Former OpenSea Employee Faces 20 Years for NFTs Insider Trading
According to sources on June 1, U.S. prosecutors have indicted a former product manager of OpenSea for insider trading of NFTs. Nathaniel Chastain is accused of purchasing 45 NFTs using OpenSea’s proprietary information between June and September 2021.
With insider information on numerous NFTs slated for listing on the largest NFTs marketplace in the world, he openly stated that he would favorably showcase NFTs in which he had holdings on the marketplace’s homepage and sell them for a profit as soon as they were up for bidding.
While the prior Product Manager’s program was in effect for three months, he used anonymous non-custodial wallets and trading accounts until OpenSea’s internal inquiry uncovered him. OpenSea stated in a statement that Chastain’s actions were in direct opposition to their basic values and principles.
When we learned of Nate’s behavior, we initiated an investigation and ultimately asked him to leave the company. His behavior was in violation of our employment policies and direct conflict with our core values and principles.
Prosecutors assert that Chastain, by leveraging his powerful position at OpenSea, would earn up to three to five times as much from his NFT sales. In September 2021, Chastain doubled his money after purchasing an NFT from the “Spectrum of a Ramenfication Theory” collection and quickly selling it for a substantial profit.
Eliminating Insider Trading
The charges brought before U.S. Magistrate Judge Barbara Moses to demonstrate their dedication to eradicating insider trading in all markets, even those utilizing blockchain technology.
NFTs might be new, but this type of criminal scheme is not. Today’s charges demonstrate the commitment of this office to stamping out insider trading – whether it occurs on the stock market or the blockchain.
According to Reuters, Chastain pled not guilty to wire fraud and money laundering allegations before U.S. Magistrate Judge Barbara Moses on June 1. If proven guilty, he may face up to 20 years in prison.
NFTs are tokens issued on public blockchains such as Ethereum and Solana. In contrast to Bitcoin and other digital currencies, they are nique items that have been enabled to trade with blockchain technology.
Interoperability And NFTs
The seamless exchange of data between several blockchains is known as interoperability. When different blockchains can communicate with one another, they are interoperable. As a result, NFT interoperability entails the easy sharing and trading of NFTs across various blockchain networks and applications.
True blockchain interoperability is still a long way off, and the NFT ecosystem has some issues with it. Although Ethereum remains the most popular blockchain for NFTs, other blockchains like Flow, Cardano, and Solana are all seeing significant developments as the market changes quickly.
Interoperability issues are a major roadblock to a seamless web3 experience. Because they must switch between various chains in order to utilize, monitor, or trade their assets, many NFT holders view the NFT ecosystem’s multichain structure as problematic. For many people, comprehending the technical aspects of crypto wallets and other interfaces is a challenging step in this process.
Blockchain players are especially concerned about interoperability-related problems because they are unable to transfer their in-game NFT assets from one game to another. Players spend a lot of time and money acquiring such assets, yet they are restricted to a small number of blockchain games.
The current state of NFT markets is also not promising. In a perfect world, they could permit NFTs to be listed, bid on, purchased, and sold on any chain. The majority of markets currently only support one particular blockchain. For instance, CNFT is specific to Cardano, while Magic Eden is a market place for Solana NFTs. Some marketplaces, like Rarible, which supports Flow, Tezos, and Polygon, permit the incorporation of NFTs from various blockchains to some extent. However, there are few use cases even in these markets.
We can highlight two different strategies used by modern blockchain developers to boost interoperability.
NFT bridges no. 1
A two-way transaction channel is an NFT bridge. It permits the transfer of an asset between two distinct blockchains by connecting them. NFT bridges use a set of smart contracts to lock the asset that has to be moved on the first chain while minting an identical asset on the second chain and sending it to the wallet address of the original owner. To do this, the NFT owner signs smart contracts to deposit the NFT into the first chain. The identical smart contracts are called on the second chain to mint the duplicate of the original NFT because of these signatures.
The transfer of NFTs from the Ethereum mainnet to another blockchain is the most frequent function that blockchain bridges offer. The NFT bridge provided by Polygon is a well-known illustration. In order to stop hacks and issues with market liquidity, it integrates POS and Plasma security.
Meta blockchain, second
Bridges, which use a two-chain strategy to promote interoperability, go a step further and create the blockchain of blockchains. They provide services for creating a new internet made up of numerous connected blockchains.
By enabling asset exchanges between decentralized blockchains with the help of the IBC (Inter-Blockchain Communication) protocol, Cosmos provides a solution to the NFT interoperability issue.
Another option that makes it possible for blockchain apps to cross various chains is Polkadot. It is creating the XCM language, which will serve as the common language for various blockchains, for this purpose. When it comes to the compatibility of various blockchains, XCM will open up a lot of NFT features, including the ability to stake NFTs across several chains and pay fees using any token.
NFT applications will soon be able to utilize the greatest features of each blockchain thanks to bridges and multichain solutions. As a result, newer goods and services will be produced.
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NFT Tools: Mint Scanners
Digital investment opportunities and the tools needed to discover them, continue to evolve around us. It started with cryptocurrencies through ICOs. The investment portal then evolved with the introduction of NFTs. The marketplace is making further advances enabled by web 3 development. As the evolution of digital investment continues, the necessity to learn new skills and decipher a new stream of information become critical for success. The digital trader has a new frontier and wide open pastures to lay claim to if he or she can plant his or her flag before the other guy or girl. Therefore if you decide to get involved with trading digital assets, it serves you well to accept the fact that you will be at a disadvantage if your access to pertinent information is limited. Knowing that a new NFT dropped a day late can leave you many dollars short. Or missing out on opportunities to see undervalued items instantly leaves you at an obvious disadvantage. Especially when your peers have access to that same information before you have access to it. It’s very difficult to compete in the digital arena if you’re not well informed.
NFT tools continue to evolve
As the digital marketplace evolves more and more entrepreneurs have developed high tech picks and shovels. Lessons from history have proven that those that sell the shovels most often earn more than those that do the digging. It has been discussed in previous blog posts what type of information is needed to create optimal trading opportunities. The expense of purchasing these digital applications has also been discussed. However there are platforms that provide access to timely information for free. Today we will look into the digital Swiss army knives that are available to the 21st century digital trader.
Mint scanners are extremely useful for the NFT collector.
Mint scanners aid you in obtaining information about upcoming drops that you may miss, as you build your twitter base. This tool scans the blockchain for mints. That info is then organized by the trading volume, and alerts can be sent to you. One of the more popular NFT mint scanners is whatsminting.live. Whatsminting.live gives you access to NFTs that are being minted, and the gas costs associated with the mint. Having knowledge about gas costs is helpful because it can help you to understand if the mint is being promoted or naturally occurring within the market. This tool gives you up to the minute information, real time. That’s as close as if you were minting an item yourself. If you choose not to stay fascinated by their website all day, you can monitor their Discord channel for alerts that inform you about what NFTs are trending. The Discord channel is named “Last Minute.”
A wallet scanner is also a useful tool to help you find out what new projects are hot in the NFT space.
It’s known that certain influencers will get information about upcoming projects before the general public. Therefore monitoring the wallets of these influencers to see what NFT project they are buying can lead you to the same well of wealth potential that they have interest in. It must be said that following a particular collector blindly and buying what they do may not be the best strategy. Although if you see 2 or three high profile collectors buying into the same NFT project. That project may have potential for gainful trading opportunities. Monitoring high profile wallets can also provide information to you before the general public. Icy.tools is a helpful free option to monitor digital wallets. You can navigate to their alerts page, provide the addresses of the wallets you wish to track. This will enable you to receive alerts every time they buy something. You can even forward those alerts to your Discord channel.
We will continue to keep you up to date with the latest tools for the NFT collector. These tools are continually evolving so stay tuned for more help in acquiring the equipment you need to give you the best chances for success within the NFT markets.
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The Robot Face Backpack By Kanye West Sold For 50 ETH!
Elon.Space, the innovative and cutting-edge NFT initiative, has made an unexpected acquisition by buying Kanye West’s renowned “Robot Face” Goyard backpack. There is a twist in this recent sale of $100,000 (50 ETH), which is a rare investment for a brand-new NFT project. Everyone who purchases an Elon.Space NFT from the next mint will instantly be entered into a drawing to win the renowned Goyard backpack. Since there are only 420 of these special NFTs, holders will have a great chance of winning!
Superstar singer Kanye West commissioned and bought a 1/1 backpack from the ultra-luxury clothing line Goyard during Paris Fashion Week in 2010. In actuality, this was the company’s first backpack in its 1853-old history.
Kanye West at this time is represented by the backpack itself. He was the most popular musician in the world in 2010, and he was starting to use his inventiveness to transform the fashion business. The three front pockets, the zippers, and the renowned Goyard Chevron pattern are just a few of its distinctive features.
The name “robot face” refers to how much the backpack resembles a face. On the lower right, Kanye left his mark in the form of a painted K and star insignia.
The Kanye West Robot Backpack is incredibly important in the fashion industry because it is a unique and innovative piece by Goyard. The French trunk and leather goods manufacturer Goyard is renowned for its secrecy and exclusivity. They actually don’t have an online store, and only 35 stores worldwide are allowed to sell their products.
In 2021, the 1/1 Goyard backpack made a comeback and went on sale for $55,000. Justin Reed, a luxury consignor, later sold it to the Elon.Space group for $100,000. (50 ETH). “It was a pleasure to post this 1 of 1 piece for sale, and I am more than glad to see it go towards an exciting initiative like Elon.Space,” Reed remarked in reference to the transaction.
Why, therefore, has this new NFT project chosen to acquire such a noteworthy item of fashion history? Elon.Space claims that it is due to Kanye’s brilliance, which is consistent with how they see their brand.
Kanye is a creative genius who perfectly complements Elon’s ethos. According to Space, This was the product we were looking for because it embodied an iconic moment and related to the project. We knew we had to text Justin right away to order it as soon as he posted it.
All 420 NFT holders who pre-order the forthcoming mint of the Elon.Space NFT collection will be eligible to win a Kanye West Robot Face bag. Additionally, there will be a giveaway of other tangible goods. These include clothing, candles, and many other things.
The creators of Elon.Space used Elon Musk as well as the “meme culture” that surrounds the billionaire as inspiration for their first project.
Elon.Space will manufacture distinctive “phygital” products by fusing memes, fashion, and cutting-edge technology. One of the motives behind their purchasing of the Kanye West backpack is this.
Elon is the most approachable person in the Web3 and NFT arena because of his meme culture. He enjoys trolling, loves DOGE, and is heading to space. Elon.Space founder: “His personality is the prototypical Web3 millionaire.
The first NFT collection, which consists of 420 randomly selected and digitally generated photos, will be connected to tangible goods related to Elon Musk’s genuine commercial endeavors.
Sometime in September will see the Elon.Space NFT mint. There is a pre-mint procedure with a public mint and allowlist. Prior to the presentation, the team is also giving away “Mars & Beyond” candles in addition to the Kanye West backpack. To learn more, follow the official Elon.Space Twitter account.
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