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Due to a UI Glitch, OpenSea is Reimbursing Users Who Sold NFTs for Less Than Market Value

Due to a UI glitch, several OpenSea customers saw their NFTs sold for far less than market value this week. The NFT marketplace is currently compensating affected users and updating certain aspects of its user interface design.

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#nft #nfthours #opensea #reimbursement

Some OpenSea customers were horrified to discover that their valuable NFTs had been sold for pennies on the dollar earlier this week. And many people were understandably devastated.

“Guys, I just lost an ape…. I’m in tears…. How did this happen so quickly???? “On Monday, an OpenSea user known as TBALLER posted 15 sobbing emoticons.

Due to a UI glitch on the NFT marketplace, TBALLER’s Bored Ape Yacht Club (BAYC) NFT was sold for about $1,800 on OpenSea – 99 percent below the floor price. The bidder who snatched the NFT instantly resold it for nearly $200,000, generating a $198,000 profit in less than an hour.

While the problem isn’t new, it has reappeared in a significant way this week. Elliptic, a blockchain analytics startup, discovered at least three attackers who bought over eight NFTs valued over $1 million for a fraction of their market value on Monday. Those NFTs were from the BAYC, Mutant Ape Yacht Club, Cool Cats, and CyberKongz collections, among others. According to blockchain security startup PeckShield, one attacker got 332 ether (worth over $800,000) by acquiring NFTs below market value owing to the flaw.

The company is “currently reaching out to and reimbursing affected users,” according to an OpenSea spokeswoman, who saw their NFTs sold below market value due to the “confusing UI” issue. Simultaneously, the marketplace is attempting to address the issue by raising awareness and providing consumers with more visibility and control over their NFTs.

What is the issue?

This is the source of the issue. Let’s say an OpenSea user receives an offer to sell their NFT for a particular amount of money. Instead of retracting the offer and paying the associated gas fees, they elected to transfer the NFT to another wallet. This indicates that the deal is no longer available on OpenSea. The issue arises if they return the NFT to the same wallet – the offer remains active and valid, and anyone might accept it.

When the NFT in question has increased in value between the time of the original offer and the time it is returned to the same wallet, this problem becomes considerably more serious. While the user now feels their NFT is worth hundreds of thousands of dollars (in BAYC’s instance), the NFT is sold for its initial price, which could be as low as a thousand dollars. And it’s this inconsistency that’s generating so much trouble.

On OpenSea, the only option to cancel a sale offer is to do an on-chain transaction, which is sometimes costly due to Ethereum’s high gas prices. This is why, rather than retracting their sell offer, OpenSea users prefer to relocate their NFTs to a new wallet.

According to Ledger CTO Charles Guillemet, “Gas price evasion is pushing terrible design and bad behavior from users.” “The scalability dilemma has never been more pressing, and the answers are Layer 2 [networks] rather than off-chain logic methods,” says the author.

Since its inception, OpenSea has had this UI design. However, attackers have only recently become aware of the issue. According to an OpenSea spokesman, the firm has kept this issue under wraps “because we didn’t want to risk bringing it to the attention of bad actors who could abuse it at scale until we had mitigations in place.”

“This isn’t an exploit or a flaw; it’s a problem that occurs due to the blockchain’s nature,” the representative explained. “Users must cancel their own listings; OpenSea cannot cancel listings on their behalf.”

How is OpenSea attempting to avoid this?

OpenSea has taken the UI issue “very seriously” and is working on many product enhancements, according to the company.

To begin with, the platform has introduced a new listings manager that allows users to quickly view and cancel their listings.

Second, according to the spokesman, OpenSea is reducing the default listing duration from six to one month, so that if an NFT is transferred back into a wallet after one month, the listing will have expired.

When users transfer an NFT out of their wallet that has an active listing linked with it, OpenSea will notify them and ask them if they want to cancel it. According to the spokesman, if OpenSea has the user’s email address associated with their OpenSea profile, it will send them an email in this respect.

This isn’t the first time that OpenSea users have encountered problems. A flaw in the NFT marketplace accidentally destroyed at least 42 NFTs valued at least $100,000 in September. Because the platform did not allow ERC-1155 tokens at the time, an OpenSea user named Tom Kuennen had his NFT vanish from his wallet early last year.

OpenSea is the industry leader in the NFT arena, with over 60% market share. However, due to a surge in activity on LooksRare, which has mostly been driven by wash trading, OpenSea’s market share has dropped dramatically this month. OpenSea has raised $300 million in a Series C fundraising round, valuing the company at $13.3 billion.

ART & COLLECTABLES

NFT Show Europe was all about innovators of the Future of the Internet: web 3.0, metaverse, blockchain, and digital art

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Valencia, October 10th 2022: NFT Show Europe, the leading event on Web 3.0, Blockchain, Metaverse and Digital Art took place in the futuristic venue of the City of Arts and Sciences in Valencia, Spain. From the 17th to the 18th of September 2022, #NFTSE attracted over 2300 visitors from 59 countries.

The show featured a packed conference programme with world-renowned speakers. Topics covered included the use of Blockchain and Web 3.0 oriented technologies in traditional businesses, gaming, sports, fashion, art and collectibles, among others.

First edition beyond expectations

“The event showcased the very best in European talent, demonstrating the unstoppable growth of these technologies and its potential in both business and artistic innovation.” explains Patrick Cyrus, Marketing Manager of #NFTSE22.

“We already count with the support of big players such as Tezos, Polkadot, Zeroframe, Crypto Page, Block Ape Scissors or Wert. All of us were equally impressed with the level of potential collaborations and we are already looking forward to the next edition.”

NFT Show beyond Europe

#NFTSE gathers some of the most influential companies and artists to discuss the latest trends and developments. The event was a major boost for the web 3.0 industry companies, fostering new partnerships and collaborations, which helped to solidify its position as a major meeting point in this world.

With visitors from 59 countries attending, the event showcased the latest in blockchain and web3 technologies and its potential applications in the real world.

The speaker line-up was formed by industry leaders such as Takayaki Suzuki, CEO of Metatokio and Esen Tümer, Founder of Metaverse Hub. Other notable speakers included Hide Uehara, Director of Business Development for Square Enix or Sam Hamilton, the Creative Director of Decentraland Foundation.

Showcasing more than 170 artworks by artists such as Zancan, Solimán López, Pablo Alpe, Ulysses, A.L. Crego or Jenni Pasanen, the art exhibition included exclusive minting by fxhash.com, workshops, interactive installations, panel discussions and XR experiences.

Conclusions & Trends

“Web 3.0 technologies provide a way for users to create and interact with digital assets in a virtual space. These technologies have the potential to revolutionize many industries, including gaming, art and finance. NFT Show Europe provided a platform for leading experts to share their insights on those industries in a futuristic business-art atmosphere.” adds Esen Tümer, Founder of MetaverseHub based in Turkey, Istambul.

NFTs and crypto are transforming the art industry by providing creators with a new way to monetize their work and by giving collectors a new way to invest in art. They can be used to track and prove ownership of everything from digital art to in-game items. One of the barriers is the acquisition of cryptocurrencies which is already approached by companies such as Wert.

“We enable the consumers to purchase NFTs with credit or debit cards just like normal or virtual goods … if you’re in the NFT, Generative Art and Web 3.0 space (NFTSE) is just the perfect spot to do that.” explains George Basiladze, Founder of Wert.io.

There is no doubt that the web 3.0 users have the potential to change the way we live, work and play. By harnessing the power of the internet, these technologies can help us to connect with others in new and innovative ways and help us to access information and services that were previously out of reach. With the right support and investment, web 3.0 content will help us to create a more inclusive and connected world.

The producers of NFT Show Europe are already planning the next stages for 2023.

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ART & COLLECTABLES

Logan Paul’s unsuccessful NFT Investment: Over $620K to $10

Logan Paul, a well-known YouTuber, has lost millions of dollars as a result of the current crypto winter.

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Logan Paul, an American YouTuber, actor, and social media star, holds a $623,000 unrealized loss as a result of his investment in an NFT from the Azuki line.

Also unsuccessful is his involvement with cryptocurrency. The market collapse has reduced the value of his possessions by more than $500,000.

Losses in Logan Paul’s Critical Papers
The well-known YouTuber joined the cryptocurrency bandwagon last spring when the values of most assets were surging, just like many other people. A few months later, he spent almost $2.5 million on NFTs, joining the trend. The most expensive thing he bought was a piece from the Azuki collection, which cost him $623,000.

However, the YouTube celebrity has suffered significant financial losses as a result of the unstable state of the bitcoin market and the NFT niche, at least on paper. The Azuki NFT currently trades around $10, as Paul recently made known, a drastic decline that sparked debate in the cryptocurrency world.

Many Twitter users made fun of the celebrity for using non-fungible tokens to transact at a time when there was obviously excitement in the industry. Others asserted that digital collectibles are frauds and should not be purchased. Some, however, contend that the price decline is a result of the current bad market and that once the next bull run begins, the valuation will rise.

It’s important to note that the NFT transactions were booming at the time he purchased the things. OpenSea’s trade volume spiked to almost $500 million for a single day at one time last summer, but in recent months, it has struggled to reach $10 million.

Paul has added bitcoin and other alternative currency to his portfolio in addition to NFTs. He recently acknowledged that he had lost almost $500,000 on such investments when he first entered the ecosystem at its peak last year.

Unfortunately for others that followed suit, this year has seen a significant decline in the value of the cryptocurrency market, which now has a total valuation of less than $1 billion (down from $3 billion a year ago).

Millions are Lost by KSI
The British rapper JJ Olatunji, a.k.a. KSI, was another prominent YouTuber who was severely hurt by the crypto market decline.

When Terra’s native token, LUNA, began to fall in price in May, he took the chance to predict that the price will eventually rise again. When the asset was going for about $25, KSI invested $2.8 million of his wealth in it.

He had no idea that the token would keep declining and eventually fall to almost nothing, wiping away the rapper’s multi-million dollar investment.

KSI is a strong supporter of the cryptocurrency market, especially bitcoin. He claimed that BTC will be crucial to the monetary system of the future last year. The rapper continued, claiming that he would have given each UK citizen £100 worth of bitcoin if he were the Prime Minister.

BTC is the ideal investment vehicle in KSI’s opinion. He believes that after ten years, individuals who have some exposure to the asset will “be laughing”:

“I feel like a lot of people are trying to search for quick money like, ‘Oh, I want to get in and out,’ but they’re not really seeing that. I’m prepared to travel a considerable distance for this.

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ART & COLLECTABLES

Ford is getting ready to enter the Metaverse with digital cars and NFTs

A month after the company announced significant personnel reductions, it has filed a trademark application covering its future initiatives in the Metaverse and NFT space.

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Ford Motor Company, an American automaker, has filed 19 trademark applications across its key automobile brands as it prepares to enter the realm of nonfungible tokens (NFTs) and the Metaverse.

Mike Kondoudis, a trademark attorney licensed by the United States Patent and Trade Office (USPTO), disclosed in a tweet on Wednesday that the business had submitted a total of 19 trademark applications covering its car brands, including Mustang, Bronco, Lincoln, Explorer, and F-150 Lightning, among others.

The trademark applications include a projected online marketplace for NFTs and virtual versions of its businesses’ automobiles, trucks, vans, SUVs, and clothes.

Ford intends to produce digital images of its vehicles, SUVs, trucks, and vans that will be verified by NFTs, according to USPTO filings submitted by the automaker on September 2.

The business also disclosed plans for “downloadable virtual commodities,” or “computer programs,” that would include apparel, accessories, and parts for vehicles for usage in “online virtual environments,” such as virtual and augmented reality trade exhibitions.

Additionally, there are plans to develop an online marketplace for “others’ digital artwork” as well as “online retail shop services featuring non-fungible tokens (NFTs) and digital collectibles.”

Less than a month after Ford Executive Chairman Bill Ford and CEO Jim Farley announced significant personnel reductions from its global workforce to decrease corporate expenses; Ford has decided to enter the Web3 area.

Ford isn’t the first automaker to enter the Metaverse market.

While premium automakers like Bentley and Lamborghini have already launched NFT collections, automakers including Nissan, Toyota, and Hyundai have indicated ambitions to enter the fast-expanding Metaverse market.

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