Autor Cointelegraph By Ezra Reguerra

Binance implements a ‘fair way’ to purchase NFTs

Binance implements a ‘fair way’ to purchase NFTs

Uverejnil používateľ | jan 6, 2022 |

Due to the rise in demand, it’s increasingly harder to purchase nonfungible tokens (NFTs) on their initial launch. Because of the limited supply, and high demand, some NFT drops have sold out after only a few seconds of release. With this, users who are interested in purchasing newly-released collections have no choice to wait until the initial owners decide to flip the NFTs for some profit, resulting in having to pay more or not being able to acquire any of the NFTs entirely. Because of this, Binance introduced a subscription mechanism that lets everyone have an equal opportunity to buy newly-released NFTs on its marketplace. The marketplace’s new NFT Subscription Mechanism lets users have a higher chance of being able to purchase NFTs by limiting the allowed amount of NFT purchase per person and following a randomized buyer selection process.Users who want to participate in NFT Subscription Mechanism sales need to follow a process that consists of four phases — preparation, subscription, calculation and distribution. In the preparation phase, users have to hold the minimum amount of tokens required to participate. Binance notes that the minimum entry requirement is determined by the creators or project that will conduct the NFT sale. The subscription phase comes next. Here, qualified participants will then be given participation tickets which will have purchase limits per user set by the NFT creators. The number of tickets received by a user will be the maximum amount of NFTs that can be purchased. However, users have the option to decide whether to use all or only a few of their tickets. Having more tickets doesn’t mean you will get the NFT. However, it will give you more chances to succeed in your purchase. Related: Biggest NFT drops and sales in 2021After this, the process moves forward to the calculation phase. This incorporates a randomized selection system to choose winning participation tickets from all who subscribed. The selected participants will be able to successfully purchase the NFTs. The final phase is the distribution, where the sale will proceed.It’s undeniable that NFTs have grown immensely in recent months. With the global NFT sales volume approaching $20 billion, many speculate that NFTs may someday surpass even Bitcoin. 

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CertiK identifies Arbix Finance as a rug pull, warns users to steer clear

CertiK identifies Arbix Finance as a rug pull, warns users to steer clear

Uverejnil používateľ | jan 5, 2022 |

Binance Smart Chain-based yield farming protocol Arbix Finance was identified by blockchain security company CertiK as a rug pull. According to the firm’s incident analysis, there were several reasons why the project was flagged. The security firm states that “The ARBX contract has mint() with onlyOwner function, 10 million ARBX tokens were minted to 8 addresses,” and 4.5 million ARBX was minted to a single address. Following this, CertiK confirmed that “The 4.5M minted tokens were then dumped.”The firm also reported that the $10 million in funds deposited by users was directed to pools that are unverified, and eventually, a hacker drained all the assets from the pools. Using the platform’s Skytrace tool to analyze the risk of fraud, the firm determined that the hacker moved the funds to Ethereum through decentralized exchange AnySwap USDT.The term “rug pull” is used to define events where developers abandon projects entirely after receiving a huge amount of investments in their fake crypto or decentralized finance project. Scams such as this are very prevalent in the crypto industry and record over $7.7 billion worth of cryptocurrency funds lost by scam victims globally.A report by Chainalysis suggests that rug pulls contributed the most to the increase of money lost through crypto scams in 2021. The report notes that “37% of all cryptocurrency scam revenue in 2021” were rug pulls. Related: How to spot a rug pull in DeFi: 6 tips from CointelegraphBack in November 2021, investors lost around $57 million worth of Ether (ETH) in a rug pull by AnubisDAO, a fork of OlympusDAO. Investors noted extravagant gains in the popular canine-themed meme coins were some of the reasons why they invested in the rug pull.

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EU regulator calls for public input on DLT for trading and settlement

EU regulator calls for public input on DLT for trading and settlement

Uverejnil používateľ | jan 5, 2022 |

The European Securities and Markets Authority (ESMA) is seeking stakeholder input on the use of distributed ledger technology for securities trading and settlements. The European Union’s securities regulator recently published a “call for evidence” to invite stakeholders to share their feedback on the regulations for regulatory technical standards (RTS) on reporting and transparency on the DLT pilot expected to be implemented next year. Some of the main functions of ESMA include strengthening the protection for EU investors, enhancing financial markets, and fostering cooperation between members. With the call for evidence, the EU regulator’s objective is to see whether regulatory standards concerning trade transparency and data reporting need to be revised to apply to tokenized securities running on DLT.According to ESMA’s official website, the aim is to “ensure more efficient, secure, and cost-effective management of the data stored on DLTs while preserving its quality, usability and comparability.”Stakeholders are called to also share their views on ways to provide regulators with information pertaining to “transactions, financial instruments data, and transparency data.” After sending in the feedback, the EU regulator will determine whether amendments to the RTS are required. If so, the ESMA will once again consult before submitting a final draft to the European Commission for implementation.Related: Regulated French investment firm offers interest-focused crypto bundlesIn July 2021, the French government called on the ESMA to regulate activities and create uniform regulations related to digital assets within the European Union. The Autorité des marchés financiers noted that the establishment of regulations is a “prerequisite to a strong and autonomous European Union capable of competing at the global level.” Back in September 2021, the ESMA also published a report that cited increased risk-taking behavior and possible market exuberance as reasons for the volatility of crypto assets in the first half of 2021, raising concerns about investor protection.

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Blockchain gaming community raises $1.4M to help typhoon victims

Blockchain gaming community raises $1.4M to help typhoon victims

Uverejnil používateľ | jan 4, 2022 |

The Philippines, a country that’s already been struggling to get back on its feet because of COVID-19, has been hit by a catastrophic super typhoon. Back on Dec. 16, 2021, the typhoon hit landfall and went on a rampage for four days, leaving 334 cities and municipalities in a state of calamity. As of Jan. 1, more than 4 million individuals were either displaced or injured, with 407 dead and 88 still missing, according to the Philippines’ National Disaster Risk Reduction and Management Council.A day after the typhoon hit the country, play-to-earn gaming group Yield Guild Games (YGG) organized a donation drive to help the victims get relief and rebuild. Today, with the help of our YGG communities, managers, and friends, we are organizing relief efforts for Typhoon Odette (Rai) victims. #YGGTyphoonOdette Check out the full details to support https://t.co/TPt3pKfzXJ pic.twitter.com/fy4HnORpUh— Yield Guild Games (@YieldGuild) December 17, 2021The response was overwhelmingly positive. Gamers paused and saved to take a moment to contribute. Leading the relief efforts, YGG Philippines country manager Luis Buenaventura told Cointelegraph that with the help of the community, donations reached $1.4 million. “Within the first hour we had exceeded $100k, and within the first day, we were at $300k. It’s now been three weeks and donations continue to come in. As of yesterday, we’ve raised over $1.4M purely from community crypto donations,” said Buenaventura. Related: NFT gaming generated $2.32B in Q3 — BGA reportAccording to Buenaventura, their team will devote the funds to relief efforts, with groups on the ground going into affected areas to distribute food, drinking water, medicine, solar lights and power generators, as well as rebuilding.The rebuilding initiative consists of a direct cash assistance program where the team sends fiat directly to affected households. Buenaventura said that they were able to reach 1,600 households and have enough resources to cover at least another 3,000. “Although that may sound like a lot, initial estimates indicate that over 55,000 homes were destroyed by the typhoon so we still have a long way to go,” he added.

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South Korean presidential candidate to use NFTs to raise funds for campaign

South Korean presidential candidate to use NFTs to raise funds for campaign

Uverejnil používateľ | jan 3, 2022 |

Democratic Party (DP) presidential candidate Lee Jae-myung prepares to use nonfungible tokens to raise funds for his campaign. The party will issue NFTs to those who donate money for the campaign for the upcoming presidential elections. The NFTs will contain images of the candidate and his pledges.In an interview with Yonhap News, campaign official Kim Nam-kook said the party is doing this to appeal to the younger generation.“As the young generation in their 20s and 30s are interested in emerging technologies, including virtual assets, NFTs and the metaverse, this type of fundraising could appeal to them,” said Nam-kook.The DP also points out that it is exploring new ways to utilize new technologies, including using NFTs in campaigns and accepting crypto donations.Just recently, another member of the DP also announced that he would be accepting donations in crypto. Representative Lee Kwang-jae mentioned that he would take crypto donations in mid-January.“It is high time that we undertake innovative experiments to enhance our understanding of these future technologies and change perceptions of digital currencies and NFTs,” wrote Lee.Aside from this, Lee underscored that politicians should be leaders in embracing digital transformation. He noted that policies and laws fail to catch up to digital developments.Related: Korean government tells Apple and Google stores to take down P2E gamesMeanwhile, the South Korean Financial Services Commission announced back in early November that NFTs would not be regulated. However, a few weeks later, the FSC backpedaled by announcing that NFTs would be taxable in January 2022.The law amendment will require a 20% tax payment on digital asset income that goes above 2.5 million won ($2,100). However, the implementation of the tax was delayed for one year due to flaws pointed out by the DP.

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