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Daily Insights: Updates on Crypto, Blockchain, NFTs, Web3, and Play-to-Earn Gaming
Read Daily: The Latest Crypto, NFTs, Web3, Blockchain, and Play-to-Earn News
Stay in the loop with our daily gaming news! Discover the latest in blockchain tech, play-to-earn games, NFTs, Web3, and metaverse gaming, keeping you on top of crypto gaming trends.
Exploring the Dangers of the NFT Marketplace
In the fast-paced arena of cryptocurrencies, the NFT world especially has shown us time and again the various risks attached to it A striking example of these risks came to light with a recent scam event on the Blur Marketplace, where an individual had NFTs valued at a whopping $240,000 swiped from under them due to a phishing attack This alarming piece of news bubbled up through a post shared on X (you know, the platform we used to call Twitter)
The Incredible Heist
The victim's digital collection saw a massive hit, losing three Elementals, 40 Beanz, and six of the much-coveted Bored Ape Yacht Club NFTs The thieves then audaciously listed these stolen digital assets on the marketplace for the laughably low price of one $WEI each...
Blur dominates the NFT marketplace and OpenSea trials; this article checks some of the facts and happenings in the Web3 NFT industry 2024. The hype was real surrounding the airdrop, as Blur has dominated OpenSea's NFT trading volume. According to Dune Analytics statistics, the marketplace had a volume of $601 million over the past seven days compared to the $104 million of OpenSea. These numbers correspond to Blur Marketplace controlling an 85.2% market share compared to OpenSea's 14.8%.Daily volume numbers are also evident in this comparison. According to DappRadar statistics, Blur achieved a trading volume of $98.6 million in the last 24 hours. While OpenSea, in second position, only managed $17.92 million. Additionally, compared to OpenSea, its daily average transaction price has consistently been greater.It's important to note that Blur has designed its incentives strategy to avoid rewarding volume in order to discourage wash trading. By tweaking its royalties reward structure, the market has attempted to bypass OpenSea's constrictive approach. This policy change is a defensive measure designed to safeguard its survival as it was forced to make this decision as a result of OpenSea's non-competitive position. Blur and OpenSea do not pay royalties to the same creator on both platforms.