Opensea chief after nft flipping

Instead, they allow celebrities and other individuals to auction off digital creations, with the proceeds going to a charity of their choice.

Tito Rodriguez is just one example of this use case put into action. Tito, also known as “The Hood Santa,” is a platinum record producer with previous experience working with artists like Snoop Dogg. Tito has since transitioned from the music industry to help his community through the establishment of the Local Hearts Foundation. This charity aims to give back to underprivileged families in the East LA area.

To do so, Tito has made arrangements to auction a 1/1 NFT. This NFT comes with the physical Snoop Dogg Presents Tha Eastsidaz platinum plaque. Collaborating with ZUZ Protocol, the winner of this plaque will also receive a Zeus NFT.


The average monthly trading volumes of NFTs jumped from $64 million in the first half of 2021 to more than $750 million in the second half.

Now the NFT space is a $41 billion industry with thousands being traded on a daily basis.

NFT stands for non-fungible token, which basically means that it’s a unique digital asset that belongs to you and you alone. The most popular NFTs right now include artwork and music, but can also include videos and even tweets.

NFTs can be stand-alone, or they can be part of a collection, which can also allow their owners to feel as though they are joining an exclusive online community.

Because NFTs are rare by nature, there is inherent demand, creating plenty of opportunities to flip them for profit on platforms like OpenSea.

They released 10,000 punk characters of different styles, types and personality and to their surprise, the moment, Mashable wrote a story about their project, within hours, the entire collection of CryptoPunks were gone!.

And there is Decentraland, which is all about Virtual Real Estate in the NFT sphere. There is also Axie Infinity, a Pokemon like breeding game similar to CryptoKitties and there are just tons of NFT Projects.

So What’s Really going on here!.

If you take all these NFT projects, from CryptoPunks, CryptoKitties to Axie Infinity and Decentraland.The one thing that these NFT projects have in common is they are all Communities.

Just like Religion, in the Crypto Space, there’s going to be more and more communities popping up.

Bored Ape Yacht Club“, it would cost only 0.8 ETH to mint one of their NFT’s. Today, an average NFT from BAYC will cost you over $13,000 Dollars.

Therefore the key to making money with NFT’s is to find such potentially valuable Projects Early. Now the problem is it takes lots of time, research and energy to find these projects.
You’d really have to take your time to read about everything that’s going on in the NFT sphere. So, today, i will show exactly how you can find such projects early and grab those NFT’s before anyone even knows about it.

How to Find NFT Projects Early?

The first step really is to learn about NFT’s, what they are and who are the big players in this game.

Let’s talk about CryptoKitties, an NFT Project that was started by Vancouver and San Francisco-based design studio AxiomZen.

Okay Bears by-product on Ethereum highlights how far Solana has come

NFTs exploded onto the scene in 2021, with $17 billion in gross sales all year long. To date this 12 months, regardless of the acute risk-off atmosphere with belongings crimson throughout the board, this report from Chainalysis exhibits that quantity within the NFT house is stabilising.

With each long-term indicator pointing in the direction of longevity within the house, I assumed it might be fascinating to evaluate the place these gross sales are going down, and whether or not Ethereum nonetheless stays king.

One pattern jumped out fairly swiftly – the expansion of Solana.

OpenSea

Within the brief historical past of NFTs, the overwhelming majority of quantity has occurred on Ethereum, totally on OpenSea, {the marketplace} constructed initially for Ethereum.

But what the anonymous team of shadowy super coders (another meme) didn’t expect to happen, when it chose to use Miso, was for all of its funds to be whisked away.

According to SushiSwap CTO Joseph Delong, an anonymous contractor inserted malicious code into the Miso platform, changing the destination address for all of the incoming funds in the token sale to their own address. Delong said that the Jay Pegs Auto Mart sale was the only one affected and that all the funds raised were stolen.

Delong added that SushiSwap has asked crypto exchanges Binance and FTX to identify the hacker — by providing their KYC information — but they have not done so.

Every transaction is timestamped, and the NFT or Ethereum traded is known. This transparency has historically allowed users to protect the community by uncovering elaborate scams, such as when “cybersleuth” Fedor Linnik discovered that the team behind a million-dollar “female-led” project was actually Russian men.

In a late-night Twitter Spaces titled “Investigating allegations” (with the monocle face emoji at the end), over 1,700 NFT collectors and traders joined to discuss the situation.
Many celebrated the capabilities of the blockchain, arguing that the technology enabled a thorough investigation despite the unsettling findings.

OpenSea, the biggest NFT trading marketplace, said today that one of its employees used internal information to buy NFTs that were about to be featured on its homepage — and likely spike in value. Accusations were made against OpenSea’s head of product, Nate Chastain, last night after a community member publicized suspicious transactions from his wallet.
“Yesterday we learned that one of our employees purchased items that they knew were set to display on our front page before they appeared there publicly,” the announcement tweeted by OpenSea CEO Devin Finzer read. “​​This is incredibly disappointing.” The site explicitly prohibits “deceptive or manipulative trading activities” in its Terms of Service.© Illustration by Alex Castro / The Verge

The statement was prompted by a community-led investigation of Chastain’s trades.

Namely, smart contracts are complex, hard to secure, and susceptible to manipulation by hackers:

For a start, the NFT sale itself was quite strange. The whole idea was based around a recent meme on crypto Twitter, that of the Kia Sedona brand of car (the joke being that the Kia Sedona is a type of hard money).

A group of 10 anonymous individuals who were behind the sale created a jazzy website and branded it “Jay Pegs Auto Mart.” (It was not affiliated with the car manufacturer in any way.)

The sale was for DONA reservation tokens. These could be purchased on decentralized exchange SushiSwap’s token sale platform Miso.

Each DONA token purchased in the sale could be swapped for one 2007 Kia Sedona NFT — out of a possible 10,000.

And the token sale went well. It raised 864.8 in ether (ETH), worth $3.1 million.

Solana offers the extraordinary investor entry to the NFT world, tearing down boundaries to entry with its basement-low fuel charges and easy-to-use interface. For enjoyable, I even purchased the beneath Ape from the BASC to quell my dissatisfaction from the Yuga Lab fallout. The charges I paid had been a fraction of a cent, and your entire course of couldn’t have contrasted extra with the ultra-exclusive BAYC counterparts on Ethereum.

Instagram and Coinbase

This week additionally introduced the information that Meta-owned Instagram is to check a characteristic permitting customers to show NFTs as their profile photos. Meta confirmed that whereas the preliminary check launch is proscribed to Ethereum and Polygon, Solana is to be added at a later date.

OpenSea, the biggest NFT trading marketplace, said today that one of its employees used internal information to buy NFTs that were about to be featured on its homepage — and likely spike in value. Accusations were made against OpenSea’s head of product, Nate Chastain, last night after a community member publicized suspicious transactions from his wallet.

“Yesterday we learned that one of our employees purchased items that they knew were set to display on our front page before they appeared there publicly,” the announcement tweeted by OpenSea CEO Devin Finzer read. “​​This is incredibly disappointing.” The site explicitly prohibits “deceptive or manipulative trading activities” in its Terms of Service.

The statement was prompted by a community-led investigation of Chastain’s trades.

OpenSea has not confirmed which NFTs were traded on using internal information.

As the NFT community picked up on ZuwuTV’s investigation last night, he posted more transactions suggesting that the front running behavior could have begun as early as last month. Using tools such as Wayback Machine and Twitter’s advanced search function, ZuwuTV and other users showed that Chastain likely purchased would-be-featured NFTs before or immediately after the OpenSea website updated. Like other NFT platforms such as Nifty Gateway, OpenSea’s front page is curated by hand rather than algorithmically determined.

Because the Ethereum blockchain is transparent, meaning all transactions are permanently recorded on a public ledger, users were able to follow the money trail leading back to Chastain’s publicly known account.

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