hosted on the FTX exchange are now showing blank images. Check out how NFTs can solve diamond certification fraud and how the NFT space is held back by oversupply. In other news, find out how celebrities are facing a class-action lawsuit. And don’t forget this week’s Nifty News featuring classic media player Winamp adding support for NFTs.NFTs hosted on the embattled FTX exchange have been affected by the collapse of the organization. After FTX filed for bankruptcy, its FTX.
Because of this, the NFT hosted within the platform are now showing blank images instead of their original artworks. Owners of the NFTs are still able to see that the NFTs exist. However, the images cannot be seen when listing the NFTs for sale or even within their wallets.As diamond certificate fraud becomes more common, some believe that NFTs can be a good solution to combat the issue.
According to Moldawsky, a diamond certificate running on the Ethereum blockchain will ensure immutability, proof-of-ownership and visibility for consumers and retailers.Social media guru and NFT supporter Gary Vaynerchuck recently argued that oversupply, short-term greed and subpar projects are the cause of the falling NFT market in the last year. According to Vaynerchuck, the demand for NFTs will not be able to keep up with the high supply.
Because of the “ridiculous amount” of NFTs being minted, Vaynerchuck said that it’s unlikely for the NFT space to have another market boom, similar to 2021. However, the entrepreneur argues that there will be 1-3% of NFT projects that will survive to become the “Amazons and eBays” of the industry.The creators of the popular Bored Ape Yacht Club NFT collection and the crypto fintech firm Moonpay are facing a lawsuit for allegedly using celebrities to mislead consumers and promote NFTs.
Celebrities like Paris Hilton, Snoop Dogg, Justin Beiber and Madonna have been named as defendants in the class-action lawsuit. The suit was filed by John T. Jasnoch, claiming the crypto companies used their Hollywood connections to market digital assets without proper disclosure.Classic media player Winamp announced its support for Ethereum and Polygon-based music NFTs through its latest update. The music player has been around since 1997 and is known to support a wide range of file types.
The cycle of anonymous scammers moving from one community to the next is damaging the reputation of the entire Web3 space.
at least we have polygon that ended this year's NFT bear market with reddit NFT minting exceeding 5 million mints so far
Scammers have successfully convinced a portion of the GameFi community to act against their own best interests.
Very educative 👍
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Reuters - 🏆 2. / 97 Read more »