Hacking attempts against the non-fungible token (NFT) community have recently focused on the influencer Zeneca and the NFT registration site PREMINT.
Late on Tuesday night, Zeneca’s social media accounts were hacked, and they were linked to a fraudulent airdrop for the influencer’s “Zen Academy Founders Pass.” This tricked followers into connecting their wallets to receive free cryptocurrency.
“Hey everyone wanted to do something special for the community so here I go!” Zeneca’s compromised Twitter account had posted. “I would like to announce the official release of the Zen Academy Founders Pass airdrop. There will be 333 of these passes to start off. The lucky few that manage to get one.”
Shortly after the message was posted, the head of consumer product marketing for Twitter, Justin Tayler, acknowledged that the account had been hacked and then disabled it.
Zeneca, who has subsequently regained access to his account, asserts that he is clueless on the manner in which his account was hacked. In a post on Twitter, he stated that he had two-factor authentication (also known as 2FA) enabled using Google Authenticator and even went so far as to assume that this may have been an inside job.
An internal probe was also requested by Web3 security analyst Serpent, who stated that “far too many high profile accounts (with authenticator 2FA) have been getting hacked recently.”
The breach occurred not long after the developer of the Bored Ape Yacht Club, Yuga Labs, issued a warning to the NFT community through Twitter on Monday about “a persistent threat group that targets the NFT community.”
The NFT registration platform PREMINT was hacked on July 17, resulting in total losses of about USD 430,000 for users who clicked on a fraudulent link. Meanwhile, in a separate incident, the NFT registration site PREMINT was hacked.
In a thread on Twitter, PREMINT verified the attack and explained that the “issue only affected users who connected a wallet via this dialog after midnight Pacific time.”
The website of PREMINT was hacked, as stated in a report on the website’s security that was analyzed by Certik. The hacker penetrated the website by uploading a malicious JS file to the website. Users who did not realize what was happening to them were asked to sign a transaction that would grant the hacker access to steal their NFTs when they clicked on the link.
Certik has found six Ethereum (ETH) addresses that are directly involved with the assault, and estimates that about 275 ETH, or 430,330 USD, was taken in the form of NFTs.
The site made an announcement on July 18 stating that users would no longer require their wallets in order to log back into PREMINT. Instead, accounts on Twitter or Discord might be utilized.
PREMINT announced that they will be going live later on Wednesday afternoon (UTC time) to provide “big news about our security incident and next steps.”
Purpose Over Amusement? Analyst Claims That “Fun” Isn’t Necessary For Player Retention In Play-To-Earn Games
Play-to-earn games have a hard time keeping people interested, which is why one analyst says they should put function over fun.
Late in 2021, investors became interested in “play-to-earn” (P2E) blockchain-based games. Axie Infinity led the way with more than 2 million active users. As a player moves through a P2E game, they earn crypto tokens or non-fungible tokens (NFTs). People can sell these digital assets on marketplaces and cryptocurrency exchanges to make money in a decentralized way.
But P2E is very different from how PC and console games have been played in the past. Due to the limitations of blockchain technology, crypto games are about 20 years behind in this way.
Yes, most crypto games lack a decent user experience
Even though AAA-level crypto games could be made in the future, most of the games that have been released so far are digital trading card battles, decentralized finance (DeFi) games that look like role-playing games, or collectibles.
Analyst Udi Wertheimer pointed out that critics of crypto games focus on the lack of fun or a similar user experience compared to the traditional market. This is not a big surprise.
Anton Link, CEO of the NFT renting and leasing protocol Unitbox Protocol, says the following:
“Play-to-earn games are not meant to be fun like most Web2 games. Their main goal is to make money and be the first to get new, useful experience that they can use to make money as part of a guild or cybersports team.
In terms of how many people use them, traditional games are much more popular than movies and TV shows. A recent report from Newzoo said that the market for video games will reach $200 billion in 2022, which is an increase of 5.4% from this year. The report also says that 3 billion people play games, which is a lot more than the estimated 320 million people who use crypto around the world.
Even if Wertheimer’s comments are true, which means that there won’t be much demand for crypto games, getting just 0.5% of this market would mean 16 million users. Also, there’s nothing that stops someone from trying to make money with P2E while also playing traditional games on consoles, PCs, and mobile apps.
Anton Link, the CEO of Unitbox Protocol, said this about the possibility of the P2E user base growing: “I think NFT blockchain games and the GameFi sector will be the key drivers of the industry in the next few years. New NFT-based DeFi products will also become a vehicle for the mass transition of new users to the crypto industry.”
There is a big difference between collectible NFTs and avatars, armor, weapons, land, and spaceships that you can use in the game. According to data from DappRadar, the number of NFT trades dropped by 67% from May to July of 2021. This is probably why people don’t like P2E games. Also, on March 29, a huge Ronin bridge hack cost $600 million and caused a lot of trouble for Axie Infinity.
Games that focus on DeFi could make money for many
People have a lot of good reasons to complain about the crypto gaming industry, and making users buy items or tokens is near the top of this list. But it’s important to know that many of the DeFi apps look like games, like DeFi Kingdoms, Farmers World, and Sunflower Land. In these situations, it would be strange to expect free compensation without putting in anything first.
Link said, “It will only be a matter of time before institutions start lending against NFTs,” even though it can be hard to get new users and make in-game economies that are sustainable and have enough incentives.
He went on to say:
“Once the institutional lending infrastructure is in place, we expect the demand for NFTs to rise as well, because institutional money can flood into the country because of the extra use that comes from securing their NFTs.”
Players might not have to buy digital monsters and spaceships to go on adventures in play-to-earn in the near future. Even though there are good reasons to criticize the crypto gaming industry, a 10x increase in active players to 16 million is not impossible. More importantly, this growth and the new models that support it don’t need the same user experience as traditional games that don’t use blockchains.
Read More NFT News Here
Emergents TCG Bursts Onto The Trading Card Scene With Super Rare NFTs
Today marks the public beta launch of Emergents TCG, the next great trading card game, and there are many reasons for excitement among fans of the genre. The cards themselves have great visual art from some of the best creators in the InterPop comic book universe, and the game introduces an entirely new economic model to the digital trading card game market.
The Nine, Emergents Presents, #ZOEMG, The Abyss, and The Rejects are just a few of the well-known InterPops comic book series that serve as the inspiration for the Emergents TCG, a distinctive digital trading card game that runs on the Tezos blockchain. With the help of non-fungible tokens, or NFTs, which serve as each card’s representation, it allows players to really possess their cards.
A set of “free” cards may be obtained for the game, which has been in development since 2018, and players can enhance their decks by buying more cards each week.
Similar games have previously surfaced on the blockchain, thus the premise is not wholly novel. However, Emergents TCG stands apart due to its stated user-friendliness. Users won’t have to build a digital wallet or understand how it functions. Since Emergents will accept payment in both fiat currency and XTZ, the native token of the Tezos blockchain, they won’t even need to purchase cryptocurrency.
The key distinction between this game and others like Magic: The Gathering and Pokemon is that it will exist entirely online. Players will be able to purchase and sell cards on several NFT marketplaces, which will keep trading a major part of the game. Of course, some will be far rarer and more valuable than others, which will heighten the excitement.
For instance, Emergents TCG has already released a number of extremely exclusive cards through its Super Booster packs, which are currently for sale in conjunction with the start of the game’s public beta. These packs are rumored to include at least 6 NFT cards, all of varied rarities. Customers are promised at least 4 Super-Booster Exclusive NFT Cards and at least 1 Rare Super Booster Exclusive NFT card. A Player Avatar NFT and a digital NFT comic book that can be read on the InterPop Comics website will also be provided.
A Rare Super Booster pack, which costs more, comes with two player avatars, comic books, at least one Epic Super Booster Exclusive NFT Card, and maybe three Rare Super Booster Exclusive NFT Cards. There are also only eight Epic Super Booster packs being sold via auction, each of which is guaranteed to contain an original Scot Kolins Comic Art NFT that can be exchanged for a physical comic book and at least one first-minted, edition-of-one Super Booster Exclusive NFT card (these will be incredibly rare). Each of these NFTs stands in for a particular, real-world piece of Scott Kolins art from Interpop’s comic book series, and it may be exchanged for the IRL art, which will then be given to the user who did the exchange.
Additionally, every NFT card included in the Super Booster packs will have unique artwork not included in any of the already available normal Emergents TCG card packs. The packs are open and the cards are available for play as soon as players take possession of them.
Corey Burkhart, a professional trader, compared playing Emergents TCG to putting together a puzzle when players are missing some of the required components. As a result, they will have to put in a lot of effort to continue collecting the necessary components.
The individual puzzle components are made up by the cards as you construct them, but as you soon realize, there is more than one way to solve the game, according to Brukhart. “It’s a never-ending learning experience, questioning what you believe to be true and what you anticipate, and developing both the player and the game they are creating. And with Emergents, we’re accomplishing just that. We have questioned the way a turn currently operates.
NFT Tools: Sniping
NFT tools are a necessary aid to the digital investor buying bits and bytes. The newest financial opportunity in the 21st century is digital investing. NFTs are an integral part of this new phenomenon. When NFTs are actively trading in the secondary market, oftentimes a holder doesn’t recognize its true value. The holder may offer a particular item at a price below the market value because the owner may not know how special or how rare their item is. We’ve discussed tools that measure rarity or the uniqueness of items within an NFT collection. Those tools focused on NFT collectables in the primary market or before and when they initially came to the secondary marketplace.
The secondary NFT market is full of opportunities across thousands of NFT collections not exclusively limited to new arrivals to the markets as the previous rarity evaluators discussed earlier. Therefore we need tools that have a much larger scope or area that can be monitored effectively. What the digital investor would like to achieve is the ability to recognize undervalued NFTs based on their rarity and unique features quickly. The digital trader desires to have the ability to pick that seller off as a sniper does from a high ground sight advantage. Nothing personal, it’s just business. This scenario occurs often enough where tools have been created to recognize this and assist you in reacting to a potentially profitable NFT trading opportunity.
The scope for our sniping exercise is continually focused on rare NFTs. Rare NFTs being offered below their respective market value within a particular collection is the primary focus. This is being done with dazzling speed over a vast area of the NFT secondary market. Freshdrops.io has created an algorithm specific to the task at hand. Immediately from the dashboard digital investors can pull up NFT collections and the application will rank the individual pieces according to their rarity. Raritytools has limitations compared to freshdrops whereas rarity tools does receive compensation from NFT marketers and does not rely strictly on the trading data available.
Freshdrops on the other hand is continually updating their database every 15 minutes. This constant updating feature is the key to being up to date with the ranking of NFT pieces within their respective collections. If a holder is offering a rare NFT at the collections floor price an informed and funded digital trader can snipe that offering and hopefully flip it at a higher value. Well, at least that is the objective. Freshdrops also gives the NFT trader the ability to evaluate the rarity of their own pieces of digital artwork. If the trader is well aware of the uniqueness of their piece of digital creativity, they can ensure that they do not offer the item at a price where they won’t benefit from its exclusive characteristics. Pricing is at the top of the list for priorities when trading NFTs. Understanding value runs right alongside.
In order to gain access to the information on freshdrops you will need to buy their NFT pass. It’s not cheap but the potential advantages of sniping off unwary sellers outweighs the cost. Currently access to fresh drop’s data is available at a cost of ETH 0.185 ($349.88). Paying for their service gives you access to all of these great features:
Instant Rarity: Members know the rarity and ranking of a collection as soon as it comes out. In the limited version, you can only see a collection after a certain amount of time has passed.
Alternate Rankings: It’s important to be able to see how things are ranked in different ways when figuring out risk. It’s not known what a collection’s “official” rankings are until they announce them, and it’s good to know how those rankings will affect your NFTs.
Real-Time Listings and Trades – In the limited version, the feeds for listings and trades are delayed.
Trait Floor Gaps: Do you want to buy an NFT that is worth more than what you paid for it right away? The trait floor gaps will find arbitrage opportunities that are just right.
Auto-Buy: Choose what you want to buy and set the parameters, then shrink the page. Auto-buy will keep an eye on the collection and buy what you want for you. This also works for collections that have just been shown.
Pre-Set Gas: If you set your gas before that NFT that just came out, you have the best chance of getting it. You don’t have to mess around with your wallet’s gas settings after sending the transaction and risk missing out.
Refresh Collection: Click the “Refresh” button below to automatically add new tokens to your collection without having to ask for help.
Reveal Alerts let you know when a reveal is about to start, so you can start sniping in seconds.
Mass Bidding: Once you’ve found what you want, make offers as fast as you can say “NFT”
Full Screen – Get the most out of freshdrops by being fully immersed in the reveal.
There are a total of 501 pieces in the freshdrops collection; these are shared between 473 owners.
Read More NFT News Here
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