NFT News by Thebittimes.Com

OpenSea, the digital marketplace for non-fungible tokens (NFTs), has expanded its multi- chain presence after releasing the Pro version to the Polygon side chain .  1/ OpenSea Pro is now live on @0xPolygon! 🟣 Wen Multi chain ? Now. OpenSea Pro just became the go-to destination to buy, sell, and list NFTs across marketplaces AND block chain s! Find your favorite collections on Ethereum and Polygon  https://t.co/oYtdhiw69x pic.twitter.com/OYPbwNf7EJ — OpenSea Pro (@openseapro) November 2, 2023 Taking to X on Nov. 2, OpenSea said users can now buy and sell NFTs on different marketplaces and block chain networks. Moreover, OpenSea has launched a cross- chain bridge feature with Socket, a web3 infrastructure for social interactions on- chain . This feature allows users to send tokens to other chain s and swap them “in a single flow.” You might also like: Ex-OpenSea exec accused of pump & dump, $60m rug pull OpenSea supports various ledgers, offering ...

Artificial intelligence is going to be a key component in cracking down on the growing number of counterfeit non-fungible tokens (NFTs). Beyond all the good a permissionless internet promises, it also makes it convenient for anyone to freely mint pirated nonfungible tokens (NFTs). There are in fact over 90 million fake copies of NFTs. Because in a permissionless system, what’s to stop bad actors from creating copymints to scam unsuspecting users or damage a brand’s reputation? Only the top 20 most copied NFT projects account for 8 million fake copies across NFT marketplaces. Source: Optic.xyz Since NFTs are valuable only because of their uniqueness, such copycat NFTs are fundamentally worthless for consumers. They imply a massive reputational cost besides financial loss for buyers and creators. This is particularly detrimental to a nascent and emerging industry like NFTs.  The “nonfungibility” and rarity of NFT assets are pivotal to their value proposition. These are the qualities b...

Phishing sites are making the private auction feature look like a way to log in, luring victims to give up their NFTs unknowingly. As nonfungible tokens (NFTs) became more popular, bad actors who constantly try to exploit users within the space have become more active. Now, a new hack involving a feature on the NFT marketplace OpenSea threatens NFT holders through phishing sites.  In an announcement, anti-theft project Harpie warned NFT users of a new hack involving gasless sales on the OpenSea platform. According to Harpie, hackers were able to steal millions in digital assets by exploiting the feature. When users want to conduct gasless sales within the OpenSea platform, they are required to approve a signature request with an unreadable message. With this feature, users are also able to allowed to create private auctions with unreadable signatures. Hackers have been able to steal NFTs like magic with a little-known OpenSea feature. It's the newest hack, and multiple millions ...

An image of the sandals worn by Steve Jobs was minted as a nonfungible token and sold for over $200,000. In this week’s newsletter, read about how the FTX contagion led to the sale of a collection containing high-ticket nonfungible tokens (NFTs). Check out the struggles in onboarding artists to Web3 through NFTs and find out about OpenSea’s decision to finally enforce royalties on all collections within its NFT marketplace. In other news, a tool that allows layer-2 networks to showcase NFTs on social platform s like Twitter was released. And don’t forget this week’s Nifty News featuring Nike’s Dot Swoosh NFT platform .  FTX contagion victim Deepak.eth puts NFT collection up for sale After announcing an eight-figure exposure to FTX exchange, Deepak.eth, the pseudonymous founder of blockchain infrastructure firm Chain, has tweeted that they are selling their NFT collection either to the highest bidder or through a fractional decentralized autonomous organization (DAO) for 80% ownership....

The bear market instigated an array of things this year. Following a slew of layoffs from prominent crypto exchanges over the last couple of months, the dynamics seemed to be shifting. The “Great Crypto Resignation” took the front stage. An array of executives of notable crypto firms decided to step down from their roles. It seems as if this trend has prolonged as OpenSea’s chief financial officer decided to call it quits. Brian Roberts was appointed as the CFO at OpenSea back in December 2021. Just 10 months into the job, Roberts seems to have put down his paper. The former OpenSea CFO announced his exit through a recent LinkedIn post. He wrote, “Well, it is time for me to come ashore from the “open seas”. I’m grateful for the opportunity and proud of many accomplishments but none more than the strength of the finance team at OpenSea . I had the rare opportunity to build a team literally from the ground up and handpicked game changers.” Most of...