Chain News by Thebittimes.Com

Blur founder Pacman is hopeful that the major NFT trading applications will soon find a middle ground and cooperate on creator royalties. In this episode of Hashing It Out , Pacman, the founder and core contributor of the nonfungible token (NFT) market place Blur, joins Elisha Owusu Akyaw to discuss how Blur has captured the attention of the NFT market . The tides in the NFT ecosystem changed in December 2022 when the newly launched NFT marketplace overtook OpenSea as the largest NFT trading platform by trading volume. Pacman describes this as a similar situation to the progression of the general token market. He explains that Blur created a market place that puts professional traders first, a niche not covered by popular platforms that prioritize a simple user experience to attract newcomers. According to Pacman, that focus makes Blur the go-to platform for the “highest growing segment” in the NFT space. The NFT marketplace is riding a wave of newfound popularity, launching a toke...

Over two dozen fake NFTs were sold on the Magic Eden marketplace over a 24-hour period due to a "massive exploit" on the platform. Nonfungible token (NFT) Marketplace Magic Eden has pledged to refund all users who were duped into purchasing fake NFTs on its website as a result of an exploit . In a Jan. 4 statement, the company said a bug in its newly deployed "activity indexer" for its Snappy Marketplace and Pro Trade tools essentially allowed fake NFTs to skirt verification and get listed alongside genuine NFT collections.  Magic Eden said the exploit led to 25 fraudulent NFTs sold across four collections in the last 24 hours but is currently confirming whether additional NFTs were affected beyond the last day. Two of the affected projects were the high-priced and popular Solana-based collections ABC and y00ts. Do not buy these @y00tsNFT on @MagicEden, they are fake! Basically, every single collection is fake on Magiceden, a massive exploit is happening ongoing...

The open-source Open Creator Protocol of the NFT marketplace will enforce NFT creator royalties for new collections that opt-in to the tool. Magic Eden, a Solana-based nonfungible token (NFT) marketplace, has become the latest platform to release a tool allowing creators to enforce royalties on their collections. It follows the announcement of a similar tool from rival NFT marketplace OpenSea in early November. According to a Dec. 1 statement, the open-source royalty enforcement tool is built on top of Solana's SPL token standard and is called the Open Creator Protocol (OCP). This will allow royalty enforcement for new collections that opt-in to the standard starting Dec. 2. Lu previously floated the idea of NFTs designed to enforce royalties at Solana’s Breakpoint 2022 conference on Nov. 5, citing the need for NFT creators to have a “sustained revenue model.” Creators who use OCP will also be able to ban marketplaces that have not enforced royalties on their collections. Magic ...