Nft drop angers infosec with portraits

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NFTs can have only one owner at a time, and their use of blockchain technology makes it easy to verify ownership and transfer tokens between owners. The creator can also store specific information in an NFT’s metadata.
For instance, artists can sign their artwork by including their signature in the file.

What Are NFTs Used For?

Blockchain technology and NFTs afford artists and content creators a unique opportunity to monetize their wares. For example, artists no longer have to rely on galleries or auction houses to sell their art.
Instead, the artist can sell it directly to the consumer as an NFT, which also lets them keep more of the profits. In addition, artists can program in royalties so they’ll receive a percentage of sales whenever their art is sold to a new owner.

Therefore, demand will drive the price rather than fundamental, technical or economic indicators, which typically influence stock prices and at least generally form the basis for investor demand.

All this means, an NFT may resale for less than you paid for it. Or you may not be able to resell it at all if no one wants it.

NFTs are also subject to capital gains taxes—just like when you sell stocks at a profit.
Since they’re considered collectibles, however, they may not receive the preferential long-term capital gains rates stocks do and may even be taxed at a higher collectibles tax rate, though the IRS has not yet ruled what NFTs are considered for tax purposes.

An unauthorized NFT drop celebrating infosec pioneers has collapsed into a mess of conflicting takedowns and piracy.

Released on Christmas Day by a group called “ItsBlockchain,” the “Cipher Punks” NFT package included portraits of 46 distinct figures, with ten copies of each token. Taken at their opening price, the full value of the drop was roughly $4,000.
But almost immediately, the infosec community began to raise objections — including some from the portrait subjects themselves.

The portrait images misspelled several names — including EFF speech activist Jillian York and OpenPGP creator Jon Callas — and based at least one drawing on a copyright-protected photograph.

This is an attractive feature as artists generally do not receive future proceeds after their art is first sold.

Art isn’t the only way to make money with NFTs. Brands like Charmin and Taco Bell have auctioned off themed NFT art to raise funds for charity.

Charmin dubbed its offering “NFTP” (non-fungible toilet paper), and Taco Bell’s NFT art sold out in minutes, with the highest bids coming in at 1.5 wrapped ether (WETH)—equal to $3,723.83 at time of writing.

Nyan Cat, a 2011-era GIF of a cat with a pop-tart body, sold for nearly $600,000 in February. And NBA Top Shot generated more than $500 million in sales as of late March.

One of the market’s first major disruptions was not due to hackers or nation-states, but rather a database error that took a large portion of the NFT market offline. A technical issue with OpenSea’s API created a widespread outage in January 2022 and impacted other services that relied on the major NFT marketplace.

The database outage at OpenSea took the company’s image-loading API offline, which propagated across the ecosystem. This episode demonstrated that the Web3 ecosystem is interdependent, and not nearly as decentralized as billed, and that a database issue with a large actor like OpenSea can have a far-reaching impact.

A number of organizations are currently working on standards and protocols around issues like content authenticity, identity assurance, and cross-chain interoperability.

Crypto’s fungibility makes it a trusted means of conducting transactions on the blockchain.

NFTs are different. Each has a digital signature that makes it impossible for NFTs to be exchanged for or equal to one another (hence, non-fungible).
One NBA Top Shot clip, for example, is not equal to EVERYDAYS simply because they’re both NFTs. (One NBA Top Shot clip isn’t even necessarily equal to another NBA Top Shot clip, for that matter.)

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How Does an NFT Work?

NFTs exist on a blockchain, which is a distributed public ledger that records transactions.

Nurturing coalitions of digital asset platforms to ensure that policies scale across NFT marketplaces could also reduce harm. Other solutions might include sharing collectively governed registries of blocklisted images between marketplaces (a tactic that has been used to combat sexual exploitation imagery across different social media platforms), standardizing processes to “tombstone” or delete NFTs across multiple issuing platforms, and exploring technical solutions to essentially “confiscate” and/or “impound” NFTs minted on any given blockchain that has clout within the larger ecosystem.

Better understand the technological ecosystem and which actors hold centralized power with the “decentralized” ecosystem

Despite claims of decentralization, there are still gatekeepers within the NFT ecosystem.

You can also sort pieces by sales volume to discover new artists.

Rarible: Similar to OpenSea, Rarible is a democratic, open marketplace that allows artists and creators to issue and sell NFTs. RARI tokens issued on the platform enable holders to weigh in on features like fees and community rules.

Foundation: Here, artists must receive “upvotes” or an invitation from fellow creators to post their art.

The community’s exclusivity and cost of entry—artists must also purchase “gas” to mint NFTs—means it may boast higher-caliber artwork. For instance, Nyan Cat creator Chris Torres sold the NFT on the Foundation platform.

Saatchi Art’s first NFT collection will drop in early 2022.

For more information on Saatchi Art’s ‘The Other Avatars’, visit www.saatchiart.com/nft

About Saatchi Art Leading online art gallery Saatchi Art features one of the world’s largest selections of original art and helps people all over the world find art and artists they love. The online art gallery offers original paintings, drawings, sculptures and photographs by over 100,000 emerging artists from over 100 countries.

Saatchi Art is redefining the experience of buying and selling art by providing art lovers with free art advisory services and an expertly curated selection of art, while giving artists a convenient and welcoming environment in which to exhibit and sell their work.

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