The Nightly Mint: Daily NFT Recap
A fresh mint will top off your evening, and today’s episode will tackle a number of growing questions: Is the SEC looking to drop the hammer on NFTs and/or NFT influencers? What blockchains will Coinbase’s NFT Marketplace support? We will also take a look at the latest news regarding a recent NFT market exploit. Let’s go.
The nocturnal mint
Is the SEC cracking down?
In a new report today first delivered by Bloomberg, the SEC has apparently issued multiple subpoenas and is investigating NFT marketplaces and creators regarding possible regulatory violations. Ideally, NFTs don’t suffer the same demise as ICOs in 2017-2018, but nothing is out of the question currently as the regulator explores whether NFTs “are used to raise funds like traditional securities” .
Latest mint: Tezos on Coinbase
Whispers have been circulating in a variety of outlets and social channels over the past day that Coinbase’s upcoming NFT platform will support mint and listing NFTs on Tezos, after a platform investigation on Twitter has garnered substantial support for the eco-friendly blockchain.
Tezos finished third in the survey, which asked users which blockchain they would like to see supported, after Polygon and Solana. However, Tezos was in the lead for a while, and many in the community suspected a bot after Polygon received around 60,000 votes in about a minute. Coinbase has not officially stated the scope of blockchains that will be supported when rolling out their NFT marketplace. Don’t be surprised if Polygon, Solana, and Tezos all three integrate, at least in due course.
Related Reading | A marvel of entry, Gal Gadot invests in this Cardano protocol
Tezos (XTZ) is in the rumblings for being a potentially supported blockchain on Coinbase's upcoming NFT marketplace. | Source: XTZ-USD on TradingView.com
Arbitrage-Based Treasure Market Suffers Exploit
Wednesday night’s news on social media is that the Arbitrum-based NFT marketplace, Treasure, has suffered a hack that allowed all ERC-721 NFTs to be purchased on the site for free. Twitter’s @cat5749 provided a nice breakdown:
5/ The exploit was simple: it took advantage of the `buyItem` function of the contract, which did not ensure that the quantity of ERC-721 purchased was greater than 0.
For this reason, all ERC-721 tokens on the treasure market could be “bought” for free. pic.twitter.com/9Lt4X8GJQH
— meow.eth (@cat5749) March 3, 2022
In recent hours, Treasure co-founder John Patten posted on Twitter:
The treasure market is exploited. Please delete your articles. We will cover the cost of the exploit – I will personally give up all my Smols to fix this. I can’t figure out which subhuman is targeting a fair launch market for theft, but they won’t beat the community
The “fresh mint” grip
It is always important to remember that in Web3 there is usually always some kind of risk of vulnerabilities. But with NFTs in particular, it’s important to keep a cool head, understand why you’re getting into a project, and think about what might lead you (or set a plan) to leave a project:
pretty crazy how
that were bought for 50 eth in 2022 will be worth less than 1 eth + gas in 2024 https://t.co/QWnCnyruNm
— 찌G跻じ (𝙃𝙚𝙣𝙩𝙖𝙞, 𝙎𝙚𝙣𝙥𝙖𝙞) (@DegenSpartan) March 2, 2022
Related Reading | Crypto market capitalization rebounds and hits $2 trillion
Featured image from Pexels, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.