NFT News by Thebittimes.Com

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. The COVID-19 pandemic gave a 3-4x boost to digital transformations and adoptions worldwide. During its peak in 2020, 58% of global consumer interactions happened digitally. You might also like: Embracing institutions today will keep defi’s tomorrow on track | Opinion Once users, consumers, and employees experienced the upsides of digital interactions—more flexibility or freedom, lower commutation time, etc.—they mostly didn’t want to go back. Online channels became the “new normal” for both personal and professional communication s.  But while there’s good reason for tech optimists to celebrate this shift, it’s vital to identify and mitigate the risks coming along. For example, centralized real-time communication (RTC) platforms like Skype, Zoom, Slack, etc., pose severe data-mining and privacy violation threats to ...

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. 2023 has been characterized by bearish conditions flattening markets and a heavy focus on regulation and compliance through the lens of the large-scale collapses and fraud incidents in 2022.  You might also like: Crypto market on Christmas: historical trends and what to expect  However, things are rarely quiet for long in this industry, and change is already in the air. While the question of jail time for Sam Bankman-Fried and Changpeng Zhao may still be outstanding, the drama of the legal battles appears to be largely settled, and the sector is buzzing with anticipation of a new bull market as it looks ahead to the year ahead. An expected spot ETF approval and the upcoming Bitcoin halving are both adding to rising speculation.  While a change in market conditions is good news, it inevitably brings fresh challe...

SushiSwap Chief Technical Officer Mathew Lilley has disclosed the compromise of a widely employed web3 connector within Ledger’s delivery network.  The breach has enabled malicious code injection into numerous decentralized applications ( dapps ).  Removal of malicious provider  Lilley contended that Ledger’s content delivery network was compromised, leading to the loading of JavaScript from the compromised network. RED ALERT : Do not interact with ANY dApps until further notice. It appears that a commonly used web3 connector has been compromised which allows for injection of malicious code affecting numerous dApps. — I'm Software (@MatthewLilley) December 14, 2023 The compromised Ledger connector library , widely employed by various dapps and overseen by Ledger, has seen the addition of a wallet drainer. While assets may not be drained automatically from a user’s account, prompts from browser wallets like MetaMask could potentially provide ma...

The integration of web3 wallet s into mainstream trading platforms heralds a new era in digital finance, blending the realms of cefi and defi while also raising concerns about increased vulnerability to crypto fraud . According to Bitrace and WuBlockchain, the integration of web3 wallets into mainstream trading platforms like OKX and Binance signals a significant shift. This fusion of centralized finance and decentralized finance is reshaping user interaction with digital assets and decentralized applications. However, this transition is not without its pitfalls, particularly regarding fraud risks. Bitrace: Beware as Trading Platforms Launch Web3 Wallets, Intensifying Cryptocurrency Fraud Risks The launch of Web3 wallets by platforms like OKX and Binance signifies the integration of Centralized Finance (CeFi) and DeFi as an industry trend. However, while breaking down the… — Wu Blockchain (@WuBlockchain) November 28, 2023 You might also like: Report reveals reason ...

Sonorus is a web3 platform seeking to change the future of the digital music industry and reward artists and music lovers. It uses a decentralized music voting system, TrendFi, enabling fans to earn by supporting their favorite songs while helping musicians gain the rewards and recognition they deserve. The project’s developers invite us to think of Sonorus as the IMDb of digital music. For example, the world’s most popular online database of everything related to cinema and TV series is not a streaming service. Yet, it attracts nearly 1.2 billion visitors monthly. Instead, the website is a directory promoting film productions and measuring user preferences to indicate the latest industry trends. It does not gain revenue from copyrighted content but from the added value users bring to the platform by promoting or supporting it. You might also like: KyberSwap suffers multichain exploit, resulting in $45m loss Sonorus seeks to become similar to IMDb for music...

Data NFTs can revolutionize the data brokerage industry by offering transparency, control and monetization possibilities for users. ABCDEFG Reshaping the way data brokerage works The data brokerage industry, which thrives on the buying and selling of user data, has grown into a multi-billion-dollar market that’s projected to reach over $462 billion by 2031. Data brokers act as intermediaries, selling personal information they collected from various sources to third parties. But the lack of transparency in the industry leaves users in the dark about what data is being collected, how it is used and who profits from it. Due to the proliferation of Web3-native technologies, internet users can tackle legacy issues about how they interact with the digital world, such as the ownership of personal data. In the Web2 world, individual data ownership rights stand as a gray area from a legal perspective. However, the Web3 era brings a new approach to the way personal data is handled by introducin...

Locked paywalls and high fees are defining characteristics of traditional academic research. DeSci can lower the barriers to access. Academia and science are both in the throes of a crisis, marked by several inefficiencies directly impacting our scientific prowess and research capabilities. The subject of stagnation within universities and academic institutions is taboo, and there is no place in this system for dissenting intellectuals who challenge the status quo or the quality of scientific research. Decentralized science (DeSci) aims to disrupt these systems for good reason. DeSci paired with blockchain technology has the potential to upend existing funding schemes and enhance collaboration between stakeholders in scientific endeavors. Access to scientific reports and Research is a highly contentious issue. In the digital age, the scientific publishing industry has created a fortified oligarchy that threatens the integrity of scientific innovation. The sector benefits from publicly...

A new survival MMORPG PvP enables players to set up shop within the game and become a core part of the blockchain economy. The concept of the metaverse was conceived with the aim of providing humanity with a better life in the digital world. Today, video games are leading the way as the most active bridge for physical and digital world interactions. The same goes for blockchain-based games, as gamers who have tasted true ownership of digital assets flocked to Web3 games. Data shows that over half of active blockchain wallets were used in the GameFi space in 2022. As the blockchain gaming market gets crowded, players start to expect more from  play-to-earn (P2E) games. Users put game improvements as the top expectation for blockchain gaming in 2023. However, having a good game is not enough for gamers, either — another study showed that over 51% of users participate in GameFi to make profits. As a result, poorly designed game economies became the leading factor affecting GameFi profits...

Commercial lawyers with a solid knowledge of blockchain and crypto tech will be in particularly high demand. Crypto-versed lawyers will play an increasingly important role in Web3 firms — particularly after the implosion of FTX and the industry braces for regulatory turbulence, two legal academics believe. Boston Law School professor and chief compliance officer at crypto exchange Bitstamp, Thomas Hook, told Cointelegraph that Web3 lawyers will soon become “business differentiators” because they’ll be faced with the tough task of helping firms navigate through legal and regulatory uncertainties. This will ultimately determine how fast firms can take their products and services to market, Hook explained: “Given the lack of clarity in many regulations and the complexity, Web3 companies will continue to need legal and compliance representatives to support them. These types of individuals are becoming business differentiators as they can help or hinder a business to get to market quickly...

This announcement comes months after the crypto exchange removed all trading fees for Bitcoin transactions. Binance US has announced that it has expanded its “zero fee price model” to Ether (ETH) effective immediately.  According to the announcement, users are now able to freely trade four Ether spot market pairs: ETH/USD, ETH/USDT, ETH/USDC and ETH/BUSD. Just in time for the holidays, the best #crypto platform for low fees just got even better.#BinanceUS is pleased to offer zero-fees when you buy #Ethereum or trade ETH/USD, ETH/USDT, ETH/BUSD & ETH/USDC, for all users with no trading volume requirements. — Binance.US (@BinanceUS) December 7, 2022 Effective immediately, the US exchange has also eliminated gas fees on all Ethereum transactions made through the “Buy & Sell” feature on its website.  In June, Binance US followed in the footsteps of Robinhood, which pioneered no-commission crypto trading in 2018, by removing all Bitcoin (BTC)spot market trading fees for ...

Web3 technologies are changing the way we engage with various forms of entertainment and ownership is at the heart of it. Web3 is uprooting traditional entertainment industries with a new way of creating and engaging with digital content. The industry has already seen nonfungible tokens (NFTs) display the potential to transform how television scheduled programming can be created. Increased metaverse activity began challenging artists with new possibilities for performances and connectivity with their fans. All the use cases of Web3 technology upgrading the future of digital entertainment include one key component: ownership. Ownership is one of the defining characteristics that distinguishes Web3 activity from its predecessor.  According to professionals in the industry, it will also be a defining characteristic not only of Web3 but of the future of digital entertainment. Cointelegraph spoke with Mitch Liu, CEO of the media and entertainment-centric blockchain Theta Labs, on what u...

Ava Labs has partnered with BLDR to launch its first Web3 game. Notably, the former is the software company providing support to the Avalanche blockchain and its ecosystem. The latter, on the other hand, is a subsidiary of Japanese gaming house and internet media company GREE. On its part, GREE has been making high-engagement Web2 games, that include the development of a host of popular games, including Naruto and multiple mobile versions of Final Fantasy. Avalanche ’s developer Ava Labs will, notably, help “spur” BLRD’s growth into blockchain gaming . It’ll do so by “ providing technical , marketing, business, and ecosystem support .” The official statement noted that with the latest partnership, “ BLRD plans to make a broad entry into Web3 gaming, including game development and distribution on Avalanche, NFTs, running validators, and investing in third-party games. “ The new Web3 game is set to launch next year. Comment...

In a survey commissioned by Coda Labs, 6,921 people from five countries were asked a series of questions to determine their perception of crypto, NFTs, and Web3 gaming. A new survey commissioned by blockchain entertainment provider Coda Labs suggests that despite the huge amount of money being poured into Web3 gaming, traditional gamers are still yet to warm up to crypto or NFTs and have little interest in Web3 games.  According to the survey, gamers pointed to practical barriers as their main reason for shying away from Web3 games, with gamers often not knowing how they might work and lacking a Blockchain wallet. The Survey found that only 12% of non -crypto gamers have tried Web3 games, while just 15% of those yet to try were interested in doing so in the future.  The survey pointed to play-to-earn (P2E) as the most recognized term associated with Web3 games, and crypto earnings as the most commonly perceived benefit of playing them. When these two factors are considered in tandem...