inspired the creation of it? These specifics are important.
2. Price sensibly:
If you’re just getting started, don’t overcharge for your NFT. In the event that demand increases later, you may always raise the price.
3. Promote:
When it comes to promoting NFT, social media is your best buddy. There are active NFT communities on platforms like Discord and Twitter, which may stimulate interest.
How to Create NFTs in OpenSea?
1. Use High-Quality Media:
Make sure your NFT is made using high-quality media, whether it be a picture, video, or song. Collectors are interested in resolution, sound quality, and presentation overall.
2. Metadata is the Key:
The Crucial Metadata Make sure your NFT’s metadata is filled out correctly. Add tags, a detailed description, and even stuff that may be unlocked, such as high-resolution files or exclusive bonuses only available to buyers.
3. Interact with Your Community:
Don’t sit back when your NFT goes live. Talk to prospective customers, respond to their inquiries, and create a community around your business.
Security Best Practices:
The NFT world is exciting but can also be risky. Scams, hacks, and phishing attempts are not uncommon, so here’s how you can protect yourself:
1. Never Give Your Seed Phrase Away:
This is the master key to your money. Anyone who finds out about this can seize control of your money.
2. Turn on Two-Factor Authentication (2FA):
Make sure that both your OpenSea account and wallet have 2FA enabled. This enhances security on top of it.
3. Watch Out for Phishing Sites:
Scammers sometimes create fake sites that look like OpenSea. Double-check URLs before entering any sensitive information.
4. Be Careful with DMs on Discord and Twitter:
Scammers frequently send direct messages purporting to have bargains or requesting your wallet information. Disregard these.
5. Store NFTs in a Cold Wallet:
If you possess precious NFTs, you should think about keeping them in a hardware wallet, also known as a cold wallet.
OpenSea Fees:
Source: 36crypto.com
Let’s talk money. OpenSea’s fee structure is pretty simple, but knowing it ahead of time will help you avoid surprises:
Platform Fee: OpenSea takes a 2.5% cut on every sale. So if you sell an NFT for $100, you’ll receive $97.50.
Creator Royalties: Some creators set a royalty fee on their NFTs, meaning that every time the NFT is resold, they receive a percentage (typically 5-10%).
How to Store NFTs Securely on OpenSea:
Source: cyberscrilla.com
You’ve bought your NFTs, now what? How do you make sure they’re stored safely?
1. Choose a trusted Wallet:
Ledger, Coinbase Wallet, and MetaMask are all trustworthy wallets. Verify that the wallet you’re using has a solid security record and positive user ratings.
2. Maintain the Security of Your Wallet:
Beyond just enabling 2FA, don’t store your private keys in easily accessible places. Consider writing them down and storing them offline.
3. Cold Storage:
Cold storage, which is effectively keeping your NFTs offline in a hardware wallet, is something to think about for high-value NFTs. Hackers will find it far more difficult to assess your valuables as a result.
Pros and Cons of OpenSea:
No platform is perfect, right? Here’s a breakdown of OpenSea’s strengths and weaknesses to help you decide if it’s the best choice for you.
Pros of Using OpenSea:
1. Largest Marketplace:
OpenSea offers a selection that is difficult to match, with millions of NFTs.
2. User-Friendly Interface:
Even for new users, OpenSea is designed to be simple to use.
3. Support for Multiple Wallets:
This feature allows you to link several kinds of wallets, giving it flexibility for various users.
4. Supports Many NFT Categories:
Encourages Numerous NFT Categories Everything from virtual land to music to art, you may discover all kinds of NFT here.
Cons of Using OpenSea:
1. High Gas prices:
OpenSea is built on the Ethereum blockchain, which is notorious for its sometimes-exorbitant gas fees.
2. Fraud & Scams:
Scams can occur in any open marketplace, including OpenSea. You must continue to exercise caution.
3. Centralization Issues:
Although OpenSea operates in the decentralized world of blockchain, the platform itself is centralized, meaning it could theoretically be censored or shut down.
The Future of OpenSea:
Now, this is where things get exciting! OpenSea is continuing to grow rapidly, but what does the future hold?
OpenSea has already included Solana and Polygon, which lowers the cost of Ethereum’s gas. In the future, we expect to see more blockchain integrations. OpenSea is always enhancing its search functions and user experience to make it simpler for consumers to locate NFTs they’ll like. It has been striving to provide creators access to more resources, such as more straightforward methods of managing royalties and promoting their work. More rules are likely to be implemented as the NFT industry develops. Platforms like OpenSea could gain stability and confidence as a result.
So there you have it, a complete guide to OpenSea and how to navigate the world’s largest NFT marketplace. Whether you’re buying, selling, or creating, OpenSea offers a comprehensive and user-friendly platform. However, like any marketplace, it has its pros and cons. High gas fees, potential security risks, and the possibility of scams are worth keeping in mind. Still, if you’re careful and smart about how you engage, OpenSea can be a game-changer in your NFT journey.
But what about you? Have you used OpenSea before, or are you planning to? What’s been your experience, or what are your thoughts on the future of the platform? Let me know in the comments below! I’m curious to hear your take on the world of OpenSea NFTs. And for more updates on the latest in the world of digital art, blockchain, and NFTs, be sure to subscribe to our newsletter, Web3 O’clock. Stay ahead of the curve!
Over $20 million worth of stablecoins and Ethereum was transferred from a wallet containing funds seized by the U.S. government Thursday, shifting assets tied to the 2016 hack of the crypto exchange Bitfinex to a five-day-old address. Some of those funds have now been moved to Binance, an off-shore exchange and the largest crypto trading platform in the world by volume.
Minutes before the transfers took place, the blockchain analytics firm Arkham Intelligence highlighted withdrawals from the lending protocol Aave in a tweet. It was the first time the funds had been touched in eight months, the company said.
According to Arkham’s platform, $1.25 million of the stablecoin Tether was withdrawn from Aave as well as $5.5 million of USDC. Those funds were subsequently sent to a wallet beginning “0x348” alongside $446,000 worth of Ethereum and $13.7 million of aUSDC, an interest-bearing token that represents USDC deposited in an Aave lending market.
The government-controlled wallet received millions of dollars of aUSDC two years ago. On the same day, it also received a hefty sum of the equivalent Aave-based token for Tether.
The pseudonymous blockchain sleuth ZachXBT said the activity appeared “nefarious” on Twitter. Most likely, the funds were flowing as a result of “theft,” the sleuth added.
Bitfinex was hacked in 2016 by a married couple from New York City, who later pleaded guilty to money laundering conspiracies. Taking advantage of a security breach at the exchange, Ilya Lichtenstein and Heather Morgan had $3.6 billion worth of digital assets seized by the authorities, according to a Department of Justice (DOJ) press release from August 2023.
funds are going to instantly exchanges looks nefarious
— ZachXBT (@zachxbt) October 24, 2024
Asked whether the transfers were conducted in relation to law-enforcement activities, the DOJ did not immediately respond to a request for comment from Decrypt.
The wallet that received millions of dollars of government-linked funds Thursday proceeded to use 1inch, an exchange aggregator, to swap stablecoins for Ethereum. It then began shuffling Ethereum in $40,000 chunks to a deposit address for the crypto exchange Binance, which ZachXBT flagged as suspicious behavior.
In total, $320,000 worth of Ethereum had been sent to Binance, as of this writing. At the same time, $80,000 worth of Ethereum had splintered off into other wallets.
When it comes to “0x348,” the wallet made its first transaction less than a week ago. And the wallet that funded it received its first funds two years before from the Australian cryptocurrency exchange CoinSpot, which does not operate in any other jurisdiction.
As of this writing, the government-controlled wallet was virtually empty. All of its assets were gone, aside from $127 worth of a Donald Trump-themed meme coin.
Edited by Andrew Hayward
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In today’s digital world, where automation and scripting are essential for developers, security remains a paramount concern. One of the simplest ways to install developer tools is through scripts downloaded directly from the internet. However, this convenience also comes with inherent risks, especially when dealing with external sources.
Web3j is a security-focused project. It has taken steps to reduce risks from running installer scripts. This includes protecting against remote code execution (RCE) threats.
The Problem: A Risk in Convenience
Web3j provides installation scripts to make setup easier for developers. Typically, users can run the following commands to install Web3j:
On macOS/Linux:
curl -L get.web3j.io | sh
On Windows:
Set-ExecutionPolicy Bypass -Scope Process -Force; iex ((New-Object System.Net.WebClient).DownloadString(‘https://raw.githubusercontent.com/hyperledger/web3j-installer/main/installer.ps1’))
While these commands make installation quick and effortless, they introduce a serious security vulnerability: if a malicious actor gains access to modify the script at the source, they can inject malicious code. Users who unknowingly run these compromised scripts may expose their machines to Remote Code Execution (RCE). This could allow attackers to take control.
The Solution: Built-in Checksum Verification
To address this vulnerability, we have introduced SHA256 checksum verification into the Web3j installation script itself. This means that users no longer need to manually verify the checksum—the script now checks its own integrity before executing. This built-in verification ensures that the script automatically checks whether it has been modified. This prevents the execution of any potentially malicious code.
Manual Checksum Verification for Extra Security
While the script performs its own verification, we also provide checksum values publicly so that users can independently verify them if they prefer to do so. This double layer of security is crucial for environments where strict verification processes are required.
The checksum values for the installation scripts are stored in the following files:
To verify the checksum manually, you can run the following commands for your respective operating system:
For macOS:
sed ‘/^CHECKSUM_URL=/d’ installer.sh | shasum -a 256 | awk ‘{print $1}’
For Linux:
sed ‘/^CHECKSUM_URL=/d’ installer.sh | sha256sum | awk ‘{print $1}’
After running the command, compare the output hash with the respective checksum file from the Web3j GitHub repository. If they match, the script is safe to run. If not, avoid running the script and report the issue immediately.
Why Fixing This Issue is Important
Addressing the risk of RCE is critical because it directly impacts the security of the machines that run Web3j scripts. In a compromised scenario, an attacker can execute arbitrary commands on a victim’s machine. This could lead to data breaches, malware installation, or total system compromise.
By implementing checksum verification inside the script and offering a manual verification option, we greatly reduce the risk of executing malicious scripts. This ensures the Web3j community remains safe and secure.
Continuous Updates to Ensure Safety
Web3j remains committed to the security of its users. The checksum values for the installer scripts will be updated if there are any changes to the script in the future. Users are encouraged to always verify the checksum before running the script, especially after downloading a fresh copy.
Conclusion
In conclusion, while installer scripts provide a convenient way to get started with Web3j, they also come with potential risks. With the introduction of checksum verification inside the script and the ability for users to manually verify checksums, we have strengthened the security of the entire Web3j ecosystem. Users can now confidently execute the installation script knowing that it is authentic and free from tampering, protecting their systems from potential attacks.
Are you curious about creating NFTs but need help figuring out where to begin? With all the hype around NFTs, it is normal to feel confused and overwhelmed by the technical terms and processes. But you know what? Making an NFT is simpler. Today, I will take you through a step-by-step guide about how to create an NFT. Sounds good? Let’s dive in!
Before diving into the process, let’s quickly cover the basics for anyone new to the space. An NFT, or non-fungible token, is a unique digital asset that represents ownership of a specific item – be it artwork, music, a video, or virtual real estate plots. Unlike cryptocurrencies like Bitcoin or Ethereum, which are interchangeable, each NFT is one-of-a-kind and cannot be replaced with something else.
Now let’s jump into how you can create an NFT.
Tools and Platforms for Creating NFTs:
Before creating an NFT, there are a few fundamental components that must be in place. I’ll discuss it in detail.
1. A Virtual Wallet:
Source: nftify.network
To create Non-fungible Tokens, it is important to point out that you would also need a cryptocurrency wallet because, for almost all the NFT platforms, Ethereum (ETH) is used for transactions including for minting NFT. Some of the well-known wallets are:
MetaMask: MetaMask is a browser server extension that acts as both a wallet and a doorway to the Ethereum applications.
Coinbase Wallet: Coinbase is linked to the popular exchange, this is user-friendly for beginners.
Trust Wallet: Trust wallet is a decentralized wallet that is not only for storing coins but also for different cryptocurrencies and NFT stock cards.
But do you have to buy the cryptocurrency to start?
Yes, usually you need to have some Ethereum in your wallet to pay for minting. But don’t worry, we’ll talk about that in a bit.
2. An NFT Platform:
Source: yrcharisma.com
After configuring your wallet, the next step is to find a place where you can create and market your NFT. Numerous well-known NFT platforms are available today, each with slightly different capabilities. The leading ones include:
OpenSea: OpenSea is the largest and most frequently visited marketplace, which provides a unique form of customer service for most, if not all, digital assets.
Rarible: Rarible is a platform focused on the community that allows users to create, purchase, and sell NFTs.
Foundation: Foundation is a selective NFT marketplace that focuses on collectible artworks and exclusive releases.
SuperRare: SuperRare is a high-end marketplace focusing on unique, single-edition pieces of digital art.
3. Creation Tools:
Source: startupstash.com
This phase will involve creating the actual Non-Fungible Token (NFT). It can take several forms depending on the creative aspects, as it can be an image, video, or sound. If the user happens to be an artist or some form of a creative person, most probably the user will use:
Adobe Photoshop or Illustrator: Adobe Photoshop or Illustrator is something for creating digital graphic content.
Procreate: Procreate is a tool mostly utilized by digital illustrators.
Garage Band or Audacity: Garage Band and Audacity These help to create audio NFTs.
Blender or Maya: Blender and Maya are used for creating 3D models or animated characters.
You don’t need to be a professional artist to create NFTs. Simple doodles, memes, and generative art have also been successful. Your creativity is what counts.
The NFT Creation Process:
Source: techmoduler.com
Alright, you’ve got your wallet, you’re set on a marketplace, and you’ve got your creative juices flowing. Now let’s get into the step-by-step process of creating your NFT.
Step 1: Configuring Your Wallet
Install a digital wallet such as MetaMask first. Here’s how to go about it:
1. Download the app or extension.
2. To create an account, simply follow the instructions (it’s not that complicated).
3. Make sure you record your seed phrase in a secure location. If you misplace your wallet, you will be able to get it back thanks to this.
Step 2: Filling Your Wallet with Money
The next thing you’ll need is a cryptocurrency, most notably Ethereum, to pay for transaction costs, also referred to as “gas fees”. Depending on the platform, you can purchase Ethereum directly from your wallet or through services like Binance and Coinbase.
The common doubt can arise why would you need to pay for gas fees?
Gas fees are the price of interacting with the Ethereum blockchain and vary according to network demand. Some marketplaces, like OpenSea with “lazy minting,” allow you to mint NFTs for free and charge fees only when they are sold. We’ll talk about it next.
Step 3: Selecting an NFT Marketplace
Navigate to the marketplace of your choice (we’ll use OpenSea as an example). Click the wallet icon in the upper-right corner and choose MetaMask or your favorite wallet to connect your wallet.
Step 4: Minting Your NFT (Creating It)
Not, it’s time to create! How to mint your NFT is as follows:
1. Select the “Create” option.
2. Upload your file, which might be an audio, video, or picture.
3. If you want to add information like qualities or rarity (which is especially helpful if you’re making a collection), give your NFT a name, a description, and some properties.
4. Decide whether you want it to be a one-off (1/1) or part of a larger collection.
5. Simply select “Create” or “Mint” to get started. Your NFT is now on the blockchain.
Bonus: Lazy minting. Some platforms allow you to mint without upfront fees, where the buyer pays the gas fees when they purchase your NFT.
Step 5: Listing Your NFT for Sale:
Once your NFT has been created, you can put it up for sale:
1. Decide on an auction mode (where purchasers can submit bids) or set a price (in Ethereum).
2. Use your wallet to confirm the transaction (here is when the gas fees come in).
3. Your NFT is now available for purchase on the marketplace!
Tips for NFT Success:
Now that you know how to create an NFT, let’s talk about some strategies to help you stand out in the ever-growing NFT space.
1. Create Something Unique:
The core idea of NFTs is individuality. Yes, there is a market for anything from intricate 3D models to pixel art, but what makes your work unique? Find a way to differentiate your NFT, whether it’s through the experience it provides, the style, or the message.
2. Build a community:
Community is one of the main factors contributing to NFT’s success. NFT artists and collectors congregate on platforms such as Twitter and Discord. Participate in discussions, interact with people in the room, share your work, and add value. You’ll discover that investors are frequently more eager to purchase NFTs from known and trustworthy providers.
3. Collaborate with Other Creators:
Collaborating with other people is a great method to reach a wider audience. You might collaborate on original NFT productions with other musicians, artists, or even brands. Collaborations also frequently inject fresh creativity into your work.
4. Stay Active and Consistent:
In NFT, consistency is paramount. Continue to produce new pieces, be active on social media, and interact with your audience. You’ll have more opportunities to sell your NFTs the more you market yourself.
5. Experiment with Formats:
Don’t feel limited to just creating static images. Try out interactive NFTs, music, video, or 3D models. The more you expand the possibilities for an NFT, the more interested parties you’ll draw in.
So, there you have it, a full breakdown of how to create an NFT, from setting up your wallet to minting and selling your masterpiece. Hopefully, this guide has cleared up any questions or concerns you had about getting started. But now I want to hear from you:
What do you think about NFTs? Do you feel ready to jump into the world of digital ownership, or do you still have some hesitations? Let me know your thoughts!
Feel free to drop a comment or reach out with any questions. I’d love to continue the conversation and help you along your NFT journey! For more updates related to the world of Web3, subscribe to our newsletter!
In today’s digital world, where automation and scripting are essential for developers, security remains a paramount concern. One of the simplest ways to install developer tools is through scripts downloaded directly from the internet. However, this convenience also comes with inherent risks, especially when dealing with external sources.
Web3j is a security-focused project. It has taken steps to reduce risks from running installer scripts. This includes protecting against remote code execution (RCE) threats.
The Problem: A Risk in Convenience
Web3j provides installation scripts to make setup easier for developers. Typically, users can run the following commands to install Web3j:
On macOS/Linux:
curl -L get.web3j.io | sh
On Windows:
Set-ExecutionPolicy Bypass -Scope Process -Force; iex ((New-Object System.Net.WebClient).DownloadString(‘https://raw.githubusercontent.com/hyperledger/web3j-installer/main/installer.ps1’))
While these commands make installation quick and effortless, they introduce a serious security vulnerability: if a malicious actor gains access to modify the script at the source, they can inject malicious code. Users who unknowingly run these compromised scripts may expose their machines to Remote Code Execution (RCE). This could allow attackers to take control.
The Solution: Built-in Checksum Verification
To address this vulnerability, we have introduced SHA256 checksum verification into the Web3j installation script itself. This means that users no longer need to manually verify the checksum—the script now checks its own integrity before executing. This built-in verification ensures that the script automatically checks whether it has been modified. This prevents the execution of any potentially malicious code.
While the script performs its own verification, we also provide checksum values publicly so that users can independently verify them if they prefer to do so. This double layer of security is crucial for environments where strict verification processes are required.
The checksum values for the installation scripts are stored in the following files:
To verify the checksum manually, you can run the following commands for your respective operating system:
For macOS:
sed ‘/^CHECKSUM_URL=/d’ installer.sh | shasum -a 256 | awk ‘{print $1}’
For Linux:
sed ‘/^CHECKSUM_URL=/d’ installer.sh | sha256sum | awk ‘{print $1}’
After running the command, compare the output hash with the respective checksum file from the Web3j GitHub repository. If they match, the script is safe to run. If not, avoid running the script and report the issue immediately.
Why Fixing This Issue is Important
Addressing the risk of RCE is critical because it directly impacts the security of the machines that run Web3j scripts. In a compromised scenario, an attacker can execute arbitrary commands on a victim’s machine. This could lead to data breaches, malware installation, or total system compromise.
By implementing checksum verification inside the script and offering a manual verification option, we greatly reduce the risk of executing malicious scripts. This ensures the Web3j community remains safe and secure.
Continuous Updates to Ensure Safety
Web3j remains committed to the security of its users. The checksum values for the installer scripts will be updated if there are any changes to the script in the future. Users are encouraged to always verify the checksum before running the script, especially after downloading a fresh copy.
Conclusion
In conclusion, while installer scripts provide a convenient way to get started with Web3j, they also come with potential risks. With the introduction of checksum verification inside the script and the ability for users to manually verify checksums, we have strengthened the security of the entire Web3j ecosystem. Users can now confidently execute the installation script knowing that it is authentic and free from tampering, protecting their systems from potential attacks.
Somnia, a high-performance Layer 1 blockchain optimized for the Ethereum Virtual Machine (EVM), has published a new litepaper outlining the major updates to...
