Blockchain

Regulation in NFT Marketplaces

Decentralization and the Lack of Regulation in NFT Marketplaces

On September 14, 2021, OpenSea, a popular NFT marketplace startup, admitted to insider trading on their website. The event is unprecedented in crypto history. Within 24 hours of the incident, the company had put in new employee policies to regulate trading on their platform. OpenSea’s insider trading incident highlights the fact that while the popularity of digital items is on the rise, so are cybercrimes that seek to make a profit at the expense of genuine creators and buyers.

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Blockchain's Public Access Boon or Bane

Blockchain’s Public Access: Boon or Bane?

A popular NFT marketplace, OpenSea, recently admitted to insider trading by one of their employees. While the company had not revealed the name of the erring employee, individuals were able to utilize the platform’s public access blockchain ledger to ascertain the identity of the culprit.

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SEC Compares Crypto

SEC Compares Crypto to “The Wild West”

On September 14, Gary Gensler, the Chairman of U.S. Securities and Exchange Commission (SEC), said that he doesn’t see long-term viability for cryptocurrency. He emphasized the importance of regulating crypto and protecting the interests of investors.

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Bitcoin Mining So Energy Intensive

Why Is Bitcoin Mining So Energy Intensive?

The popularity of Bitcoin has given way to concerns surrounding its ecological impact. As of writing this article, Bitcoin is trading at US$45,106. The global impact of Bitcoin has been so tremendous that El Salvador adopted it as legal tender and Ukraine legalized Bitcoin exchanges.

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What Is a SMART Contract

What Is a SMART Contract?

In August 2021, the cryptocurrency market hit the US$2 trillion mark. The NFT market has been doing equally well, with sales volume surging to US$2.5 billion in the first quarter of 2021. The common thread between these figures is the use of blockchain technology and smart contracts.

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OpenSea-Bans-Insider-Trading

OpenSea Bans Insider Trading after Employee Defrauds Buyers

On September 14, 2021, OpenSea, a popular NFT (Non-Fungible Tokens) marketplace startup, admitted to insider trading on their website. Insider trading happens when people—employees or otherwise—use a company’s non-public knowledge to their financial advantage. OpenSea did not reveal the employee’s name; however, Twitter users took advantage of blockchain’s public access and transparency to ascertain who did it.

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Chinese Crypto Crackdown

Understanding the Chinese Crypto Crackdown

In the latest addition to China’s cryptocurrency crackdown, the government of Sichuan province halted all crypto mining activities in the region. The efforts to restrict cryptocurrency mining have also spread to China’s northwestern province of Hebei. The cyberspace commission of Hebei announced on September 14, 2021 that it will cooperate with the central government’s efforts to curb crypto mining and trading.

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Why Are Cryptopunks So Expensive

Why Are Cryptopunks So Expensive?

NFT’s or Non-Fungible Tokens have been surging in popularity in 2021. Much like other NFTs, CryptoPunks have also been seeing a rise in popularity and value. They make up 3 out of the top 5 most expensive NFT’s ever sold. (For more details on this, check this out here).

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The Top Five Most Expensive NFTs Ever Sold

The Top Five Most Expensive NFTs Ever Sold

NFTs are cryptographically generated tokens. They use blockchain technology to establish a unique digital asset. NFTs are “non-fungible,” meaning that they cannot be interchanged with each other like money. The authenticity of an NFT can be verified by the historical ownership data stored on the blockchain, which allows any digital artwork to be traced back to its original creator. Thus, the artist’s signature is baked into the NFT.

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