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      "body": "While many speculated that NFT NYC might be off this year based on the climate and sentiment of uncertainty in the crypto space, it seems to be business as usual! From Sunday until late night Wednesday we’ve seen a collection of great activations.\n\nThe true believers are “zooming out” and focusing on building and accumulating now for the future. Web3 winners are chalking it up to buy another “big dip.” It looks like we have been seeing those who have been in the game for a while band together with a strong sense of community support for some who are having a challenging time. Beyond that, we are seeing collabs galore!\n\nA massive integration of Web3 brands with traditional brands and talent. Some collections like BAYC, WOW and Doodles are continuing to thrive. NFTNOW hosted a gala to announce their NFT100 highlighting the most prominent movers and shakers in the space.\n\nHappy to see many of our friends on that list! Congrats @mattmedved and @luisanavia for all the success and traction over the past year or so. \n\nAside from populating and hosting the VIP area at Ape Fest 2022 for the duration, last night, Richie Akiva @richieakiva curated and hosted the opening of London-based Member’s Club, The Ned Nomad.\n\nTonight, Richie will be co-hosting the Moonlight Gala at Casa Cipriani with Mike Cayre and honing Moonpay’s Ivan Soto-Wright and FTX’s Sam Bankman-Fried to benefit CARE. Limited tables are still available https://www.moonlightgalany.com/tables.",
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      "title": "A Blockchain For New Experiences: NEAR Protocol",
      "body": "Since its formal coin launch at the end of 2020, NEAR Protocol, a Layer 1 blockchain, has piqued investor interest. The project, which was created as a community-run cloud platform, has evolved various technological solutions to address the issues that other blockchains have, such as slowness and poor compatibility. Here’s all you need to know about this new protocol: what is NEAR Protocol and NEAR Protocol crypto, it’s ecosystem and projects and how to stake NEAR protocol.\n\nWhat is NEAR Protocol?\nIllia Polosukhin and Alexander Skidanov founded NEAR Protocol in 2017 in San Francisco, California. NEAR is a collective, a foundation, and a development platform based on a new Layer 1 blockchain. It is described as a “simple, secure, and scalable technology” that may be used to rethink business, creativity, and community in order to create a more sustainable and equitable future.\n\nNEAR Protocol\n\nKey Features The Project\nNEAR Protocol Ecosystem includes a variety of innovative technical elements, as well as access grants and fee-related incentives. Because of its sharded architecture, this Proof-of-Stake (PoS) blockchain promises to be simple, secure, and scalable. It also features a decentralized development platform that has been built to be user-friendly for developers, an approach that the company thinks will lead to widespread adoption. In addition, NEAR is also interoperable with Ethereum using NEAR’s Rainbow Bridge.\n\nNEAR coin\nNEAR is a utility token that allows holders to participate in network governance and earn rewards by staking NEAR tokens to the network. A delegated Proof-of-Stake consensus methodology is used to secure the NEAR tokens. The NEAR coin has a $1 billion coin maximum supply and $604 million coins in circulating supply. The project now has a market cap of $9.4 billion dollars, with each NEAR Protocol price currently at $16.58.\n\nThe Network\nThe NEAR Foundation conceived and developed the NEAR blockchain to help the NEAR community achieve its objective of “a world where people own their money, their data, and the means to generate new ideas.” Its mainnet was live in April 2020, and token transfers became accessible in October of that year. NEAR claims to provide a framework for creativity, scaling solutions, and a multi-chain future vision. It also claims to be fast yet not harmful to the environment, as well as sustainable, cost-effective, and secure.\n\nNEAR Protocol DeFi\nUnlike most other scalable blockchains, which require high-end technology to concentrate processing for a brief spike in throughput, NEAR Protocol crypto’s approach allows the platform’s capacity to grow nearly exponentially up to billions of transactions in a truly decentralized manner. It’s a general-purpose platform for developers to build and deploy decentralized apps. It’s similar to Amazon’s AWS platform, which is where most of the apps you know and love run their servers, except the NEAR platform isn’t administered and controlled by a single business; instead, it’s run and controlled by thousands, if not millions, of people.\n\nNEAR Protocol NFTs\nNEAR Protocol has created a safe refuge for NFTs, allowing you to create digital assets supported by you in a few simple steps. On your smart contacts, you can mint, sell, and even trade NFTs. NEAR has also set aside some resources to assist you in constructing these items. On the NEAR ecosystem, several DApps make this feasible. This provides you with the opportunities you seek as an artist to create and make your ideas, creativity, and abilities to present them to the world, rather than waiting for a third party to intervene and prevent you from reaching out to your golds.\n\nNEAR Protocol Roadmap\nThe project’s goal, according to its website, is to build an ecosystem that is “secure enough to manage high-value assets like money or identity and performant enough to make them useful for everyday people.” The NEAR Protocol has significant intentions for the future, but there are currently staking and yield farming options.\n\nNEAR Protocol vs Fantom\nIn the midst of the recent downturn, two top-100 coins, NEAR and FTM, shot to the top of the charts. The reasons for this are easy to understand: ETH is hardly unusable due to its exorbitant costs. Future ETH technological advancements are likely to be slow and inconvenient, and it’s becoming clear that ADA won’t be able to take the position of ETH. NEAR and FTM are both more technologically advanced than ETH and can easily onboard ETH DApps via EVMs. NEAR and FTM appear to be the two most reliable moons during this market cycle. Both companies have market capitalizations of around $5 billion, so there’s plenty of possibility for growth, no matter in which you invest.\n\nNEAR Protocol vs Solana\nThe most crucial part of the Blockchain Trilemma is security. It’s more of an overall pyramid structure, with security being the most important layer at the bottom. Scalability is a lifetime process, while decentralization requires time. It’s vital to note that Solana has yet to integrate Slashing into their network. In addition, Solana’s scalability will eventually become a bottleneck. NEAR, on the other hand, has integrated all three components of the blockchain. 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      "title": "Polka DeFiance, an annual conference on Polkadot DeFi, kicks in on April, 28",
      "body": "It’s time to get the larger crypto community together at an open-to-share online conference to sync up with all the latest in cross-chain DeFi on Polkadot, one of the most promising and attractive ecosystems in the space.\n\nPolka DeFiance is a high-value event that you can attend from the comfort of your own home. It will be hosted on the Crowdcast broadcasting platform by Equilibrium on April 28 at 4.00pm CET. Parity Technologies is one of event partners.\n\nThis year Equilibrium, an active DeFi parachain of Polkadot and the organizer of the event, intends to repeat the success of Polka DeFiance 2021 inviting DeFi leaders and top industry players. Last year, more than 20 speakers were inspiring over 2,000 guests for 5 hours.\n\nIn 2022, we are ready to come up with even more expertise and vibes. We’ve banded the role model projects, veterans and rising stars from the field to share best practices with our attendies. The list of speakers includes representatives of the most influential companies in the ecosystem and trending parachain projects: Parity Technologies, Parallel Finance, DFG Capital, Centrifuge, Manta Network and many others.\n\n“How cross-chain compatibility affects liquidity in DeFi protocols?”, “Do users of mainstream networks (like Ethereum) really need DeFi applications outside their ?”, “Investor’s view on investments in Polkadot projects” — here are just few sample topics of key note speechs and panels of Polka DeFiance 2022.\n\nPolkadot definitely deserves your attention as its technology is practically solving one of market’s central problems — cross-chain interoperability. It provides DeFi projects with an opportunity to improve theirs performance by building own blockchains and connecting them with all major networks.\n\nPolkadot is just taking off and Polka DeFiance is your perfect guidance to navigate this vibrant ecosystem. Join our online conference if you are aimed to be on the forefront of cross-chain revolution in DeFi.\n\nDon’t miss the event — register now and stay tuned for agenda and speakers updates.",
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      "author": "revanth9",
      "permlink": "bored-apes-dao",
      "title": "Bored Apes는 실제로 DAO가 필요하지 않았습니다.",
      "body": "0.08Eth에서 지루한 원숭이 NFT를 발행했다면; $380,000까지 상승하고 Ape Coins로 실질적인 수천 달러를 에어드롭했습니다. 이 제목과 전체 토론이 약간 '오프'처럼 들릴 수 있습니다. 이해하기 쉬우니 아마 저와 같은 마음일 것입니다. Bore Ape Yatch Club은 틀림없이 세계에서 가장 인기 있는 NFT 예술입니다. 그 에어드롭 이후에는 NFT와 암호화폐 분야에서 논쟁의 여지가 없는 스타 브랜드가 될 것입니다. 이 높이에 도달하기 위해 노력한 훌륭한 팀과 훌륭한 일을 한 유명 인사 및 인플루언서에게도 경의를 표합니다. 저는 개인적으로 Eminem의 Ape를 좋아하고 그렇게 말하는 것을 두려워하지 않습니다. 말장난.\n\nBAYC의 성공은 NFT 및 암호화 공간에서 종을 울립니다. 발행 및 보유하지 않은 것을 자유롭게 후회하십시오. 놓친 대부분의 사람들이 같은 느낌을 받습니다.\n\n보다 탈중앙화되고 수용적인 합의 메커니즘을 만들기 위한 움직임으로 Yugalabs는 APE 코인을 도입했습니다. APE 코인은 Bored Ape 커뮤니티의 거버넌스 토큰으로 설계되었습니다. APE 코인은 정치적 목적 외에도 팀이 개발한 Play-to-earn Game Fi 프로젝트에 대한 보상 토큰으로 설계되었습니다.\n\n어쨌든, 이와 같은 프로젝트에 거버넌스 토큰이 필요합니까? DAO에 대한 아이디어는 오래 전부터 존재해 왔으며, 지난 몇 년 동안 DAO가 대중화되기 전에 많은 오래된 프로젝트에서 이를 구현했습니다. 많은 프로젝트에서 제안에 투표하는 것이 주 용도인 토큰을 출시했습니다. 제 생각에는 훌륭한 움직임입니다. 불행히도 이것은 실제로 잘 작동하지 않았습니다. APE 코인뿐만 아니라 대부분의 DAO는 또 다른 돈을 두 배로 늘리는 계획입니다.\n\nAPE 코인이 귀하의 포트폴리오에 약간의 무료 자금을 추가했다는 사실과 프로젝트에 더 많은 마케팅 및 재정적 영향을 미쳤다는 사실을 살펴보면 이 토큰을 도입한 실제 목적을 무시할 수도 있습니다. 탈중앙화된 디지털 아트를 위한 거버넌스 토큰? 글쎄, 당신은 확실히 당신의 주장이 있지만 Bored Apes는 DAO 없이도 잘 해냈습니다.\n\nYugalabs는 뛰어난 팀이며 프로젝트를 추진할 최고의 아이디어를 가지고 있습니다. 이와 같은 문제에 대해 잘 알지 못하는 사람들로 구성된 커뮤니티의 승인을 요구하는 것은 전체 목적을 달성하지 못할 가능성이 더 큽니다. 이것은 대부분의 DAO의 정확한 문제이며, 커뮤니티는 전문가 팀보다 잘못 이해할 가능성이 더 큽니다. 커뮤니티는 더 많은 대중에게 반드시 도움이 되지 않을 수도 있는 다양한 (개인적인) 목표를 가진 수많은 사람들로 구성됩니다. 그들의 개인적인 필요는 커뮤니티의 웰빙이 아니라 개인의 투표가 반영하는 것입니다.\n\n현재까지 에이피코인 투표 포털에서는 약 5건의 제안이 투표를 마쳤다. 이 중 3개는 찬성표를 던졌고 나머지는 통과하지 못했습니다. 그 스테이킹 제안이 통과하지 못한 더 심층적인 이유가 분명히 있습니다. 이와 같은 제안은 쉽게 투표 단계를 통과합니다. 그러나 이러한 제안은 투표 프로세스를 개발하고 토큰 보유자에게 인센티브를 제공하는 데 중점을 두었습니다. 보다 중요한 제안이 이루어지면 DAO의 복잡한 특성이 작용하게 됩니다.\n\n프로젝트 팀은 커뮤니티에 중요한 결정을 맡기는 것을 꺼려하는데, 이는 DAO가 크게 흥미가 없어지는 주된 이유입니다. 커뮤니티를 탈중앙화하고 있음에도 불구하고 DAO 프로젝트 팀은 여전히 ​​커뮤니티의 동의 없이 중요한 제안을 실행합니다. 많은 사람들은 완전한 DAO가 '멍청'하고 지속 가능하지 않다고 주장합니다. 당신도 동의할 것이다. 어느 순간 넘어집니다. 대다수가 항상 옳은 것은 아니며, 그렇지 않은 경우보다 더 자주 발생합니다. 이런 경우 프로젝트 창시자는 커뮤니티에 반하거나 제대로 컨설팅을 하지 않는 어려운 결정에 직면하게 됩니다.\n\n커뮤니티는 기꺼이 토큰 소각에 찬성하지만 더 저렴한 가격에 더 많은 NFT를 발행하여 가격 하한선을 낮추는 제안에는 찬성하지 않습니다. 토큰 소각은 수치에 좋은 것으로 나타났지만 가격 하한선은 새 회원을 초대할 것입니다. 그러나 커뮤니티는 숫자가 올라가는 것을 선호할 것입니다. 저도 마찬가지입니다.\n![sothebys-bored-apes-1-1240x698.jpg](https://cdn.steemitimages.com/DQmPsahf7Dv6vVXPeJ4XePU7pYVcG42TCJqdGG75cjNtZo5/sothebys-bored-apes-1-1240x698.jpg)",
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      "author": "revanth9",
      "permlink": "the-libertarian-reason-why-satoshi-nakamoto-created-bitcoin",
      "title": "The Libertarian Reason Why Satoshi Nakamoto Created Bitcoin",
      "body": "The inventor of Bitcoin, Satoshi Nakamoto, believed the future of money should be free of control from entities who repeatedly prove they have their interests at heart. \n\nFor people to reclaim their sovereignty, the future needed to be decentralized.\n\nDecentralization is a key word for blockchain enthusiasts but it need not be restricted to monetary systems - everything can be decentralized. However, it needs innovative thinking. Nexus is built using next-generation blockchain technology and creator Colin Cantrell believes the Nexus Social Stack is key to creating a new and unique worldwide social organization. \n\n“Currently, we live under a top-down hierarchy which does little more than breed incompetence, nepotism, and internal corruption,” he explains. “Often, many at the top are not the best person for the role. They surround themselves with people loyal to them, and because they can’t maintain their positions with skill they resort to tricks and politics. \n\nThe social stack is fundamentally different; it’s a bottom-up structure where each layer represents greater merit and higher responsibility…where individuals are accountable to the layer below them rather than a perceived superior above. You don’t want the incompetent to rise. If you are competent, you should be response-able, you should be in a better situation to respond to an incident.\n\nHe goes on to say, “I’ve studied a lot of decentralized organisations where they want to do something without central leadership and CEO’s, most are flat or horizontal lattices which usually fail at around 1000 people because they don’t scale. It leads to miscommunication, deterioration of relationships, and hierarchies form as the environment implodes on itself.\n\nTo scale you need layers. Let’s say a single layer can handle 10 people, a double can handle 80, a triple 104, and quadruple 21,840 people. You can scale to the millions if desired.”\n\nEach layer acts as a check and balance with the others in a Social Stack, creating social scalability. Fibonacci numerical sequences scale exponentially and Colin follows principles like Dunbar’s number, which states that the maximum number of stable relationships a single human can maintain is 144. \n\nThe inspiration for the design is all around us in the precision of our environment.\n\n“Nature is built in layers of responsibility and less so of hierarchy, which is a construct. It doesn’t matter whether it’s infinitely large or small, we get repeating patterns over and over again. Your skeletal system is surrounded by your muscular system and then your skin and so forth. We are tapping into seeing humans as subsets, where a group of people form the whole cell and every aspect of the body is just as important as the other. If we think about our body, you could say that the neural transmitter between your heart and brain is the most important but if your lung cells rebel then you’re dead; it's over.”\n\nDifferent people have different capabilities. It doesn’t make one person better or worse. It means that everyone has different roles. Nexus wants to create equal opportunity for everyone to flourish in the areas they excel, but those with the highest capabilities will rise the furthest.\n\nCompetence creates progression through the layers but it also brings greater accountability to every layer below them.  That’s the design, it’s a true meritocracy where there is no entitlement.  Merit is hard earned but easily lost in the cryptographically authenticated Social Stacks.\n\nNexus wants to bring a complete change of culture into the crypto space but Colin is convinced it won’t be all smooth sailing.  \n\n“We expect infiltration; the current system loves incompetence. They thrive on it.  But our system will root out corrupt individuals and de-allocate their key. That’s what I love about it. For me mathematics is a higher principle and what we are building is guided by this higher purpose where code is law.\n\nThe right people can advance through every level, which begins at the grassroots community layer, through the creative layers, if that’s where they excel. But Social Stacks establish no ceiling and this meritocracy means no one is barred from progressing through Embassy or Ambassadors roles.\n\nNo one is assigned a function in organised societal groups. You can choose a role and the people you want to work with, allowing people to find that contentment that works for them.\n\nThe vision of Colin and the team at Nexus is massive. Their aim is nothing short of rebelling against the present system, which is not about to give way readily. They see little point fighting against a well-funded hierarchical system that wants nothing more than to keep the population in their place and keep the status quo going. Nexus wants to sidestep the current arrangement by building a better system alongside it right now. When the time is right, groups, towns, cities, and geographical areas will already have fairer systems in place as populations reject the existing order that doesn’t have their best interests at heart.\n\nNexus is for the disenfranchised, for people so trapped in the system that they can’t imagine a better life. The future is being built right now by people like you; it’s a place where your skills are essential for the whole community, and for you to find the use that helps make everyone the most fulfilled. \n\nNexus has a vision of a world inspired by innovation and responsible values. It aspires to see the development of expansive technology and the fundamental quality of connection being ubiquitous, free, and available to everyone. This project is developing technology designed to simplify lives, empower communities, and streamline business. It embodies the founding principles of Satoshi Nakamoto that returns power to the people. \n\n![26uUsAjKTsXCBRzTxRJWxpz7qLMdK4Nq6Ha3QAmrmWNLCRd8aA4ALBxuVVp6jHGd7CAKPVjyywvr6AoMGouLgTu11DMEQHHTf7ekrz8y2voYxmnJewKv45NB9CEr4pHmaVykANmP5eMGCxbmRXFE4EYx1YzoMLsyKmz9wm.webp](https://cdn.steemitimages.com/DQmTD6DxzFgcw2kncGgtj6uM2NLVA1pYGvzR5GtZnFZFt9z/26uUsAjKTsXCBRzTxRJWxpz7qLMdK4Nq6Ha3QAmrmWNLCRd8aA4ALBxuVVp6jHGd7CAKPVjyywvr6AoMGouLgTu11DMEQHHTf7ekrz8y2voYxmnJewKv45NB9CEr4pHmaVykANmP5eMGCxbmRXFE4EYx1YzoMLsyKmz9wm.webp)",
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      "title": "Important Updates to Zoo Keeper Farming Pools",
      "body": "As previously announced, $ZOO token farming started on the Avalanche network today.\n\nBelow are a few details you may want to consider in order to optimize your overall farming experience.\n\nAs a reminder, the Zoo Keeper dApp has been live on Avalanche since the 3rd of April.\n\n \n\nApril 13th → Farming has begun on AVAX with current multiplier in place on Zoo Keeper. finance (x1 for each DEX — Trader Joe and Pangolin)\n\nRemember that you can also cross-chain $ZOO tokens from Wanchain to Avalanche.\n\nMore details about this can be found in our previous article here:\n\nhttps://blog.zoo.one/zooecosystem-multi-chain-expansion-onto-avalanche-f29ea77f3e9c\nApril 14th → Pool multipliers on AVAX will be adjusted according to liquidity and volume on each DEX.\n\nApril 24th → Multipliers of non ZOO-paired pools on Wan chain will be halved according to our previous Medium article detailed here:\n\nhttps://blog.zoo.one/introducing-important-changes-to-zookeeper-and-the-zoo-token-95a164938ee4\nApril 24th → Big Bag Wolf’s multiplier will increase for the ZOO/WAN pool.\n\nFarm on your preferred network, cross-chain $ZOO tokens, bridge your ZOONFTs, boost your rewards… In other words - have fun using your favorite yield-farming dapp !\n\n \n\nReminder of important links:\n\nZoo Ecosystem Website: Zoo. One\n\nZoo Keeper Website: https://ZooKeeper.finance\nOpen Zoo Website: https://OpenZoo.io\n\nTwitter: https://twitter.com/ZooEcosystem\nTelegram: https://t.me/ZooEcosystem\nDiscord: https://discord.gg/ZooEcosystem\nYouTube: https://www.youtube.com/c/ZooFarming",
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      "parent_permlink": "nft",
      "author": "revanth9",
      "permlink": "the-dark-side-of-nfts-controversies-behind-non-fungible-tokens",
      "title": "The Dark Side of NFTs: Controversies Behind Non-fungible Tokens",
      "body": "On 12 February 2022, Reuters reported that NFT marketplace Cent was forced to suspend sales of non-fungible tokens (NFTs) six days ago following ‘rampant’ fraud on the platform. As a marketplace, it may be small (with only 150,000 users) but it is one of the most reputed. It was this marketplace that sold Twitter co-founder Jack Dorsey’s first tweet as an NFT for USD 2.9 million. Yet, Cent witnessed what can be called the dark side of NFTs.\n\nThe Cent debacle was described by its co-founder, Cameron Hejazi, who told Reuters that users kept on “minting and minting and minting counterfeit digital assets” despite all efforts by the marketplace to ban them. He went on to say that the ban was ineffective because a new account would crop up and engage in the same activity.\n\nBut Cent’s problem was just a part of the larger issue involving NFTs.\nA brief history of NFT and its growing popularity\nNFT is a creation of tech entrepreneur Anil Dash and digital artist Kevin McCoy, who introduced “monetised graphics” in a live demonstration at the 2014 Seven on Seven event held in New York City’s New Museum of Contemporary Art, US. Their idea was to give artists a chance to make some money and retain control over their work.\n\nThree years later, NFTs took off when prices of CryptoKitties tokens began showing an upward tick.\n\nHowever, the real ‘revolution’ happened only in 2021. For now, the history of NFTs can be divided into ‘pre-2021’ and ‘post-2021’.\n\nBut why is 2021 so significant? For one, the world started seriously talking about NFTs only after the sale of an artwork titled Everydays – The First 5000 Days by American artist Mike Winkelmann, better known as Beeple, as an NFT on 11 March 2021.\n\nThe digital art was sold for a mind-boggling sum of USD 69 million at Christie’s. In a tweet, the auction house said that the sale placed Beeple among “the top three most valuable living artists.”\n\nEverydays – The First 5000 Days remained the most expensive NFT artwork ever sold till an artwork titled The Merge by the artist Pak was sold for USD 91.8 million in December 2021.\n\nA popular collectible plagued with uncertainties\nAlthough NFTs have taken the world by storm, their future seems murky when one considers the ‘frauds’ on Cent. It raises questions about the authenticity of crypto art, its true value, resaleability and ownership.\n\nBut one has to first grapple with the thought that owning an NFT does not mean it can be prevented from duplication. For instance, a .jpeg file on the internet can be easily downloaded by millions even if it may be an NFT ‘owned’ by someone on the blockchain. This means unlike the Mona Lisa painting housed at Paris’s The Louvre, which may have duplicates but none as perfect as the original, copies of these digital images most likely mirror the original artwork.\n\nTherefore, the very idea of ‘owning’ something worth millions that can be easily (and legally) used by just about anyone sounds absurd; yet records are being set for NFT sales almost every month. The craze is such that NFT-sceptics call it a bubble. Whether it actually is can only be known with time.\n\nTherefore, the dark side of NFTs cannot be ignored even if one is a blockchain advocate who is sure that all of this is eventually coalescing as the metaverse.\n\nSale of unauthorised NFTs and the legal tussle\n\n![squidgame_season1_episode1_00_44_44_16-copy.webp](https://cdn.steemitimages.com/DQmXovrjz6txeXvSzfKtX864BdUbLDkXXpJvYNK7MBeY5bZ/squidgame_season1_episode1_00_44_44_16-copy.webp)\n\nUnauthorised tokens are one of the larger problems surrounding NFTs. Cent was the latest in a long line of those struggling with this.\n\nOn 22 January 2022, The Guardian reported that French luxury group Hermès was initiating legal action against American artist Mason Rothschild over the use of the former’s iconic Birkin bags as digital tokens named MetaBirkins.\n\nSimilarly, Nike sued StockX, a shopping platform, on 3 February 2022 for using the shoemaker’s brand and iconic logo to create and market NFTs.\n\nBut Rothschild issued a statement in his defence which drew attention to the US law.\n\n“I am not creating or selling fake Birkin bags. I’ve made artworks that depict imaginary, fur-covered Birkin bags,” he said, adding that the First Amendment of the US Constitution protects his “right to make and sell art that depicts Birkin bags” and referred to Andy Warhol creation of Campbell’s soup cans artworks.\n\n“The fact that I sell the art using NFTs doesn’t change the fact that it’s art,” Rothschild underlined in his statement.\n\nIn its report on the developments,  AFP quoted a lawyer, Annabelle Gauberti, on the subject.\n\n“The ‘fair use’ defence works well, particularly in UK and US law, in which an artist can use a trademarked word or product to make a point or as a parody,” Gauberti said, referring to Rothschild’s defence of his artistic freedom.\n\nOn the other hand, StockX reportedly never claimed that its NFTs are works of art.\n\nThe two cases indicate the lack of legal definitions explaining what constitutes NFT artworks and how they should be treated. It also revolves around the companies and whether they can launch their own official NFTs.\n\nCopyright is, therefore, a central point in NFT artwork. Filmmaker Quentin Tarantino wanted to sell NFTs associated with his film Pulp Fiction (1994) but was prevented from doing so by the studio Miramax, which holds the copyright to the film.\n\nLegal actions appear to be increasing by the day as the popularity of NFTs continues to rise.\n\nIn February 2022, the Recording Industry Association of America (RIAA) sent a legal notice to music NFT platform Hit Piece after artists such as Wolf Van Halen accused it of trying to sell NFTs in the name of the artists without authorisation. Reports say that the NFTs were not music files but artwork connected to the tracks — which are protected by copyright.\n\nThe scams\n\nThe Squid Game cryptocurrency scam is one of the most recent examples of the dark side of NFTs. (Image credit: Netflix)\nThe NFT market is riddled with scams. In September 2021, a fake Banksy NFT titled Great Redistribution of the Climate Change Disaster was sold for over USD 300,000. Interestingly, the fake work was advertised as an auction on Banksy’s website.\n\nVia his agency, Pest Control, the acclaimed street artist confirmed that neither was the art by him nor was any NFT been sold on his site.\n\nCNBC reported that while the agency confirmed that the auction and art were fake, it did not comment on whether the site was hacked. According to the report, the money was returned to the buyer.\n\nFurthermore, scammers and hackers are trying to lure unsuspecting enthusiasts through social chat apps, like Discord, using fake links that appear like opportunities to mint NFTs. They read and appear almost like click-bait phishing mails that were common in the early days of email. Not just Discord, phishing attempts can be made via Twitter and Instagram DMs, too.\n\nGullible targets are asked to invest with Ethereum tokens for NFTs that eventually never get created. In more serious cases, private keys to crypto wallets can be stolen, which could lead to the theft of all cryptocurrency and NFTs held by the wallet.\n\nAlarmed by this, Open Sea partnered with NFT communications platform Meta link on 15 February 2022 to prevent such attacks through Discord DMs.\n\nHackers and scammers can target anyone they want to. The best solution for users is to practice a ‘buyer beware’ policy.\n\nEven without the use of DMs, scammers can target people using rug-pull and pump-and-dump schemes. These involve scammers promoting an NFT or cryptocurrency and driving up their prices to lure prospective buyers. Once they have sufficient investment, the scammers shut operations and cash out. The investors, on the other hand, are left with zero value.\n\nThe Squid Game cryptocurrency scam is an example of such a scam. In November 2021, scammers used the acclaimed Netflix Korean drama as a pivot to create fake crypto. Within 11 days, the crypto’s value rose 310,000 percent to USD 2,861. The scammers sold their holdings and escaped with millions, bringing the value of the coin to zero.\n\nThen there are bidding scams, which affect those who are selling NFTs. Malicious bidders can change the type of cryptocurrency listed as the preferred token with crypto that is lesser in value. This is done surreptitiously and leads to a loss for the seller when it goes unchecked.\n\nShady dealings\ndark side of the NFTs\n\nIn December 2021, a Crypto Punk NFT was sold for USD 532 million. In a way, it would have been a record sale in the art world, but it wasn’t. Reports reveal a major issue in the transaction. The value of the NFT was actually pushed up by a single user who was both the buyer and seller.\n\nThis sort of trading is widespread in the NFT world because buyers and sellers can remain anonymous on the blockchain. The only thing public is the record, which is verifiable. The wallets involved in the transactions are known but the person or user behind the wallet remains hidden.\n\nA single user can have multiple wallets and carry on such transactions, creating an impression that an NFT is highly valued and has been traded many times for the public. This might also help drive the value of the NFT and add to the trading volume of the platform, which makes it look financially robust.\n\nCiting data from blockchain market data tracker DappRadar, Reuters reported on 7 February 2022 that the 27 most expensive recorded NFT sales in January came from only two wallets transacting on LooksRare — an NFT marketplace. The total value was USD 1.3 billion. The report also said that 16 wallets on the platform were involved in the top 100 sales worth USD 2.3 billion.\n\n“There is a lot of activity happening between a couple of wallets — let’s say wallet one selling to wallet two, and then wallet two reselling it. It’s quite likely that this is not real demand, that these trades are not organic,” said DappRadar Finance and Research Director Modesta Masoit.\n\nThe energy problem\ndark side of the NFTs\nThe fundamental difference between cryptocurrencies and NFTs is that the former is fungible. But like crypto, all NFTs exist on the blockchain — most of them on Ethereum. Therefore, like cryptocurrencies, the ownership of NFTs is stored on the blockchain, cannot be forged, and information is transparent.\n\nAdditionally, NFT transactions, including gas (fees), involve cryptocurrency, no matter the marketplace. Simply put, the more the numbers and transactions involving NFTs, the more is the need for cryptocurrencies.\n\nSince nearly all blockchains follow the “proof of work” model, they become extremely energy-consuming. Cryptos are mined, which require constantly operating workstations for “mining” operations, which are essentially solving a puzzle to verify a transaction and add a block to the blockchain.\n\nIn 2021, Cambridge University researchers calculated that Bitcoin mining alone uses more electricity annually than the whole of Argentina. Therefore, one can easily estimate the carbon footprint of blockchain technology.\n\nThis means power consumption equals the burden on the environment. This is why the rise of NFTs directly contributes to climate change. Unless blockchain as a system becomes more energy-efficient and reliant on renewable energy sources, it may not be acceptable by those who are fighting on the ground against climate change.\n\nAlso noteworthy is the cost of power. The price of gas might cost artists more than the actual worth of their NFT art.\n\nCan NFTs collapse if cryptocurrencies collapse?\ndark side of the NFTs\nThe fate of cryptocurrency is ambiguous in several countries. In case most economies decide to ban them, it will impact the mining operations. This means there will be an adverse effect on NFTs since crypto is essential to the trade.\n\nSome countries, such as China, allow NFT trading on semi-regulated blockchains. Since cryptocurrency is banned in the country, the tokens used as gas for transactions exist only on limited blockchains. This means they are not exactly cryptocurrencies, but the NFT trade continues within the limited sphere that the regulated blockchains offer.\n\nHowever, this goes against the core nature of NFTs, which is basically a digital asset on a decentralised blockchain free from the control of a centralised authority. But the future of NFTs can be purview of government regulations.\n\nMore about the dark side of NFTs\nThere is much more to the pitfalls of NFTs. As gaming platforms become more metaverse-centric, fears of scams on them are rapidly rising. One such concern has gripped Axie Infinity, a blockchain-based game created by Vietnamese studio Sky Mavis.\n\nSimply put, it works on the concept of ‘pay to earn’. Players use colourful digital creatures known as Axies to battle other players. The reward is called Smooth Love Potion (SLPs), which can be poured back into the game’s virtual world Lunacia or exchanged for cash or crypto.\n\nMoreover, buying an Axie, which is essentially an NFT, can be expensive for some, and at least three are needed to enter the game. Like any other game, the more powerful the Axies, the better is the chance to win the SLPs. Within the game are powerful players who have formed guilds.\n\nAccording to AFP, sceptics believe the game is a “house of cards” — a fraud driven by hype and speculation. There have been concerns about inflation and the unsustainability of the business model, too. Volatility has led to the value of the SLP skyrocketing and then falling steeply within months.\n\nThat is not all. Video essayist Dan Olson worked for 10 months to create a video titled Line Goes Up – The Problem With NFTs. In the 138-minute-long YouTube video (which can be viewed below), Olson delivers a scathing criticism of the concepts of blockchains, cryptocurrencies and the NFTs in a preface and 14 chapters, starting with zero.\n\n\n\nThe video was released on 21 January 2022. It has since been viewed over 5 million times and liked by 290K users on the streaming platform. Although the video has been received with positive reactions, there are others who disagree because the whole concept of blockchains and everything dependent on it are still somewhat new.\n\nSpeaking to TIME magazine, macroeconomist and Web3 investor Tascha Che took on Olsen’s arguments. In one of her excellent points, Che notes, “We’re suspicious about new things in general if it disrupts our world view. There’s an underlying fear of how it will become a disaster. You see this pattern happen repeatedly throughout history: with the industrial revolution and the digital revolution.”\n\nTherefore, the current issues around NFTs might eventually get resolved and more investors might join in to make the concept of blockchain what it aims to attain.\n\n\n\n![wp-contentuploadssites620220217140812c.webp](https://cdn.steemitimages.com/DQmVXkf2ogjp3q5jxgqfocwjXGkj3DWyXqyytra4J5qyZB4/wp-contentuploadssites620220217140812c.webp)",
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      "title": "Web3 social media app that rewards creators with crypto goes live on App Store",
      "body": "The world is largely governed by the creator economy, an economy defined as a class of businesses that rely on the 50 million content curators, bloggers, creators and videographers that bring something new or original into existence.\n\nThis differs greatly from the previously defined attention economy, where brands were forced to fight to be the loudest in a saturated market. Now, social media platforms have enabled the easy distribution of content, encouraging the growth of something bigger than a company’s offerings— the creation of communities.\n\nCreators provide value to the economy through their ability to entertain, inspire, and inspire trust in real people. While impactful in concept, the unfortunate reality is the current model favors large corporations ahead of their users.\n\nAs a result, creators and influencers alike have found themselves subject to demonetization, intransparent algorithms, unnecessary censorship, abuse of data and a reliance on advertisers for monetization. Furthermore, creators who have established a loyal following on one centralized corporate platform suddenly must face the consequences of being dependent on a set of rules they have no control over.\n\nAddressing these concerns is APPICS, a blockchain company based out of Switzerland. The team operates with the “Passion Rewarded” mission, empowering people across the globe by enabling them to earn crypto for their social media activities with their primary product offering, the APPICS app.\n\nAdvancing the creator economy\nHowever, with many apps already in existence, the logical question for users is what makes this offering different from the rest. An APPICS co-founder and COO Uma Hagenguth shares, “APPICS is more than just another social media app. It combines social media, the power of blockchain, NFT, the metaverse and other technologies of the future to bridge the digital world with the real world and provide people from all over the globe with more decentralized and transparent solutions.”\n\nAt its core, the APPICS app is designed to alter the way the world perceives social media, allowing creators to get rewarded with cryptocurrency directly from the content and engagement they create.\n\nAPPICS aims to turn likes, a commonality on traditional social media, into currency through its underlying technology. Users can earn from sharing content on the platform and other activities like voting and commenting. The platform is built on the Telos (TLOS) blockchain powered by EOSIO, one of the fastest and greenest blockchains in the world, which uses just ​​0.000001 kWh per transaction.\n\nAddressing these concerns is APPICS, a blockchain company based out of Switzerland. The team operates with the “Passion Rewarded” mission, empowering people across the globe by enabling them to earn crypto for their social media activities with their primary product offering, the APPICS app.\n\nAdvancing the creator economy\nHowever, with many apps already in existence, the logical question for users is what makes this offering different from the rest. An APPICS co-founder and COO Uma Hagenguth shares, “APPICS is more than just another social media app. It combines social media, the power of blockchain, NFT, the metaverse and other technologies of the future to bridge the digital world with the real world and provide people from all over the globe with more decentralized and transparent solutions.”\n\nAt its core, the APPICS app is designed to alter the way the world perceives social media, allowing creators to get rewarded with cryptocurrency directly from the content and engagement they create.\nAPPICS aims to turn likes, a commonality on traditional social media, into currency through its underlying technology. Users can earn from sharing content on the platform and other activities like voting and commenting. The platform is built on the Telos (TLOS) blockchain powered by EOSIO, one of the fastest and greenest blockchains in the world, which uses just ​​0.000001 kWh per transaction.\n\nThe APPICS app sets itself apart from other social media applications by tackling the issues of social media today, like censorship and disturbing algorithms. It empowers users through its transparent decentralized reward mechanism, which allows users to choose the allocation of rewards on the platform.\n\nA three-pillar approach\nWhile instrumental in the future of Web 3.0, the APPICS DApp represents only part of the efforts to develop the global community. The project team speaks to the fact that a fundamental shift is necessary in the way the world is conceptualized, in everything from social, to the web, to technology. Therefore, for this transition to be possible, a combination of products, services and education will be required.\n\n\nFrom the first pillar to drive education, the APPICS ambassador program was created. It combines a global network of blockchain enthusiasts who use their knowledge for community development initiatives. APPICS ambassador has since grown to include over 150 people in 35 countries around the world who can help carry out the team’s mission through their own immersive events.\n\nThe second pillar covers services, including the tokenization of assets, development of marketing strategies and advisory for other crypto projects.\n\nIn the final pillar, APPICS focuses on launching products that lower the barrier of entry into the crypto space, including the newly released APPICS DApp, an upcoming NFT marketplace, and even a play-to-earn game. To date, the team has reported 120% growth month over month on the APPICS app, a platform that was named top 3 in social DApps.\n\nAfter a successful beta, the APPICS app has launched its mainnet earlier this year and is now publicly available in the iOS AppStore and Google Playstore.\n![download (1).png](https://cdn.steemitimages.com/DQmTma6FU8iTWJv8hUCEn28y8HQCWD13ZNreP5Bg66XuEgG/download%20(1).png)",
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      "body": "The world’s first Bored Ape-themed restaurant, Bored & Hungry is now the first to accept ApeCoin ($APE)! Hours before its Grand Opening in Long Beach on 9 April, the restaurant announced via Twitter that it will accept $APE and $ETH.\n\nIn addition, verified BAYC holders will get a free combo meal (see pic). As for MAYC holders, free burgers are coming to you. Starving for more? Just head over to Bored & Hungry at 2405 E 7th St. in Long Beach, California.\n\nBored & Hungry taking away the stigma surrounding NFTs\nFounded by renowned foodpreneur Andy Nguyen, Bored & Hungry will be operating as a 90-day pop-up powered by Trill Burgers and Beleaf Burgers. Moreover, as a proud owner of Bored Ape Yacht Club #6184, Nguyen is using the Ape’s IP to create the restaurant’s brand.\n\n“The goal is to give back to the growing Web 3.0 community and open the doors to those who want to learn more about this new Web 3/NFT world,” Nguyen said. “Our job is to educate the public about this new future world. And show people that you can create a brand/business out of this IP. Taking away the stigma of, ‘It’s just a jpeg.'”\n\nSeeing the long lines of customers outside its premise, it’s safe to say that Nguyen’s vision is coming to fruition. However, the Bored & Hungry founder is not slowing down on his ventures into NFTs. In fact, Nguyen will be partnering with Kevin Seo to launch Food Fighters Universe (FFU) NFT collection this May. The idea is to develop the world’s first NFT-backed restaurant group and use Web 3 to fix problems currently seen in the food & beverage industry.\nNonetheless, Bored & Hungry is not the first NFT-themed restaurant. Instead, the honor belongs to Flyfish Club, which is the world’s first NFT restaurant founded by Gary Vee. As NFT reaches widespread adoption, we shall see more stories like Bored & Hungry’s in the coming months.\n![Bored-and-Hungry-set-meal-2.jpeg](https://cdn.steemitimages.com/DQmXHwkeV2J6jhfnNJMZFHidBoWNDdk4BAwJHjtBYgUU7TK/Bored-and-Hungry-set-meal-2.jpeg)",
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      "permlink": "re-revanth9-south-korean-regulator-confirms-that-nfts-are-not-virtual-assets-20220412t020533561z",
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      "body": "Hello welcome to Steemit world! \n I'm @steem.history, who is steem witness. \n This is a recommended post for you.[Newcomers Guide](https://steemitdev.com/guide/@steemitblog/steemit-a-guide-for-newcomers) and [The Complete Steemit Etiquette Guide (Revision 2.0)](https://steemit.com/steem/@steem.history/the-complete-steemit-etiquette-guide-revision-20-homage-1598425779) and, recommended community [Newcomers Community](https://steemit.com/trending/hive-172186) \n I wish you luck to your steemit activities.<center> \n \n \n https://cdn.steemitimages.com/DQmXHwdcNs5VPcBft1iSosPdHLpBNBfjuG84g3ffWhMw5JQ/image.png \n <sub>(The bots avatar has been created using https://robohash.org/)</sub> \n @steem.history \n \n ### My witness activity \n - [My aspiration for STEEM witness](https://steemit.com/hive-185836/@steem.history/my-aspiration-for-steem-witness-1601280729) \n - Provides information on Steem.  \n [Reference](https://steemit.com/trending/hive-130095) \n - Supporting the Steem project. \n [SPUD4STEEM project](https://steemit.com/trending/spud4steem) \n - Supporting the community. \n [Newcomers Community](https://steemit.com/trending/hive-172186),[Steem Sri Lanka](https://steemit.com/trending/hive-133716) ,[WORLD OF XPILAR](https://steemit.com/trending/hive-185836), [GLOBAL STEEM](https://steemit.com/trending/hive-145160), [Scouts](https://steemit.com/trending/hive-181136), [Latino Community](https://steemit.com/trending/hive-188619) \n \n ### My featured posts \n - [The Complete Steemit Etiquette Guide (Revision 2.0) -Homage](https://steemit.com/steem/@steem.history/the-complete-steemit-etiquette-guide-revision-20-homage-1598425779) \n \n [![image.png](https://cdn.steemitimages.com/DQmd7of2TpLGqvckkrReWahnkxMWH6eMg5upXesfsujDCnW/image.png)](https://steemlogin.com/sign/account-witness-vote?witness=steem.history&amp;approve=1) \n <sub>please click it!</sub> \n \n ![image.png](https://cdn.steemitimages.com/DQmWDnFh7Kcgj2gdPc5RgG9Cezc4Bapq8sQQJvrkxR8rx5z/image.png) \n <sub>(Go to https://steemit.com/~witnesses and type fbslo at the bottom of the page)</sub> \n \n </center>",
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      "title": "South Korean regulator confirms that NFTs are not virtual assets",
      "body": "South Korean regulator confirms that NFTs are not virtual assets\nThe country will follow global crypto guidelines in excluding non-fungible tokens (NFTs) from its categorization of virtual assets — meaning income from NFTs may remain untaxed in Korea.\n\n![south-korea-flag-waving-against-cloudy-sky-2021-09-01-07-29-52-utc-768x334.jpg](https://cdn.steemitimages.com/DQmdzvuHqh12SSPSKruSySb29Tnse9XgsLyCxdHmeHCThKk/south-korea-flag-waving-against-cloudy-sky-2021-09-01-07-29-52-utc-768x334.jpg)\n\nThe K-pop mega group BTS and its agency recently announced fan collectibles in the form of non-fungible tokens (NFTs). Since then, BTS NFTs have been cited by many as testament to the growing following behind NFT technology in South Korea, but also to underline the lack of regulatory framework on NFTs despite the growing popularity.\n\nLast week, one unnamed official from the Financial Intelligence Unit (FIU) told South Korean media that NFTs will not be categorized as virtual assets and hence will not be regulated, in accordance with the Financial Action Task Force’s (FATF) global guidelines for virtual assets. \n\nThe term “virtual assets” was called to attention more recently as assets classified under the term are to be taxed 20% from January next year. This prompted several experts and lawmakers to raise the question whether NFTs will count as virtual assets. Last month, at the National Assembly’s annual review, Korea’s finance minister Hong Nam-ki had said the classification of NFTs is still under discussion, when he was asked if NFTs will be taxed.\n\nFATF’s guideline says that NFTs that are used “as collectibles rather than as payment or investment instruments” are not generally considered to be virtual assets. However, the guideline adds that if NFTs are used in payments or investments, they could fall under the virtual assets category. FATF suggests that countries apply its standards on NFTs on a case-by-case basis.\n\nAustralia treats NFT taxes depending on the kind of use and reasons behind trading the NFTs. Depending on the variables, NFT taxes may be paid under the capital gains tax, on a revenue account as trading stock, or as part of a profit-making scheme.\n\n“In order for [NFTs] to be used as a payment method, a very large amount needs to be issued. And there is essentially no reason to make [the payment method] with NFTs, where the core value is scarcity,” said the FIU official, implying that the Korean authorities are determined to not regulate NFTs. But the official added that taxing NFTs in the form of “stock tokens” that prove one’s ownership of financial investments need to be discussed further. \n\n“Any kind of asset can be turned into NFTs. If a painting is made into an NFT, it should be taxed on capital gains,” said Oh Moon-sung, professor of tax accounting at Hanyang Women’s University. “But the same cannot be said about books or antique artifacts. It is absurd to think that the same kind of tax can be applied to all NFTs.”\n\n“And Bitcoin and NFTs can never be put on the same line. The only commonness they share is that they’re based on blockchain technology. They cannot be taxed under the same circumstances,” Oh added.\n\nNonetheless, there still exist several other controversies surrounding the virtual assets tax. One is that many experts say that taxation starts too early, especially when the government has yet to prepare sufficient tax infrastructure. The government cannot track peer-to-peer transactions and has not found a way to tax cryptocurrencies that are not listed on any exchange.\n\nAnother issue is that crypto investors are taxed on uneven grounds when compared to stock capital gains. Income from virtual assets is taxed over 2.5 million won (about US$2,112), while stock capital gains taxes start at 50 million won (about US$42,247). Moreover, stock capital gains are to be taxed from 2023, a year later than crypto taxation. The government said it gives special tax benefits to income from certain financial investments, and virtual assets aren’t categorized as financial assets in South Korea — so given a lower threshold for tax deduction.\n\nCurrently, lawmakers from both the ruling Democratic Party and the conservative People Power Party have proposed laws to push back the tax on crypto assets. Lee Jae-myung, the Democratic Party’s candidate for the upcoming presidential election, announced today that he will push postponing the tax law by one year.",
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