NFT News August 5, 2022

What Makes NFTs Secure, and Will This Change For the Better?

Published

5 days ago

August 5, 2022

We’ve written before about the security features that are inherent in the NFT world. We’ve even written about the nature of dynamic NFTs, which are even more interesting from a coding perspective. Yesterday, we detailed the team up between two companies that have reimagined the nature of NFT security. Today, we want to talk a little about what makes this security so important, and examine whether or not this will be the case in the future of NFTs. Even with the recent (some say temporary) decline of the NFT markets, the security aspect is still interesting.

The Prediction

Security for these assets is based on the code that makes them unique. When a buyer acquires an NFT, he or she is given a spot on the blockchain that identifies them as the sole possessor of the code that identifies the actual NFT.

With dynamic NFTs, this is slightly different. The blockchain still preserves the record of the NFT and the original purchaser, but the base code, from the Metadata to the art itself, can be programmed to change. So, this means that the cataloguing information can change, and the search engines that categorize them will shuffle them around a bit. This can add a depth to the security aspect.

Interest

“There is a very uneven distribution, and a small number of whales controlling most of the value in the system. But from my point of view, this system is so young and we are only seeing the beginning of it. The Bitcoin market cap is now 40% of the total crypto market cap, and it’s been going down consistently. In the last year, you’ve seen the rise of so many new alternative layer ones, or second generation blockchains that use proof of stake. Crypto adoption is growing at an astonishing rate worldwide.” -Time

MetaNews is your number one resource for information on the Metaverse and the markets. We deliver the relevant news, every day. Don’t forget to check us out on Twitter! @metanews_com. Our staff of expert researchers and copywriters are dedicated to bringing you the latest, most relevant information from all over the Metaverse and its affiliated properties. From commerce and finance, to technology and interconnectivity, MetaNews produces well researched, accurately sourced articles on a daily basis.

Up Next

This NFT Collection Explodes in Value Over the Weekend

Don't Miss

Sony Ent. Seems to Be Ambivalent About NFTs, or Are They?

Billy Houghton

Billy Houghton is a top acclaimed and sought-after commodities futures trading expert. The expertise and in-depth level of analysis that is offered by Billy Houghton is what has managed to put him at the stage of being the top ranked author for MetaNews among multiple different categories. Throughout his career, Billy has specifically spent over three decades on Wall Street fine-tuning his skills, which included over two decades at a trading desk. In more recent times, specifically the last decade, Billy has been researching algorithms of AI in futures trading, and believes they are the future of trading. He started writing about the Metaverse, as he thinks its the future of everything AI related.

Click to comment

NFT News

This NFT Collection Explodes in Value Over the Weekend

Published

2 seconds ago

August 10, 2022

Billy Houghton

The oddly and aptly named NFT collection called CryptoDickButts is seeing an incredible increase in value. At this point, some of these collections, by analysis of the name alone, are vehicles for immense wealth shifts for the people who program them. Are they making fun of us, or do they know something we don’t? Let’s find out in the article we have prepared for you today. We want to detail some of the reasons this increase in the CryptoDickButts value has occurred, and ask the question, why should you care?

The News

Recently, if you’ve been looking into NFTs, you’ve likely seen that the markets are down. Now, whatever reasons there are for this, we want to look into how you should evaluate the pros and cons of purchasing NFTs. Just because one NFT in a wide collection of NFTs, and therefore boosts the overall value of the collection, doesn’t necessarily mean that you should invest.

Interest

“NFT gives artists and authors the opportunity to monetize their work. All creative industry enthusiasts need is to join the digital ecosystem, create their own product, and put it up for auction. Thousands of creative people no longer need to rely on galleries or auction houses which involve paying margins. They can use the BTC ecosystem to publish a variety of files — musical works, paintings, collages, animations, etc. Furthermore, any artist can do this without intermediaries by sending the work as NFT directly to the art collector. Users can program licensing fees to earn money each time their product is sold to a new owner.” -Yahoo Finance

NFT News

Sony Ent. Seems to Be Ambivalent About NFTs, or Are They?

Published

5 days ago

August 5, 2022

Billy Houghton

Sony Entertainment has said precious little about NFTs and what they think of them. But recently, they have constructed and launched a poll asking people whether or not they would be interested in NFTs and digital assets. This seems to be a bit of a departure from the attitude they have displayed regarding the diverse markets of NFTs in the past. Just shortly after Sony launched PS Stars, the rewards program of which is not based on NFTs, they asked participants if they would indeed be interested in being compensated with NFTs instead.

The Prediction

It sounds to many analysts that Sony is hedging its bets regarding NFTs, largely because they be back on the rise after this quarter’s impressive downturn. Basically, what has happened in Sony’s poll launching is a kind of rescinding of their previous opinion or stance toward NFTS.

This may not exactly be the case, and some experts agree that this isn’t just a corporate realignment based on a a miscalculation. Anyway, what does this mean for NFTs and Sony in general? We don’t yet know, but it does seem to be something to be paying attention to for investors.

Interest

“Now, Sony PlayStation seems to be aiming at a different approach. According to a report from The Washington Post, the company announced a loyalty program called PlayStation Stars. The program will be lunch at some point during 2022 with plans to expand to the Americas, Europe, and Asia. Grace Chen, Vice President of Network Advertising at the company, said the following regarding Sony’s new earn program.” -Bitcoinist

NFT News

Two Companies Team Up In Order to Bring Privacy to NFTs

Published

6 days ago

August 4, 2022

Billy Houghton

Despite the recent downturn in NFT valuations, many investors are holding on to hope that this storm will pass. Well, two major players are making strides in the area of data recovery and security. Now, OmniX and Findora are teaming up in order to make headway in the area of cyber-NFT security. “We couldn’t be more excited for the partnership,” said Dylan Kawalec, Findora’s head of Business development. “We’ve predicted the need for privacy NFTs for a long time and working with Omni X will allow us to be the first to build next-generation infrastructure for NFTs.”

The Prediction

Findora is involved specifically in Ethereum privacy and next-generation “zero-knowledge proof” technology. Findora is on the cutting edge that enables them to use privacy to make Decentralized Finance a safer place for investors and financial institutions.

“Omni X is the first natively Omnichain NFT platform and marketplace. Powered by LayerZero technology, Omni X connects communities and creators to unparalleled liquidity and already supports Ethereum, Arbitrum, Optimism, BNB Chain, Avalanche, Polygon, and Fantom, with Flow and Aptos integrations coming soon.”

Interest

“When there’s a trillion-dollar market, any SEC chairman has to know that if he or she wades into that, it can be completely consuming and put them in the middle of a food fight between traditional financial services and crypto companies. It’s easy to criticize the SEC from the outside,” Hall continued. “But I know exactly why they’re doing it. There is just no benefit from the point of view of an individual to stick your neck out and actually try to solve the problem. It’s much easier to bring enforcement actions against people for violating the laws.” Davis Polk