OpenSea, a non-fungible token (NFT) marketplace, is fighting plagiarism. A new “two-pronged” approach will aim to root out and remove copies of authentic NFTs and changes to its blue tick verified badge system will seek to enhance customer confidence.

According to a blog post, the anti-plagiarism system will use algorithmic detection of “copymints” with human reviewers to keep it in check.

Last year, NFT collectors were duped into buying flipped images of the popular BAYC collection, according to The Verge. The largest NFT marketplace had to remove its delay pay minting service due to an influx of copymints.

80% of NFTs removed by the platform were minted using its lazy minting service, which kept the digital asset off-chain until the first purchase.

NFTs copied from popular collections are opportunistic money-grabs. Right-click, save, and mint the jacked JPEGs that are then flogged as an authentic NFT.

The anti-plagiarism system will scour OpenSea's collections for flipped and rotated images, as well as other undescribed permutations. The lack of detail here may be a deterrent to scammers, or it may reflect the new system's current rudimentary nature.

Thus, human detectors will be needed to verify images flagged by the detection system and help train it to work independently.

“Our long-term goal with this system is two-fold: first, to eliminate all existing copymints on OpenSea, and second, to help prevent new copymints from appearing,” it said.

“We've already started delisting identified copymint collections, and we'll continue to do so over the coming weeks.”

It works for Twitter, why not OpenSea

OpenSea is also changing account verification. Early adopters will be invited to apply for verification if their NFT stack is worth $100 or more. OpenSea plans to give the blue checkmark to people who are active on Twitter and Discord.

This is just the beginning. We are committed to a future where authentic creators can be verified, keeping scammers out.

Also, collections with a lot of hype and sales will get a blue checkmark. For example, a new NFT collection sold by the verified BAYC account will have a blue badge to verify its legitimacy.

New requests will be responded to within seven days, according to OpenSea.

These programs and products help protect creators and collectors while ensuring our community can confidently navigate the world of NFTs.

By elevating authentic content and removing plagiarism, these changes improve trust in the NFT ecosystem, according to OpenSea.

OpenSea is indeed catching up with the digital art economy. Last August, DevianArt upgraded its AI image recognition system to find stolen tokenized art on marketplaces like OpenSea.

It scans all uploaded art and compares it to “public blockchain events” like Ethereum NFTs to detect stolen art.

Pixelynx, a music metaverse gaming platform, has teamed up with Beatport, an online music retailer focusing in electronic music, to establish a Synth Heads non-fungible token (NFT) Collection.

Richie Hawtin, aka Deadmau5, and Joel Zimmerman, nicknamed Pixelynx, have invented a new music metaverse game platform called Pixelynx. In January 2022, they released their first Beatport NFT drop, which saw 3,030 generative NFTs sell out in seconds.

The limited edition Synth Heads NFTs will be released in collaboration with Junction 2, the largest UK techno festival, and having one will grant fans special access tickets and experiences at the London-based festival.

Membership in the Synth Head community, day passes to the Junction 2 Festival 2022, Junction 2 and Beatport apparel, special vinyl releases, and continued access to future ticket drops are just a few of the experiences available.

Five lucky NFT holders will also receive a Golden Ticket, which includes access to a backstage artist bar and tickets to Junction 2's next large-scale London event this summer, in addition to full festival entrance for both days.

The Junction 2 festival will take place at Trent Park in London on June 18th and 19th, and will feature performances from Four Tet, Dixon, Amelie Lens, Robert Hood, and a slew of other artists. Holders of the original Synth Head NFT will be granted admission to the festival's guestlist as well as line-jumping privileges.

The new Synth Heads NFTs collection  contain 300 NFTs.

NFTs that provide IRL utility are in high demand.

The benefits of NFT drops related to In Real Life (IRL) utility aren't limited to Beatport and Pixelynx.

Coachella, a well-known music event, recently partnered with cryptocurrency exchange FTX to offer free NFTs to 2022 pass holders. Access to a dedicated entry lane, a meal and beverage pass, and limited-edition merchandise were all included with the NFTs.

Coachella also has its own NFT store on the Solana blockchain, where fans can buy Coachella NFTs and digital treasures that unlock exclusive on-site experiences, physical objects, lifetime festival passes, and "future adventures."

Individual artists and performers have begun taking advantage of NFT technology outside of large music festivals like Coachella.

DJ Tisto has revealed that he would release a VIP NFT for his upcoming "Eagle" collection during the EDC festival in Las Vegas in 2022. This NFT, dubbed "All Access Eagle," gives collectors the best chance to get NFTs from his first drop, as well as unique access to the music "Repeat It."

Historically, only large financial institutions, brokerages, and trading houses could actively trade in the stock market. With instant global news dissemination and low commissions, developments such as discount brokerages and online trading have leveled the playing—or should we say trading—field. It's never been easier for retail investors to trade like pros thanks to trading platforms like Robinhood and zero commissions.

Day trading is a lucrative career (as long as you do it properly). But it can be difficult for newbies, especially if they aren't fully prepared with a strategy. Even the most experienced day traders can lose money.

So, how does day trading work?

Day Trading Basics

Day trading is the practice of buying and selling a security on the same trading day. It occurs in all markets, but is most common in forex and stock markets. Day traders are typically well educated and well funded. For small price movements in highly liquid stocks or currencies, they use leverage and short-term trading strategies.

Day traders are tuned into short-term market events. News trading is a popular strategy. Scheduled announcements like economic data, corporate earnings, or interest rates are influenced by market psychology. Markets react when expectations are not met or exceeded, usually with large moves, which can help day traders.

Intraday trading strategies abound. Among these are:

• Scalping: This strategy seeks to profit from minor price changes throughout the day.
• Range trading: To determine buy and sell levels, range traders use support and resistance levels.
• News-based trading exploits the increased volatility around news events.
• High-frequency trading (HFT): The use of sophisticated algorithms to exploit small or short-term market inefficiencies.

A Disputed Practice

Day trading's profit potential is often debated on Wall Street. Scammers have enticed novices by promising huge returns in a short time. Sadly, the notion that trading is a get-rich-quick scheme persists. Some daytrade without knowledge. But some day traders succeed despite—or perhaps because of—the risks.

Day trading is frowned upon by many professional money managers. They claim that the reward rarely outweighs the risk. Those who day trade, however, claim there are profits to be made. Profitable day trading is possible, but it is risky and requires considerable skill. Moreover, economists and financial professionals agree that active trading strategies tend to underperform passive index strategies over time, especially when fees and taxes are factored in.

Day trading is not for everyone and is risky. It also requires a thorough understanding of how markets work and various short-term profit strategies. Though day traders' success stories often get a lot of media attention, keep in mind that most day traders are not wealthy: Many will fail, while others will barely survive. Also, while skill is important, bad luck can sink even the most experienced day trader.

Characteristics of a Day Trader

Experts in the field are typically well-established professional day traders.
They usually have extensive market knowledge. Here are some prerequisites for successful day trading.

Market knowledge and experience

Those who try to day-trade without understanding market fundamentals frequently lose. Day traders should be able to perform technical analysis and read charts. Charts can be misleading if not fully understood. Do your homework and know the ins and outs of the products you trade.

Enough capital

Day traders only use risk capital they can lose. This not only saves them money but also helps them trade without emotion. To profit from intraday price movements, a lot of capital is often required. Most day traders use high levels of leverage in margin accounts, and volatile market swings can trigger large margin calls on short notice.

Strategy

A trader needs a competitive advantage. Swing trading, arbitrage, and trading news are all common day trading strategies. They tweak these strategies until they consistently profit and limit losses.

Strategy Breakdown:

Type | Risk | Reward

Swing Trading | High | High
Arbitrage | Low | Medium
Trading News | Medium | Medium
Mergers/Acquisitions | Medium | High

Discipline

A profitable strategy is useless without discipline. Many day traders lose money because they don't meet their own criteria. “Plan the trade and trade the plan,” they say. Success requires discipline.

Day traders profit from market volatility. For a day trader, a stock's daily movement is appealing. This could be due to an earnings report, investor sentiment, or even general economic or company news.

Day traders also prefer highly liquid stocks because they can change positions without affecting the stock's price. Traders may buy a stock if the price rises. If the price falls, a trader may decide to sell short to profit.

A day trader wants to trade a stock that moves (a lot).

Day Trading for a Living

Professional day traders can be self-employed or employed by a larger institution.

Most day traders work for large firms like hedge funds and banks' proprietary trading desks. These traders benefit from direct counterparty lines, a trading desk, large capital and leverage, and expensive analytical software (among other advantages). By taking advantage of arbitrage and news events, these traders can profit from less risky day trades before individual traders react.

Individual traders often manage other people’s money or simply trade with their own. They rarely have access to a trading desk, but they frequently have strong ties to a brokerage (due to high commissions) and other resources. However, their limited scope prevents them from directly competing with institutional day traders. Not to mention more risks. Individuals typically day trade highly liquid stocks using technical analysis and swing trades, with some leverage. 

Day trading necessitates access to some of the most complex financial products and services. Day traders usually need:

Access to a trading desk

Traders who work for large institutions or manage large sums of money usually use this. The trading or dealing desk provides these traders with immediate order execution, which is critical during volatile market conditions. For example, when an acquisition is announced, day traders interested in merger arbitrage can place orders before the rest of the market.

News sources

The majority of day trading opportunities come from news, so being the first to know when something significant happens is critical. It has access to multiple leading newswires, constant news coverage, and software that continuously analyzes news sources for important stories.

Analytical tools

Most day traders rely on expensive trading software. Technical traders and swing traders rely on software more than news. This software's features include:

• Automatic pattern recognition: It can identify technical indicators like flags and channels, or more complex indicators like Elliott Wave patterns.

• Genetic and neural applications: These programs use neural networks and genetic algorithms to improve trading systems and make more accurate price predictions.

• Broker integration: Some of these apps even connect directly to the brokerage, allowing for instant and even automatic trade execution. This reduces trading emotion and improves execution times.

• Backtesting: This allows traders to look at past performance of a strategy to predict future performance. Remember that past results do not always predict future results.

Together, these tools give traders a competitive advantage. It's easy to see why inexperienced traders lose money without them. A day trader's earnings potential is also affected by the market in which they trade, their capital, and their time commitment.

Day Trading Risks

Day trading can be intimidating for the average investor due to the numerous risks involved. The SEC highlights the following risks of day trading:

Because day traders typically lose money in their first months of trading and many never make profits, they should only risk money they can afford to lose.
Trading is a full-time job that is stressful and costly: Observing dozens of ticker quotes and price fluctuations to spot market trends requires intense concentration. Day traders also spend a lot on commissions, training, and computers.
Day traders heavily rely on borrowing: Day-trading strategies rely on borrowed funds to make profits, which is why many day traders lose everything and end up in debt.
Avoid easy profit promises: Avoid “hot tips” and “expert advice” from day trading newsletters and websites, and be wary of day trading educational seminars and classes. 

Should You Day Trade?
As stated previously, day trading as a career can be difficult and demanding.

• First, you must be familiar with the trading world and know your risk tolerance, capital, and goals.
• Day trading also takes a lot of time. You'll need to put in a lot of time if you want to perfect your strategies and make money. Part-time or whenever isn't going to cut it. You must be fully committed.
• If you decide trading is for you, remember to start small. Concentrate on a few stocks rather than jumping into the market blindly. Enlarging your trading strategy can result in big losses.
• Finally, keep your cool and avoid trading emotionally. The more you can do that, the better. Keeping a level head allows you to stay focused and on track.
  If you follow these simple rules, you may be on your way to a successful day trading career.

Is Day Trading Illegal?

Day trading is not illegal or unethical, but it is risky. Because most day-trading strategies use margin accounts, day traders risk losing more than they invest and becoming heavily in debt.

How Can Arbitrage Be Used in Day Trading?

Arbitrage is the simultaneous purchase and sale of a security in multiple markets to profit from small price differences. Because arbitrage ensures that any deviation in an asset's price from its fair value is quickly corrected, arbitrage opportunities are rare.

Why Don’t Day Traders Hold Positions Overnight?

Day traders rarely hold overnight positions for several reasons: Overnight trades require more capital because most brokers require higher margin; stocks can gap up or down on overnight news, causing big trading losses; and holding a losing position overnight in the hope of recovering some or all of the losses may be against the trader's core day-trading philosophy.

What Are Day Trader Margin Requirements?

Regulation D requires that a pattern day trader client of a broker-dealer maintain at all times $25,000 in equity in their account.

How Much Buying Power Does Day Trading Have?

Buying power is the total amount of funds an investor has available to trade securities. FINRA rules allow a pattern day trader to trade up to four times their maintenance margin excess as of the previous day's close.

The Verdict

Although controversial, day trading can be a profitable strategy. Day traders, both institutional and retail, keep the markets efficient and liquid. Though day trading is still popular among novice traders, it should be left to those with the necessary skills and resources.