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Ezra Reguerra

Ezra Reguerra

3 years ago

Yuga Labs’ Otherdeeds NFT mint triggers backlash from community

Unhappy community members accuse Yuga Labs of fraud, manipulation, and favoritism over Otherdeeds NFT mint.

Following the Otherdeeds NFT mint, disgruntled community members took to Twitter to criticize Yuga Labs' handling of the event.

Otherdeeds NFTs were a huge hit with the community, selling out almost instantly. Due to high demand, the launch increased Ethereum gas fees from 2.6 ETH to 5 ETH.

But the event displeased many people. Several users speculated that the mint was “planned to fail” so the group could advertise launching its own blockchain, as the team mentioned a chain migration in one tweet.

Others like Mark Beylin tweeted that he had "sold out" on all Ape-related NFT investments after Yuga Labs "revealed their true colors." Beylin also advised others to assume Yuga Labs' owners are “bad actors.”

Some users who failed to complete transactions claim they lost ETH. However, Yuga Labs promised to refund lost gas fees.

CryptoFinally, a Twitter user, claimed Yuga Labs gave BAYC members better land than non-members. Others who wanted to participate paid for shittier land, while BAYCS got the only worthwhile land.

The Otherdeed NFT drop also increased Ethereum's burn rate. Glassnode and Data Always reported nearly 70,000 ETH burned on mint day.

More on NFTs & Art

Vishal Chawla

Vishal Chawla

3 years ago

5 Bored Apes borrowed to claim $1.1 million in APE tokens

Takeaway
Unknown user took advantage of the ApeCoin airdrop to earn $1.1 million.
He used a flash loan to borrow five BAYC NFTs, claim the airdrop, and repay the NFTs.

Yuga Labs, the creators of BAYC, airdropped ApeCoin (APE) to anyone who owns one of their NFTs yesterday.

For the Bored Ape Yacht Club and Mutant Ape Yacht Club collections, the team allocated 150 million tokens, or 15% of the total ApeCoin supply, worth over $800 million. Each BAYC holder received 10,094 tokens worth $80,000 to $200,000.

But someone managed to claim the airdrop using NFTs they didn't own. They used the airdrop's specific features to carry it out. And it worked, earning them $1.1 million in ApeCoin.

The trick was that the ApeCoin airdrop wasn't based on who owned which Bored Ape at a given time. Instead, anyone with a Bored Ape at the time of the airdrop could claim it. So if you gave someone your Bored Ape and you hadn't claimed your tokens, they could claim them.

The person only needed to get hold of some Bored Apes that hadn't had their tokens claimed to claim the airdrop. They could be returned immediately.

So, what happened?

The person found a vault with five Bored Ape NFTs that hadn't been used to claim the airdrop.

A vault tokenizes an NFT or a group of NFTs. You put a bunch of NFTs in a vault and make a token. This token can then be staked for rewards or sold (representing part of the value of the collection of NFTs). Anyone with enough tokens can exchange them for NFTs.

This vault uses the NFTX protocol. In total, it contained five Bored Apes: #7594, #8214, #9915, #8167, and #4755. Nobody had claimed the airdrop because the NFTs were locked up in the vault and not controlled by anyone.

The person wanted to unlock the NFTs to claim the airdrop but didn't want to buy them outright s o they used a flash loan, a common tool for large DeFi hacks. Flash loans are a low-cost way to borrow large amounts of crypto that are repaid in the same transaction and block (meaning that the funds are never at risk of not being repaid).

With a flash loan of under $300,000 they bought a Bored Ape on NFT marketplace OpenSea. A large amount of the vault's token was then purchased, allowing them to redeem the five NFTs. The NFTs were used to claim the airdrop, before being returned, the tokens sold back, and the loan repaid.

During this process, they claimed 60,564 ApeCoin airdrops. They then sold them on Uniswap for 399 ETH ($1.1 million). Then they returned the Bored Ape NFT used as collateral to the same NFTX vault.

Attack or arbitrage?

However, security firm BlockSecTeam disagreed with many social media commentators. A flaw in the airdrop-claiming mechanism was exploited, it said.

According to BlockSecTeam's analysis, the user took advantage of a "vulnerability" in the airdrop.

"We suspect a hack due to a flaw in the airdrop mechanism. The attacker exploited this vulnerability to profit from the airdrop claim" said BlockSecTeam.

For example, the airdrop could have taken into account how long a person owned the NFT before claiming the reward.

Because Yuga Labs didn't take a snapshot, anyone could buy the NFT in real time and claim it. This is probably why BAYC sales exploded so soon after the airdrop announcement.

Anton Franzen

Anton Franzen

3 years ago

This is the driving force for my use of NFTs, which will completely transform the world.

Its not a fuc*ing fad.

Photo by kyung on unsplash

It's not about boring monkeys or photos as nfts; that's just what's been pushed up and made a lot of money. The technology underlying those ridiculous nft photos will one day prove your house and automobile ownership and tell you where your banana came from. Are you ready for web3? Soar!

People don't realize that absolutely anything can and will be part of the blockchain and smart contracts, making them even better. I'll tell you a secret: it will and is happening.

Why?

Why is something blockchain-based a good idea? So let’s speak about cars!

So a new Tesla car is manufactured, and when you buy it, it is bound to an NFT on the blockchain that proves current ownership. The NFT in the smart contract can contain some data about the current owner of the car and some data about the car's status, such as the number of miles driven, the car's overall quality, and so on, as well as a reference to a digital document bound to the NFT that has more information.

Now, 40 years from now, if you want to buy a used automobile, you can scan the car's serial number to view its NFT and see all of its history, each owner, how long they owned it, if it had damages, and more. Since it's on the blockchain, it can't be tampered with.

When you're ready to buy it, the owner posts it for sale, you buy it, and it's sent to your wallet. 5 seconds to change owner, 100% safe and verifiable.

Incorporate insurance logic into the car contract. If you crashed, your car's smart contract would take money from your insurance contract and deposit it in an insurance company wallet.

It's limitless. Your funds may be used by investors to provide insurance as they profit from everyone's investments.

Or suppose all car owners in a country deposit a fixed amount of money into an insurance smart contract that promises if something happens, we'll take care of it. It could be as little as $100-$500 per year, and in a country with 10 million people, maybe 3 million would do that, which would be $500 000 000 in that smart contract and it would be used by the insurance company to invest in assets or take a cut, literally endless possibilities.

Instead of $300 per month, you may pay $300 per year to be covered if something goes wrong, and that may include multiple insurances.

What about your grocery store banana, though?

Yes that too.

You can scan a banana to learn its complete history. You'll be able to see where it was cultivated, every middleman in the supply chain, and hopefully the banana's quality, farm, and ingredients used.

If you want locally decent bananas, you can only buy them, offering you transparency and options. I believe it will be an online marketplace where farmers publish their farms and products for trust and transparency. You might also buy bananas from the farmer.

And? Food security to finish the article. If an order of bananas included a toxin, you could easily track down every banana from the same origin and supply chain and uncover the root cause. This is a tremendous thing that will save lives and have a big impact; did you realize that 1 in 6 Americans gets poisoned by food every year? This could lower the number.

To summarize:

Smart contracts can issue nfts as proof of ownership and include functionality.

Yogita Khatri

Yogita Khatri

3 years ago

Moonbirds NFT sells for $1 million in first week

On Saturday, Moonbird #2642, one of the collection's rarest NFTs, sold for a record 350 ETH (over $1 million) on OpenSea.

The Sandbox, a blockchain-based gaming company based in Hong Kong, bought the piece. The seller, "oscuranft" on OpenSea, made around $600,000 after buying the NFT for 100 ETH a week ago.

Owl avatars

Moonbirds is a 10,000 owl NFT collection. It is one of the quickest collections to achieve bluechip status. Proof, a media startup founded by renowned VC Kevin Rose, launched Moonbirds on April 16.

Rose is currently a partner at True Ventures, a technology-focused VC firm. He was a Google Ventures general partner and has 1.5 million Twitter followers.

Rose has an NFT podcast on Proof. It follows Proof Collective, a group of 1,000 NFT collectors and artists, including Beeple, who hold a Proof Collective NFT and receive special benefits.

These include early access to the Proof podcast and in-person events.

According to the Moonbirds website, they are "the official Proof PFP" (picture for proof).

Moonbirds NFTs sold nearly $360 million in just over a week, according to The Block Research and Dune Analytics. Its top ten sales range from $397,000 to $1 million.

In the current market, Moonbirds are worth 33.3 ETH. Each NFT is 2.5 ETH. Holders have gained over 12 times in just over a week.

Why was it so popular?

The Block Research's NFT analyst, Thomas Bialek, attributes Moonbirds' rapid rise to Rose's backing, the success of his previous Proof Collective project, and collectors' preference for proven NFT projects.

Proof Collective NFT holders have made huge gains. These NFTs were sold in a Dutch auction last December for 5 ETH each. According to OpenSea, the current floor price is 109 ETH.

According to The Block Research, citing Dune Analytics, Proof Collective NFTs have sold over $39 million to date.

Rose has bigger plans for Moonbirds. Moonbirds is introducing "nesting," a non-custodial way for holders to stake NFTs and earn rewards.

Holders of NFTs can earn different levels of status based on how long they keep their NFTs locked up.

"As you achieve different nest status levels, we can offer you different benefits," he said. "We'll have in-person meetups and events, as well as some crazy airdrops planned."

Rose went on to say that Proof is just the start of "a multi-decade journey to build a new media company."

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Liz Martin

Liz Martin

3 years ago

A Search Engine From Apple?

Apple's search engine has long been rumored. Recent Google developments may confirm the rumor. Is Apple about to become Google's biggest rival?

Here's a video:

People noted Apple's changes in 2020. AppleBot, a web crawler that downloads and caches Internet content, was more active than in the last five years.

Apple hired search engine developers, including ex-Googlers, such as John Giannandrea, Google's former search chief.

Apple also changed the way iPhones search. With iOS 14, Apple's search results arrived before Google's.

These facts fueled rumors that Apple was developing a search engine.

Apple and Google Have a Contract

Many skeptics said Apple couldn't compete with Google. This didn't affect the company's competitiveness.

Apple is the only business with the resources and scale to be a Google rival, with 1.8 billion active devices and a $2 trillion market cap.

Still, people doubted that due to a license deal. Google pays Apple $8 to $12 billion annually to be the default iPhone and iPad search engine.

Apple can't build an independent search product under this arrangement.

Why would Apple enter search if it's being paid to stay out?

Ironically, this partnership has many people believing Apple is getting into search.

A New Default Search Engine May Be Needed

Google was sued for antitrust in 2020. It is accused of anticompetitive and exclusionary behavior. Justice wants to end Google's monopoly.

Authorities could restrict Apple and Google's licensing deal due to its likely effect on market competitiveness. Hence Apple needs a new default search engine.

Apple Already Has a Search Engine

The company already has a search engine, Spotlight.

Since 2004, Spotlight has aired. It was developed to help users find photos, documents, apps, music, and system preferences.

Apple's search engine could do more than organize files, texts, and apps.

Spotlight Search was updated in 2014 with iOS 8. Web, App Store, and iTunes searches became available. You could find nearby places, movie showtimes, and news.

This search engine has subsequently been updated and improved. Spotlight added rich search results last year.

If you search for a TV show, movie, or song, photos and carousels will appear at the top of the page.

This resembles Google's rich search results.

When Will the Apple Search Engine Be Available?

When will Apple's search launch? Robert Scoble says it's near.

Scoble tweeted a number of hints before this year's Worldwide Developer Conference.

Scoble bases his prediction on insider information and deductive reasoning. January 2023 is expected.

Will you use Apple's search engine?

Atown Research

Atown Research

2 years ago

Meet the One-Person Businesses Earning Millions in Sales from Solo Founders

I've spent over 50 hours researching one-person firms, which interest me. I've found countless one-person enterprises that made millions on the founder's determination and perseverance.

Throughout my investigation, I found three of the most outstanding one-person enterprises. These enterprises show that people who work hard and dedicate themselves to their ideas may succeed.

Eric Barone (@ConcernedApe) created Stardew Valley in 2011 to better his job prospects. Eric loved making the game, in which players inherit a farm, grow crops, raise livestock, make friends with the villagers, and form a family.

Eric handled complete game production, including 3D graphics, animations, and music, to maintain creative control. He stopped job hunting and worked 8-15 hours a day on the game.

Eric developed a Stardew Valley website and subreddit to engage with gamers and get feedback. Eric's devoted community helped him meet Steam's minimum vote requirement for single creators.

Stardew Valley sold 1 million copies in two months after Eric launched it for $15 in 2016. The game has sold 20 million copies and made $300 million.

The game's inexpensive price, outsourcing of PR, marketing, and publication, and loyal player base helped it succeed. Eric has turned down million-dollar proposals from Sony and Nintendo to sell the game and instead updates and improves it. Haunted Chocolatier is Eric's new game.

Is farming not profitable? Ask Stardew Valley creator Eric Barone.

Gary Brewer established BuiltWith to assist users find website technologies and services. BuiltWith boasts 3000 paying customers and $14 million in yearly revenue, making it a significant resource for businesses wishing to generate leads, do customer analytics, obtain business insight, compare websites, or search websites by keyword.

BuiltWith has one full-time employee, Gary, and one or two part-time contractors that help with the blog. Gary handles sales, customer service, and other company functions alone.

BuiltWith acquired popularity through blog promotions and a top Digg ranking. About Us, a domain directory, connected to BuiltWith on every domain page, boosting it. Gary introduced $295–$995 monthly subscriptions to search technology, keywords, and potential consumers in response to customer demand.

Gary uses numerous methods to manage a firm without staff. He spends one to two hours every day answering user queries, most of which are handled quickly by linking to BuiltWiths knowledge store. Gary creates step-by-step essays or videos for complex problems. Gary can focus on providing new features based on customer comments and requests since he makes it easy to unsubscribe.

BuiltWith is entirely automated and successful due to its unique approach and useful offerings. It works for Google, Meta, Amazon, and Twitter.

Digital Inspiration develops Google Documents, Sheets, and Slides plugins. Digital Inspiration, founded by Amit Agarwal, receives 5 million monthly visits and earns $10 million. 40 million individuals have downloaded Digital Inspirations plugins.

Amit started Digital Inspiration by advertising his blog at tech events and getting Indian filter blogs and other newspapers to promote his articles. Amit built plugins and promoted them on the blog once the blog acquired popularity, using ideas from comments, friends, and Reddit. Digital Inspiration has over 20 free and premium plugins.

Mail Merge, Notifications for Google Forms, YouTube Uploader, and Document Studio are some of Digital Inspiration's most popular plugins. Mail Merge allows users to send personalized emails in bulk and track email opens and clicks.

Since Amits manages Digital Inspiration alone, his success is astounding. Amit developed a successful company via hard work and creativity, despite platform dependence. His tale inspires entrepreneurs.

The Mystique

The Mystique

3 years ago

Four Shocking Dark Web Incidents that Should Make You Avoid It

Dark Web activity? Is it as horrible as they say?

Photo by Luca Bravo on Unsplash

We peruse our phones for hours. Internet has improved our worldview.

However, the world's harshest realities remain buried on the internet and unattainable by everyone.

Browsers cannot access the Dark Web. Browse it with high-security authentication and exclusive access. There are compelling reasons to avoid the dark web at all costs.

1. The Dark Web and I

Photo by Sam Moghadam Khamseh on Unsplash

Darius wrote My Dark Web Story on reddit two years ago. The user claimed to have shared his dark web experience. DaRealEddyYT wanted to surf the dark web after hearing several stories.

He curiously downloaded Tor Browser, which provides anonymity and security.

In the Dark Room, bound

As Darius logged in, a text popped up: “Want a surprise? Click on this link.”

The link opened to a room with a chair. Only one light source illuminated the room. The chair held a female tied.

As the screen read "Let the game begin," a man entered the room and was paid in bitcoins to torment the girl.

The man dragged and tortured the woman.

A danger to safety

Leaving so soon, Darius, disgusted Darius tried to leave the stream. The anonymous user then sent Darius his personal information, including his address, which frightened him because he didn't know Tor was insecure.

After deleting the app, his phone camera was compromised.

He also stated that he left his residence and returned to find it unlocked and a letter saying, Thought we wouldn't find you? Reddit never updated the story.

The story may have been a fake, but a much scarier true story about the dark side of the internet exists.

2. The Silk Road Market

Ross William Ulbricht | Photo Credits: Wikimedia Commons

The dark web is restricted for a reason. The dark web has everything illicit imaginable. It's awful central.

The dark web has everything, from organ sales to drug trafficking to money laundering to human trafficking. Illegal drugs, pirated software, credit card, bank, and personal information can be found in seconds.

The dark web has reserved websites like Google. The Silk Road Website, which operated from 2011 to 2013, was a leading digital black market.

The FBI grew obsessed with site founder and processor Ross William Ulbricht.

The site became a criminal organization as money laundering and black enterprises increased. Bitcoin was utilized for credit card payment.

The FBI was close to arresting the site's administrator. Ross was detained after the agency closed Silk Road in 2013.

Two years later, in 2015, he was convicted and sentenced to two consecutive life terms and forty years. He appealed in 2016 but was denied, thus he is currently serving time.

The hefty sentence was for more than running a black marketing site. He was also convicted of murder-for-hire, earning about $730,000 in a short time.

3. Person-buying auctions

The British model, Chloe Ayling | Photo Credits: Pinterest

Bidding on individuals is another weird internet activity. After a Milan photo shoot, 20-year-old British model Chloe Ayling was kidnapped.

An ad agency in Milan made a bogus offer to shoot with the mother of a two-year-old boy. Four men gave her anesthetic and put her in a duffel bag when she arrived.

She was held captive for several days, and her images and $300,000 price were posted on the dark web. Black Death Trafficking Group kidnapped her to sell her for sex.

She was told two black death foot warriors abducted her. The captors released her when they found she was a mother because mothers were less desirable to sex slave buyers.

In July 2018, Lukasz Pawel Herba was arrested and sentenced to 16 years and nine months in prison. Being a young mother saved Chloe from creepy bidding.

However, it exceeds expectations of how many more would be in such danger daily without their knowledge.

4. Organ sales

Photo by Emiliano Vittoriosi on Unsplash

Many are unaware of dark web organ sales. Patients who cannot acquire organs often turn to dark web brokers.

Brokers handle all transactions between donors and customers.

Bitcoins are used for dark web transactions, and the Tor server permits personal data on the web.

The WHO reports approximately 10,000 unlawful organ transplants annually. The black web sells kidneys, hearts, even eyes.

To protect our lives and privacy, we should manage our curiosity and never look up dangerous stuff.

While it's fascinating and appealing to know what's going on in the world we don't know about, it's best to prioritize our well-being because one never knows how bad it might get.

Sources

Reddit.com

The Daily Beast

PYMNTS

Commons.erau.edu

The Sun

Investopedia

Startup Talky