Just last month, the NFT sector experienced an all-too-familiar situation; Ethereum founder Vitalik Buterin had his Twitter account hacked and those responsible tweeted out a link which offered a free NFT. Allegedly, this ‘free’ NFT was meant to promote a commemorative drop from Consensys, but in actual fact it was one of many NFT giveaway scams that have flooded the industry.

Vitalik’s millions of followers were told to link their NFT wallets to claim this free ‘prize’ but instead, those who clicked had their assets stolen. In total, over $800,000 worth of NFTs were stolen and this included the iconic CryptoPunk #3983 which was sold shortly after. Eventually, Buterin did get his account back and those affected have been scrambling to find ways of recovering their NFTs, if at all. Sadly, we know from all the previous NFT thefts that this will be an uphill battle.

Some, like Hollywood actor Seth Green, have been able to buy back their stolen assets while others eventually give up. This is just the latest in a very long line of NFT giveaway scams that have robbed consumers of their precious assets. But why does this tactic still work in 2023 and how can we make sure we don’t fall victim?

Why do NFT Giveaway Scams Work?

Usually, we would assume that after dozens (if not 100s) of giveaway scams have been used to rob NFT holders in the past, we would no longer fall for them, but the truth is that these hackers play on human psychology. 

On some level, we all like the appeal of free stuff. Even though they likely have lower success rates these days, the ‘free iPhone giveaway’ scam is still being pushed because at least a few people fall for it. It’s sad but true, and NFT giveaway scams have not been in existence for as long and so, not everyone is aware of how they work. 

It is also very telling that the hackers target reputable people with large followings like Vitalik Buterin. You’re less likely to click on a random giveaway link online but if the founder of Ethereum says it’s legit, you’re more likely to believe.  

How Can We Avoid Them

While ultimately, these scams are designed to be as effective as possible, there are a few ways to potentially avoid becoming a victim. 

1. Verify: When a popular person tweets out a link promising a free giveaway, try and confirm if it is real. One of the core features of these scams is that they say that there is only a limited time to claim the assets which leads to victims rushing to click links without doing research. Still, take a minute to verify. Buterin’s account said that Consensys was involved in the NFT drop, for example. The best thing to do would be to visit both the Consensys Twitter page and website to confirm if this is true. Hackers sometimes gain access to several accounts simultaneously to trick victims but this could still help.
2. Separate Your Assets: The goal of this scam was to get people to link their NFT wallets so the assets within them could be stolen. A way to work around this is to have all your NFT assets in a separate wallet. Ideally, you should have your most valuable NFTs in a cold wallet and have a separate wallet purely for giveaways and whatnot. After all, the hackers can’t steal assets from your wallets that aren’t there. As a rule of thumb, the wallet that you connect to a link online for free NFTs should only already have NFTs that you’re willing to lose. Keep this risk at the forefront of your mind and you are less likely to click. 
3. Embrace FOMO: The appeal of these scams is that everyone wants free stuff and doesn’t want to miss out on a giveaway. But to protect your assets, it is best that you become comfortable with missing out on some of these supposed free NFTs. If a person who doesn’t usually host giveaways tweets a link promising a free NFT, refer back to step 1 and verify that this is legit. If you don’t find any evidence to back it up, allow yourself to be comfortable with the idea that you might miss out. It might be hard but it’ll be even harder if you end up losing your precious NFTs. 

Final Thoughts

We can’t stop scammers from trying to steal our NFTs but we can take steps to stop them from succeeding. The incident with Vitalik Buterin shows just how much can be lost but also how much we can save by taking some actionable steps to protect ourselves and our assets. 

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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.

Tokoni Uti

Tokoni Uti has written extensively on blockchain and cryptocurrency for years. Her work has appeared on sites like BTCmanager and Blockchain Reporter. She has a degree in Corporate Communications.

The post Why Are We (Still) Falling for NFT Giveaway Scams (And How Can We Not)? appeared first on NFT Plazas.

Web3-powered games are some of the most popular use cases that have come from blockchain technology. Not only have they been profitable, but they have also spurred the development of virtual reality ecosystems. With previous successes with games like Axie Infinity, Sky Mavis, through its Ronin blockchain, has now further developed its impressive ecosystem.

In this article, we take a deep dive into the Ronin blockchain and its available games. Just how much has changed about Ronin? Let’s find out! 

The Upgraded Ronin Chain

At its peak, Axie Infinity was the most popular title in this new era of blockchain gaming, garnering an active user base and generating huge revenues for Sky Mavis. However, an exploit of its Ronin Chain, an overall market slowdown, and complaints about its economic-model led to a gradual loss of favor.

Now however, Sky Mavis’ gaming first Ronin Blockchain has begun to realise its true potential as the go-to network for Web3 gaming. To this end, the company has partnered with a slew of gaming studios to introduce new IPs into its ecosystem. These titles are expected to draw more users to the blockchain and inspire growth from within.  

Top 6 Games on Ronin

1. The Machines Arena 

The Machines Arena is a shooting game launched by the Directive development studio. At inception, The Machines Arena wasn’t initially intended as a Web3 game. However, through the partnership with Sky Mavis, the team has transitioned into the Web3 gaming industry. 

The gameplay is a fast-paced hero shooter where participants battle against each other. Players can compete against other players, or try their luck in the Player vs. Environment modes. Furthermore, while in the arena, in-game characters are represented by multiple heroes with unique abilities and weapons. 

Even though the game has launched on the Ronin chain, it has currently launched in its closed beta phase that anyone can request access to join. According to the team, it will use players’ experience in closed beta to improve the gameplay and iron out any bugs. 

With the Web3 integration, The Machines Arena, once fully launched, will feature digital collectibles. The team also plans to release the game on Epic Games and add mobile versions for Android and iOS.

2. Battle Bears

Battle Bears comes in as a top-down shooter game developed by SkyVu. Like most other games on this list, the game wasn’t initially built for Web3 gaming. However, the team wants to take advantage of the Ronin integration to offer more exciting experience to its users. 

The battle features five different modes which users can participate in for a thrilling gaming experience. Every player at the start of the game receives exclusive in-game skins which will help them on their way on the battlefield. Meanwhile, an additional community element also allows players to connect and share their experiences.

3. Bowled

Bowled is a social gaming platform from Bali Games, the studio behind Anipang, a game with over 130 million downloads. Bowled allows users to engage in games, own in-game sports assets, and interact with their favorite sports influencers. 

The game is popular among cricket lovers in India, Pakistan, and Bangladesh, allowing them to collect all-team stars and win games. 

While Bowled was not initially built as a Web3 game, it will feature NFTs and in-game assets when it launches on Ronin. Users will also earn rewards and be able to make in-app purchases, while the game also has a dedicated NFT marketplace where users can trade and exchange NFTs. 

Sky Mavis hopes to onboard users from regions where the game is currently popular through the platform. In addition, the partnership will also see the integration of other popular sports like basketball and football.

4. Pixels

A relative newcomer to the Ronin blockchain, Pixels originally cut its teeth on the Polygon Network, before switching sides. This recent acquisition marks a watershed moment for Ronin, as Pixels already has a massive following and an established gaming network.

Through the title, players can embark on farming and exploration escapades, while an additional social level allows players to engage with each other in the guise of their favourite NFT PFPs. In addition, players can also acquire their own personal plot of virtual NFT land on which to develop their digital homestead.

5. Tribesters: Island of Solas

Tribesters, an open-world MMO game by community-led gaming studio Tribes Studio. The game will launch on the Ronin blockchain, courtesy of the partnership with Sky Mavis. 

Before then, the team wants to release a community engagement platform. The platform will allow the game’s community to participate in the game’s development and earn rewards. 

According to information on Ronin’s website, the game is a platform where “users can work together to build a creative Web3 experience.”

6. Axie Match 3 

Axie Match 3 is a yet-to-launch game on the Ronin blockchain created by Bali Games, the same studio behind Bowled. According to information on Ronin’s website, the game is a Match-3 puzzle with a player vs. player league and championship.  

The mobile-first game is inspired by Sky Mavis’s Axie Infinity, and will not only extend Ronin’s reach but will also lure Axie Infinity lovers to the platform.

Final Words

All of these recent developments show that Sky Mavis aims to carve itself a major role in the Web3 gaming industry. The new games on its Ronin chain have the potential to be big hits, especially those with established following outside of the Web3 space. 

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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.

Abdulrasaq Ariwoola

A blockchain maximalist who believes that technology is necessary for the future we are heading to. An ardent researcher and writer who uses his writings to inform about the prospects in the blockchain space.

The post Top 6 Web3 Games Lighting up the Ronin Blockchain appeared first on NFT Plazas.

Supply chains are a hidden force in commerce responsible for getting your food to grocery stores, T-shirts to clothing stores, and cars to dealerships. These networks of people and businesses aim to produce and deliver goods to consumers as quickly and cheaply as possible. Unfortunately, they’re often messy and inefficient, but believe it or not, NFTs could be the logical answer to this problem. In this article, we’ll dive into how and why NFTs could be used in the supply chain.

How do supply chains work?

Supply chains often begin with the delivery of raw materials to a manufacturer. For example, a semiconductor factory must receive the precious metals and electronic components necessary to make their goods. From there, the goods are produced and shipped to vendors, warehouses, and distribution centers. Of course, this is an oversimplification. In most cases, there are ten or more distributors shipping in raw materials and hundreds of stores and warehouses that ultimately receive the finished products.

Why are supply chains inefficient?

There are various reasons supply chain inefficiencies occur, including:

• Poor communication: Materials and products change hands several times before reaching the point of sale. Along the way, communication errors can lead to delays, inventory losses, and added costs.
• Lack of transparency: It can be tricky for supply chain managers to keep up with the goods as they make their way through the supply chain.
• Inventory management: Tracking the amount of inventory shipped to specific retailers and warehouses is essential to understanding how much you should send moving forward. Sending too much or too little may result in losses.

How can NFTs address supply chain inefficiencies?

Non-fungible tokens can curb supply chain issues through “digital twin” NFTs. These tokens would act as digital copies of materials and goods as they make their way through the supply chain. Using smart contracts, those working within a supply chain can easily transfer the tokens to each other as they hand off the physical goods. 

For example, imagine a material distributor is shipping silicon to a semiconductor manufacturer. This distributor can mint an NFT representing those materials. As the materials make their way to the manufacturer, the digital twin NFTs get transferred to the wallets of those possessing the materials, thereby allowing the semiconductor manufacturer to know who has them. These NFTs can even be linked to barcodes and transferred with a quick code scan.

Once the raw materials (and their digital twins) reach the manufacturer, they can begin producing the semiconductors. Once finished, they can mint their own NFTs, representing batches of semiconductors, which will go through the same transfer process as they make their way to distribution warehouses.

Final thoughts

NFTs eliminate many of the issues supply chains are known for, as they can enhance traceability and reduce the need for constantly checking in to see who has your materials. Ultimately, this would result in lower supply chain costs, and these savings could be passed onto consumers. Still, it’ll probably be a while before this technology is widely adopted in supply chains.

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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.

Ello Eff

NFT Artist. Musician. Founder of Crescendo.

www.crescendocrypto.xyz

The post A Guide to Supply Chain NFTs and How they Work appeared first on NFT Plazas.

For centuries, inheritance has been a part of human culture. From land and money to titles, we’ve always given the things that we value to those who come after us, and it has never been a completely straightforward affair. From messy court battles over shares of estates to paternity scandals and even murder, inheritance and the process of passing down valuables has been as complex as humans themselves. Over the years, the things passed down have evolved and changed with the times. Yes, we still pass down money and property, but seeing as we live in a digital world, there are more ‘intangible’ things that we can inherit. These include our social media accounts, our cryptocurrency, and yes, our NFTs. So, let’s take a look at everything you need to know about NFT inheritance!

NFTs to be Passed Down

Among the many valuables that people have inherited over the centuries is art, and this comes as no surprise; a single piece of art can be worth millions of dollars. Everything from 500-year-old pieces to modern masterpieces have been bought and inherited, but in the last decade, art has gone digital.

While there is still controversy about its ‘legitimacy’ within the art world, NFT and digital art have become increasingly sought-after. Take the highest-selling NFTs of all time, an art piece by Beeple or even a Bored Ape piece. One of these can set collectors back millions, and it comes as no surprise that celebrities and art collectors have been adding them to their portfolios. 

If someone owns any valuable NFT art, they will probably need to make some plans around how to pass it down in the event of an untimely death. The good news is that there are already solutions within the market to help with this. 

On the custody side, there are existing NFT solutions that will handle the storage and security of an NFT. Just as there are services for storing and moving fine art, digital assets can also be kept safe. When signing up for such services, collectors must specify a next of kin and other details that will help with the process of passing down valuables. 

There are also more options in terms of legal support. The rest of the world took a while to catch up with blockchain developments but now, we have lawyers and law firms that specialise in NFT-related issues and can make the process of passing down or inheriting NFTs much easier. So, anyone thinking of doing either should speak to a lawyer and see what the process will entail. 

One thing collectors must absolutely keep in mind is setting up proper access to the NFTs for future recipients of the tokens. This is because NFTs are not physical assets but digital ones. We have all heard the stories of people putting crypto or NFTs in wallets, forgetting their password and recovery phrase and never being able to get it back. As such, there is no point in passing an NFT to a beneficiary and not having the means to access them made available (this is also where NFT custodian services would come in). So having wallet passwords and recovery phrases safely stored, but easily available is of the utmost importance. 

In addition, inheritance will also come with its own tax implications. In virtually every part of the world, people must pay tax on whatever they inherit. At the same time, legal recognition and treatment of NFTs is tricky and varies around the world. It has been suggested that inherited NFTs would be treated as a capital asset and no tax would be applicable unless they were sold.

However, just like with inheritance laws as a whole, this depends on where people live and it is best to check with the local authorities to be sure. 

How NFTs Could Change Inheritance Laws 

Given how popular NFTs are currently (especially among younger people), we could see a spike in NFT inheritance in a few generations. Soon, NFTs could be listed alongside houses, stock, and cars in wills. 

This is good news not just for the gen Alphas that will inherit them but also for the development of NFT-related laws. Remember how crypto was barely acknowledged by regulators years ago partially until the financial incentive was obvious? The same might must be true for NFTs. Inheritance laws might not focus too much on the asset class right now but if they are being widely inherited, laws will have to catch up.

This sort of development will only benefit the industry as better laws will mean more protection for stakeholders and this is a net positive. 

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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.

Tokoni Uti

Tokoni Uti has written extensively on blockchain and cryptocurrency for years. Her work has appeared on sites like BTCmanager and Blockchain Reporter. She has a degree in Corporate Communications.

The post Everything You Need to Know About NFT Inheritance appeared first on NFT Plazas.

Scams and fraud have been a global bane to most successful economic activities. From finance to trade & investment, hospitality, aviation, logistics, and manufacturing, malicious actors have saturated every financial and economic industry to scam unsuspecting users in respective industries. The digital space has not been spared by these malicious players who will stop at nothing to con people out of their assets. Since the advent of blockchain technology, con artists have devised several dubious means to defraud unsuspecting victims within the crypto space. However, these malicious players have no limit as they’ve extended their dubious activities to the NFT space. As such, we take a look at the NFT scams to watch out for in 2023. 

Types of NFT Scams in the Decentralized Space

1. Phishing Scams

Phishing scams are fraudulent activities that involve adversaries deceiving their victims to reveal sensitive data that can be instrumental in breaching security architecture. In the NFT space, it can be deployed by sending dubious website links to victims, where they’ll be required to input personal information. This scam was deployed against CryptoBatz NFT holders a few days after launching the CryptoBatz collection in January 2022. 

The phishing Discord link was embedded in an old official tweet shared on December 31, 2021, directing users to a fake Discord server where they were made to connect their crypto wallet for complete verification. Unknowingly, those who followed through lost crypto tokens stored in their connected wallets. Similarly, Azuki lost over $750k in January 2023 when an adversary shared a malicious link on its platform.

Another notable similar attack occurred in April 2022 on BAYC’s official Instagram page, where almost $3M worth of BAYC NFTs was stolen. The compromised Instagram page shared a malicious link, redirecting victims to a dubious airdrop page. Bored Ape NFT holders were required to sign a smart contract transaction from their wallets, allowing the adversaries to access unsuspecting victims’ wallets. 

2. Bidding Scams

You might wonder how collectors/investors can be scammed while trying to sell their NFTs. Well, it is possible.

How?

A bidding scam is direct and can go unnoticed if the seller doesn’t double-check the bidding price for an item before accepting such a bid. For instance, a creator/collector can list their NFTs on a marketplace with a bidding option. Since the highest bidder usually gets the item, the scammer will bid the highest to stay above other bidders. Sometimes, they offer outrageous bids to convince the seller, like bidding 40 wETH ($69,520) when other was bidding 5-6 ETH. The scammer with the highest bid will change the crypto token offered to defraud the seller by probably changing the 40wETH to 40USDT or other lesser tokens. Unknowingly, the seller will accept the altered bidding without double-checking at $40 instead of the initial $69k+. 

3. Clone or Fake Marketplace

NFT Marketplaces are instrumental to the creation and listing of NFTs. As such, they become an easy hotspot for scammers to waylay unsuspecting victims by cloning and hosting reputable marketplaces on almost identical domains. For example, scammers could clone Blur.io UI (user interface) and host it on Blur.com; they could clone OpenSea.io and host it on OpenSee.io or OpenSea.com. Due to the similar UI design, unsuspecting victims (collectors and creators) will mistake the clone marketplace for the genuine one. 

Using cloned marketplaces or NFT-related platforms gives hackers/scammers unrestricted access to NFTs and Web 3 wallets for signing up. X2Y2 marketplace was entangled in this type of scam via Google ads in May 2022. The reputable NFT marketplace address (https://x2y2.io) was cloned to scam unsuspecting victims, and 100 ETH was reportedly stolen before it was discovered.

This scam is not restricted to Google ads; scammers can go as far as cloning official Twitter or Instagram pages. Such an example is the recent Nakamigos airdrop shared on Twitter on August 7. However, the official Twitter page of Nakamigos had no announcement of such an event. Juxtaposing the contradicting Twitter pages, the official page has a verified icon, and the cloned Twitter page has “@NakamlgosNFT” instead of the “@Nakamigos” found on the verified page.

Moreover, in order to gain a degree of legitimacy to the scam, the fake airdrop made its way into onto a reputable bitcoin website, where it shared an embedded Twitter post to the fake Nakamigos page. This highlights a bold new move from the unwelcome tricksters and indicates that they are willing to invest in paid articles to get their message out.

4. Pirated/Counterfeit NFTs

Scammers can also go as far as issuing pirated NFTs to unsuspecting victims. This fraudulent act can come in different dimensions, from selling a copied NFT on a reputable marketplace to selling a fake NFT at a lower price on a cloned marketplace. Scammers can also alter duplicated NFTs by tweaking their attributes or color. Most reputable or blue-chip NFTs are usually the subject of this NFT scam. 

4. Rug Pull

A rug pull is a fraudulent act adopted by scammers within the decentralized space to lure unsuspecting victims into investing in a project while they abscond with victims’ investments. It is usually done by hyping a crypto/NFT-related project using social media influencers; once investors have bought into their project, they abscond with the money, sometimes over a prolonged period of time. 

An NFT rug pull can also be deployed by issuing random and non-unique NFTs to investors after promising glamorous tokens. Such is the case of the infamous Iconics rug pull in 2021, where investors were issued random emojis instead of the promised 3D figurines.

Another NFT rug pull was the Frosties NFT, the first NFT rug pull in 2022, costing investors $1.2M. The creator rug pulled the project a few hours into the public minting by deleting the NFT’s Discord server on January 9. The scam was later confirmed when the official Twitter page tweeted, “I’m sorry” before disappearing. Another similar case occurred in October 2021 when “Evolved Apes” NFT was launched. The developer promised investors would get unique Apes that would be used to partake in a fighting game and earn crypto rewards. However, the creator absconded with 798 ETH, leaving investors with jpeg Ape images.

How to Avoid NFT Scams

Avoiding NFT scams doesn’t require solving complex equations; it only requires conducting thorough research and verification before taking action. Furthermore, it also requires double-checking transactions before signing them to avoid being a victim of either phishing attacks or short-changed NFT sales. In most cases of NFT scams, most creators/developers were not reputable actors within the NFT space; they were allegedly anonymous, making them easily scam NFT investors and enthusiasts. Meanwhile, using reputable marketplaces and investing in NFTs from reputable brands with exciting track records is safer to avoid being a scam victim.

Conclusion

Scams in the decentralized space are not restricted to cryptos alone; malicious actors have been laying siege to the NFT landscape to scam unsuspecting victims via various dubious means. The above-highlighted methods of defrauding are just a few of the proliferating ways scammers are using to defraud their victims within the NFT space. Other forms of defrauding NFT investors, collectors, and enthusiasts include

•         Catfishing/Impersonation: Impersonating officials of reputable brands in the NFT space to gain access to personal information to steal from the victim’s wallet.
•         Community Hack: Hacking official community platforms like Telegram, Discord, Twitter, and Instagram, to lure victims to phony websites or programs like fake airdrops.
•         Web3 Wallet Hacks: Hacking victims’ wallet to steal their NFTs and other crypto assets.

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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.

Maruf

Technical writer, an enthusiast for everything blockchain and decentralized world.

The post The Top 5 NFT Scams to Look out for in 2023 appeared first on NFT Plazas.

In its ascendency, the NFT market represented a flourishing industry that carved an exciting niche in the decentralized landscape. NFT collections like BAYC, CryptoPunks, Cool Cats, VeeFriends, and Azuki contributed positively its growth and success. However, the NFT market has since experienced something of a crash, with plummeting floor prices leading to declining market participation from collectors and investors. NFTs elegantly became the talk of the town in 2021, but its market took a steady southern turn in the years that followed. We take a look at this NFT market crash, and the steps it can take to get back on its feet.

The NFT Market Crash

The NFT market crash began with cracks that emerged in Q2, 2022; it became notable when significant collectors started losing their NFT investments. Top NFT celebrities like Justin Bieber, Madonna, Michael Jordan, and Stephen Curry, saw their assets contract by millions of dollars during the crash. For instance, Stephen Curry purchased his Bored Ape #7990 at 55 ETH (approximately $178k at the time) on August 8, 2021; now, the best offer currently sits at 25 ETH, (around $41k) on OpenSea. Likewise, the most expensive Bored Ape #8817 sold at $3.4M on July 29, 2022, now has a highest bid of 180 ETH ($295k) on OpenSea. 

Generally, the NFT market crash affected all NFT floor prices across marketplaces in the decentralized space. Blue-chip NFT floor prices plummeted significantly, and trading volumes started declining. Meanwhile, an unfavorable ETH price has also impacted the dollar value of NFTs. For instance, the most expensive CryptoPunk sold at 8,000 ETH (approximately $23.7M) on February 12, 2022, would now be worth $13.2M at the current ETH price ($1,650). Due to several factors, all NFTs were affected by the downturn of the NFT market, making the previously flourishing landscape a shadow of its past glory.

Factors Responsible for the NFT Market Crash

Crypto Winter

A crypto winter reflects declining or plummeting crypto prices in the global blockchain market. Since NFTs are directly influenced and fueled by cryptocurrencies, the prolonged and unprecedented crypto bear period also affects the NFT market. In essence, it relies on the crypto market for sustainability since most NFTs are traded (bought and sold) with crypto tokens. The NFT market crash partly became inevitable during the prolonged and unprecedented crypto bearish trend.

Crypto Volatility

Based on market sentiments, crypto volatility measures how crypto assets rise and fall. Since crypto tokens are directly associated with the NFT market, their prices intrinsically affect it. Imagine an NFT item worth 8,000 ETH at $3,000 per ETH; when the price of ETH declines to $1,800, such an NFT is worth much less. At $3,000/ETH, the item is worth $24M, but at $1,800/ETH, it will be worth $14.4M if its market value is not negatively affected by other economic factors.

NFT Market Saturation

Before the notable NFT year (2021), collectors/investors, and enthusiasts traded a handful of NFTs in the pervading marketplace. The astonishing surge in NFT adoption and transactions drew massive participation in the NFT space, with everyone seeking their share and profits. According to Demand Sage, the magnitude of Web 3 wallets trading NFTs increased from over 500k in 2020 to over 28 million in 2021. This surge resulted in a significant creator-collector margin with more creators than collectors. The expansion of the NFT scope meritoriously grew and extended to several niches like gaming, animations, collectibles, music, arts, photographs, etc.; however, this exploded the NFT landscape with comparatively few collectors or investors.

Cyber-Security Threats

Another factor responsible for the downturn of the NFT market is cyber-attacks, which threaten NFT collectors and enthusiasts. Doubts surrounding security has had a negative impact, discouraging participation in the NFT space. According to a report credited to Elliptic in August 2022, over $100M worth of NFTs have been reportedly stolen. For instance, since the advent of BAYC from Yuga Labs in 2021, about 143 NFTs (over $13M) have been reportedly stolen via two major separate phishing attacks in April and June 2022. 

In another NFT-related attack, Axie Infinity blockchain, Ronin, reportedly lost over $600M worth of crypto to the infamous North Korean hackers in March 2022. All these events devastated the NFT market, creating panic among collectors, investors/enthusiasts.

The Implosion of Affiliated Decentralized Projects

The sudden crash of some crypto projects negatively affected several crypto/blockchain-related projects, including the NFT market. For instance, the FTX crash affected several crypto tokens, causing their prices to decline, directly affecting some NFT projects like the “6 Rings” NFT collection. The “6 Rings” NFT is the brainchild of the former NBA star, Michael Jordan. The NFT was launched on Solana-based platforms, and its floor price declined when the price of SOL dropped by 25%, causing Jordan to record over 90% loss. Other crypto crashes like LUNA and TerraUSD were also instrumental to the crash of the NFT market since crypto tokens are intertwined with the NFT landscape.

Feasible Real World Use Cases

Another factor that could be partly responsible for the crash of the NFT market is the paucity of NFTs with real-world use cases. The advent of Phygitals (NFTs with real-world or physical use cases) has redefined the NFT landscape. Unfortunately, most reputable brands in the NFT space are yet to hop on this train. Eschewing the initiative of associating physical use cases to NFTs can crash the NFT market since reputable brands are not adopting it. However, adopting the novel initiative will be a jumpstart to rejuvenate the once-flourishing ecosystem. 

Global Economic Events

Aside from crypto/NFT-related factors, some global economic factors like inflation, increasing interest rates, and socio-political factors also contributed to the crash of the NFT market. Crypto and NFT are still nascent compared to other pre-existing investment tools; they wouldn’t be appealing to every investor as an asset during inflation due to the underlying volatility of crypto assets. Furthermore, the Russia-Ukraine imbroglio also affected the NFT market, making investors/collectors take sides and dump NFTs related to their perceived enemy.

So, can the NFT Market Recover from this Unprecedented Crash?

Yes!             

NFTs spontaneously came to the limelight without manipulations; their market can also be rejuvenated and promoted beyond its previous glory. This requires the synergy of creators, investors, and collectors/enthusiasts. The bearish crypto market has been a significant factor in the crash of the NFT market and other crypto-related projects; however, there is a prospective positive turnaround as the crypto community anticipates the next bullish trend and crypto recovery.

How will crypto recovery positively affect the NFT market?

Crypto tokens are directly associated with NFTs; a bullish crypto market will outrightly give more value to NFTs. Furthermore, it will consequently increase the adoption of NFTs and the volume of trades on marketplaces. Aside from that, there are indications that the future of the NFT market is brighter than its past and present crash; the NFT market is reportedly projected to grow by 33.7% CAGR (compound annual growth rate) by 2030.

Furthermore, several NFT projects and collections launched during the market crash managed to gain traction among collectors and investors. For instance, when Yuga Labs launched its Dookey Dash game on January 18, 2023, it was warmly embraced by the NFT community because the brand is reputable for its exciting NFT-related projects. Similarly, NFT projects associated with P2E games will also be the future of the NFT landscape.

Conclusion

The unexpected downturn of the NFT market shouldn’t be viewed as the end of the NFT era; instead, it should be taken as a temporary setback for creators to re-strategize and reel out fascinating content to rejuvenate the ecosystem. Investors and enthusiasts anticipate a positive turnaround by releasing fascinating and aesthetic NFTs with exciting use cases to fuel their existence.

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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.

Maruf

Technical writer, an enthusiast for everything blockchain and decentralized world.

The post An Overview of the NFT Market Crash and How It Can Recover appeared first on NFT Plazas.

Artificial Intelligence is one of the biggest buzzwords in the tech world at the moment. From excitement about ChatGPT writing people’s wedding vows to anxiety about AI potentially taking away people’s jobs, AI has affected everything, and the NFT space is not exempt. 

The last few months have seen NFT creators dabble more and more into the AI scene, with some rather interesting projects coming from this experimentation. However, will AI’s inclusion in the NFT space benefit the industry? Or does it create a problematic landscape that could negatively affect NFTs as a whole?

AI in NFTs

One of the most interesting applications of AI has been in the field of generative content creation. In fact, it is this aspect that has perhaps gained its notoriety on the internet. People have used AI to generate songs, wedding vows, emails, pictures, and much more. It has revealed the potential of artificial creativity and has caused controversy. 

It has also, naturally, found its way into the NFTs space. As most of us know, NFTs are often used as a way to document and monetize content. The most expensive NFT ever sold was artwork by the artist Beeple, and when thinking of the biggest NFT collections like the Bored Apes and Doodles, they are essentially collectable art. 

This art is typically made by trained artists and creatives but AI has helped lower the barrier to entry. Rather than having to make the NFT art from scratch, entrepreneurs can have an AI generate the art based on prompts and then tokenize it as a digital asset. This has created an entire sub-market of AI-generated NFT content such as art, audio, and so on.

Besides the creation of NFTs themselves, AI also plays a role in the business aspect of the industry. You see, just as AI is able to create content, AI can also be used to verify whether certain content was human-created or not. This has been done with images, articles, and much more. 

While AI has created a market of artists who are upfront about their work being created by a machine, some are not. In fact, there have been instances of people creating copies of others’ works through AI and trying to pass it off as the real thing. However, with AI detection software, fakes can usually be distinguished from the real thing. 

Is This Good?

With the use cases that it has secured in a short time, it is safe to say that AI will continue to operate in the NFT space for some time to come, but is this a good thing? 

Like anything else, there are pros and cons. On one hand, AI-generated content tools mean that the barrier to entry is lowered and more people can get into the NFT space. With that comes more financial benefits for entrepreneurs but more competition for creators, and the use of AI to essentially plagiarise NFT content cannot be overlooked. 

However, as also seen, AI can be used to prevent counterfeiting within the NFT space, which had been an issue before AI even got popular in the industry. If the capabilities for AI are properly managed, it could go on to benefit the NFT space. For example, marketplaces and prominent platforms could put systems in place to make sure that buyers are duly informed about whether the NFTs they are buying are AI-generated or not. 

This transparency would allow the burgeoning AI-generated NFT market to flourish while giving consumers a choice in the matter. On top of this, proper checks to curb any AI-powered counterfeiting would be a net positive for NFT buyers and creators. Those who want to buy or sell AI-generated NFTs will be able to do so freely and those who want human-created works can do the same. There has been debate about which type of art has more intrinsic value but at the end of the day, we can only let the markets decide. 

However, a situation where the influence of AI is left to run rampant would only do the opposite; create a marketplace that is run amok with counterfeiting, misinformed consumers, and ultimately, resentment among creators.

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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.

Tokoni Uti

Tokoni Uti has written extensively on blockchain and cryptocurrency for years. Her work has appeared on sites like BTCmanager and Blockchain Reporter. She has a degree in Corporate Communications.

The post AI and NFTs: A Match Made in Heaven or a Recipe for Disaster? appeared first on NFT Plazas.

Aside from gathering momentum in the digital space, NFTs are also gaining traction within the corporate realm, with blue-chip organizations and enterprises venturing into the Web3 ecosystem. This interaction marks a new dawn for the global economy, as it has been projected that the global NFT market cap will exceed $7 billion by 2028. However, corporate enterprises are venturing into NFTs from diverse angles, including direct investment in NFT companies, launching marketplaces, and creating custom NFTs, as well as the latest development, NFT stocks. So, grab a mug of coffee, sit back, and learn ‘Everything You Need to Know About NFT Stocks.’

What are NFT Stocks?

A stock is a security representing an individual’s fractional ownership in a company or corporation. An NFT stock is the stock of companies directly involved in the NFT economy. These companies can create/trade NFTs (or NFT-related products), have a public marketplace, or a private auction house where collectors can seamlessly trade NFTs. Acquiring the stock of companies with an interest in the NFT market is another smart way of indirectly investing in NFTs because the shares of these companies will grow bullish as the NFT industry grows.

This novel initiative offers newbie investors a head start or exposure to the NFT realm, allowing them to amass the required knowledge or acclimatize with the NFT landscape before diving into NFTs as a collector. So, as a stock guru with zero knowledge of the decentralized space or NFTs, NFT stocks can be a good entry point in the world of NFTs.

How to Trade NFT Stocks?

NFT stocks are traded like traditional stocks on public stock exchanges. They are issued by public companies directly or indirectly involved in the NFT economy. Such companies are usually licensed by SEC (Security Exchange Commission) before issuing the NFT-related stocks. Meaning that these companies are thoroughly vetted to verify their legitimacy and guarantee dividends for investors. As such, NFT stocks require no special trading skills for professional traders, and can therefore be traded just like regular stocks.

What is the Difference between NFT Stock and Traditional Stock?

Traditional stocks represent an individual’s ownership in a company and can involve various markets or commodities unrelated to NFTs. On the other hand, NFT stocks are issued by companies or organizations that are directly tied to the NFT market. Like NFTs themselves, these stocks are also unique since they represent fractional ownership in NFT-related ventures. Notably, the growth of these stocks is determined by the performance of the NFT market. Some examples of notable NFT stocks include:

Coinbase (COIN)

Coinbase is a notable crypto exchange listed on NASDAQ. Its COIN offering is an example of NFT-related stock with over $20 billion market cap.

Nvidia

Nvidia is a top manufacturer of GPU (Graphics Processing Units). The company is notable for developing integrated circuits used in electronic game consoles in PCs. Nvidia is also involved in NFT-related technology, like cloud engines for avatars in the Metaverse. The company’s technological capabilities will be instrumental in promoting NFTs. NVIDIA stock is also listed on NASDAQ and has a market cap of over $1 trillion.

Shopify (SHOP)

Shopify is a notable Canadian e-commerce company founded in 2006. The company journeyed into the NFT world in December 2021, launching its NFT platform. Furthermore, the company partnered with the National Basketball Association’s Chicago Bulls to release an NFT collection. In January 2023, Shopify expanded its NFT coast, allowing content creators to create, mint, and sell Avalanche-based NFTs via its Venly Shopify merchant app. SHOP stock was listed on NYSE and currently has a market cap worth over $81 billion.

Cloudflare (NET)

Cloudflare is a robust network of servers that offers DDoS mitigation and cloud cyber security for websites. It also has a streaming service and was founded in September 2010. Cloudflare journeyed into the NFT landscape in 2021, allowing content creators to publish the videos as ERC-721, an Ethereum-based NFT. The NET stock was listed on NYSE and had a market cap of over $21 billion.

eBay Inc (EBAY)

eBay is a top American multinational e-commerce company founded in September 1995. The company announced its debut into NFT in 2021 and launched its “Genesis NFT” in partnership with OneOf, a Web 3 platform, in 2022. In June 2022, eBay acquired KnownOrigin, a top NFT marketplace, to broaden its NFT-based commitment. EBAY stock was listed on NASDAQ, with a market cap of over $24 billion.

DraftKings Inc. (DKNG)

DraftKings is a fantasy sports platform founded in 2012. The company launched its NFT marketplace on its website on July 21, 2021, marking its debut in the NFT space. Its marketplace is known for sport collectible NFTs developed on the Ethereum network. DKNG stock was listed on NASDAQ in April 2020, with a market cap of over $14 billion.

Dolphin Entertainment (DLPN)

Dolphin is a PR (Public Relations) agency founded in 1995. Dolphin partnered with the moribund FTX.US in 2021 to create sports and entertainment-related NFT marketplaces. The company also partnered with “The Flower Girls,” an NFT collection designed by Varvara Alay in 2021. In October 2022, Dolphin launched its flagship NFT, “Creature Chronicles,” which sold out in 90 minutes. DLPN stock was listed on NASDAQ and currently has a market cap worth over $26 million.

Takung Art (TKAT)

Takung Art is a Hong Kong-based art company founded in 2009. The company has an online trading platform for arts and NFTS. It is listed on NYSE, and its TKAT stock has a market cap of over $10 million.

What are the Advantages of Investing in NFT Stock?

Alternative Investment Opportunity

NFT stocks offer investors an alternative way to profit from the burgeoning NFT market without prior knowledge of it. As such, companies which understand the nitty-gritty of the landscape manage the investment, allowing people to profit from the NFT market indirectly.

A Multi-Investment Tool

Since users will be investing in companies that diversify into NFTs, it will potentially yield dividends from the company’s core revenue and NFT aspects. Most NFT-related companies that ventured into NFTs usually maintain their base source of income to meet their financial obligations. A vehicle or computer company that diversified into the NFT landscape will still operate its original business, leaving investors who buy their stock to profit from all revenue channels.

Conclusion

The concept of NFT stock offers a novel strategy to invest in corporate companies that diversify into the NFT landscape. This involves investing in NFT-related companies by acquiring their stock without directly trading NFTs. However, extensive research should be conducted before investing in these stocks to avoid investing in the wrong tool or fake companies not licensed by SEC. The above-highlighted NFT stocks are not the only available stocks; others include

• Nike (NKE)
• McDonald Corp (MCD)
• Adidas (Adidas AG)
• Meta (META)
• Defiance NFT ETF (NFTZ)
• Funko (FNKO)
• Zynga (ZNGA)
• ZK International (ZKIN)
• Atari SA (PONGF)
• PLBY Group Inc (PLBY)
• Hall of Fame Resort & Entertainment Company (HOFV)

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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.

Maruf

Technical writer, an enthusiast for everything blockchain and decentralized world.

The post Everything You Need to Know About NFT Stocks appeared first on NFT Plazas.

Many investors and enthusiasts made a fortune during the NFT bubble when creators reeled out innumerable aesthetically glamorous NFTs. In addition, several NFT icons and reputable figures also debuted a series of exciting NFTs into the ecosystem, making the NFT atmosphere lively and boisterous. However, an unprecedented bear market has now set in, leaving many NFT collectors searching for alternative uses for their now dormant assets. Here, we take a look into the untapped potential of NFTs, and how owners can earn passive income from their non-fungible tokens. 

What is a Passive Income?

We all know passive income doesn’t need much explanation for those familiar with NFTs, but let’s go through some descriptions to highlight a few things. A passive income is earned from a financial tool, asset, or enterprise without putting too much effort into earning. It is a continuous stream of extra income that arrives periodically (daily, weekly, monthly, or annually). This term became notable in the decentralized space with the advent of DeFi protocols which allows crypto holders to make a stream of income on their idle crypto assets.

This passive income model is also suitable for idle assets like NFTs. Instead of holding onto NFTs that earn nothing while waiting for another NFT bubble or a bullish crypto market, investors can use them to earn passive income in several ways. Read on to discover the best ways to can earn passive income with NFTs in 2023

NFT Royalties

NFTs are unique digital items defined by their distinct properties, making each one individual and unique. This uniqueness has led to a surge in demand among decentralized investors, who are eager to own these highly sought-after digital items. Consequently, the buying and selling of NFTs has emerged as a profitable opportunity for creators, investors, and enthusiasts alike, offering them a chance to earn income passively through royalties. A royalty, in this context, refers to a payment made to the original creator of an NFT at the point of a resale on the secondary market.

This royalty mechanism is usually defined upon creation of the NFT within the its metadata, and generally ranges between 0-10%. Following the initial sale of the NFT, subsequent trading on secondary marketplaces that honor royalties will trigger the smart contract, and automatically distribute funds to the original creator. This payment will continue indefinitely, even if the creating wallet becomes inaccessible. 

How to Earn Royalties from NFTs?

Earning royalties on NFTs doesn’t require sophisticated knowledge; creators can easily mint their NFTs and set the preferred royalty terms for sales on the secondary market. One of the most profitable NFT royalties fetched Beeple over $600k when the “Crossroads” NFT was resold to another buyer at $6.6 million in February 2021.

Where to Earn Royalties?

It is worth noting that royalties are paid automatically without getting involved directly in the sales of an NFT following its creation. For an in-depth guide to NFT marketplaces that honor royalties, take a look at our Guide to Marketplaces that Honor NFT Creator Royalties.

NFT Rentals

NFT rental is another attractive passive income-earning model to make money with idle digital items. It involves lending NFTs to other users for a predefined duration in exchange for previously agreed financial terms. This model resembles renting physical assets like cars and real estate properties, except within the digital realm. NFT renting became notable with P2E games, where players can rent in-game collectibles like avatars and weapons in order to play without a costly initial outlay. NFT rental also applies to the Metaverse, where users can rent fashion accessories and virtual properties like LAND, office space, and more!

What are the Best NFT Rental Services?

There are reputable dapps suitable for NFT rentals, including IQ Protocol, UnitBox DAO, Trava Protocol, Vera, ReNFT, Double Protocol, N3RP, Renfter, Zharta, and Darkblocks. Each rental platform has its guide on how to start an NFT rental; the basic processes usually involve setting a price, rental duration, and agreement terms.

NFT Staking

Staking is a popular terminology in the DeFi ecosystem, which involves locking crypto tokens in a smart contract vault to earn passive income. However, the staking initiative has found another use case in the NFT ecosystem. NFT staking involves locking an idle NFT in a special smart contract for a predefined duration to earn passive income. Aside from these special smart contracts, some NFT projects support staking their native NFTs in liquidity pools to earn rewards from the ecosystem’s transaction fees. In contrast, some projects allow NFT holders to lock the asset in the DAO pool to participate in governance. However, owners should fully research the compatibility of their NFTs within the desired staking platform. Examples of NFT staking platforms include Binance NFT PowerStation, Splinterlands, BAND NFTs, NFTX, KIRA, and Polychain Monsters.

P2E Games 

Play-to-Earn (P2E) games are decentralized games that reward players with crypto tokens and digital collectibles. Some P2E platforms require having some particular NFTs to play their games; as such, players can use their NFTs to play decentralized games and earn more NFT, which can be exchanged for crypto tokens. Meanwhile, some earned in-game collectibles can be staked on some gaming platform or loaned to another player to maximize profits. This process can easily transition into another episode of NFT farming.

Furthermore, some NFT projects operate like a gaming platform where users’ NFTs can earn other NFTs for participating in the NFT ecosystem daily. Some NFTs also breed and produce other NFTs and crypto tokens for holding them. These collectibles can be exchanged for crypto tokens on custom marketplaces. Examples of P2E games in this category include Axie Infinity, Aavegotchi, Galaxy Fight Club, Zed Run, Gods Unchained, and Aurory. 

NFT Farming

Yield farming or farming is another DeFi protocol incorporated into the NFT landscape. It involves depositing crypto assets into several DeFi protocols like staking, lending, and liquidity mining. This initiative is modeled into NFT farming, where investors can offer liquidity to NFT pools in DeFi protocols. Owners can also deposit their NFTs into a liquidity pool to earn new NFTs or ERC-20 tokens. Since yield farming is to reinvest earnings in another passive earning protocol to maximize profits, rewards earned from NFT farming can also be reinvested into other NFT liquidity pools or DeFi pools to maximize yields. Platforms suitable for NFT farming include MOBOX, Bunicorn, Pulsar Farm, and ZooKeeper.

Conclusion

The era of NFTs sitting idle in wallets has ended by incorporating DeFi protocols into the NFT ecosystem. As such, NFT owners can earn passive income with their NFTs while holding onto their coveted collectibles. However, potential investors seeking to adopt any of the above-highlighted methods should research how the respective platform works. This will also shed more light on the compatibility of their NFTs with platforms and the feasibility of profit-making.

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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.

Maruf

Technical writer, an enthusiast for everything blockchain and decentralized world.

The post 5 Ways to Make Passive Income with NFTs in 2023 appeared first on NFT Plazas.

The Web3 space is a place of endless possibilities, with new projects emerging daily to offer unique experiences to Web3 users. Not only do some of these projects introduce new ideas, but they also reinforce existing standards. Most importantly, they uphold the community-centric form of the Web3 ecosystem. Animoca Brans’ Mocaverse is one of the NFT collections offering new experiences to NFT owners. NFTs are digital assets popularly traded for money or kept as assets, but, in the case of Mocaverse, they serve as a key to an exclusive community; the Animoca Brands Web3 community.

In this article, we tell you everything about the Mocaverse NFT project and whether you can be a part of the ecosystem. Let’s get started!

What is Mocaverse?

The Mocaverse is an NFT collection from popular Web3 company Animoca Brands. It consists of 8,888 PFP (profile picture) NFTs, referred to as Mocas. The NFT collection gives access to Animoca Brands’ ecosystem. Therefore, when the NFT launched, only people who make up the company’s Web3 community could mint.

According to the project’s website, investors, partners, the company’s employees, and teams from other companies within Animoca’s investment portfolio make up its exclusive Web3 community.  The idea behind the project is to have an ecosystem where everyone under Animoca Brands gets to connect, learn, interact, and grow together.

Who are the Mocas?

As mentioned before, NFTs within the Mocaverse collection are called Mocas. Mocas are beings who live in Mocana and are described as brave and inventive. Each Moca possesses unique skills and characteristics needed to build the perfect Web3 world. However, to achieve the ultimate goal of a perfect world, all the Mocas need to unite and work together.

Mocas come in five different characters, which define their roles in the Mocaverse. The characters are:

Dreamers

Dreamers are the source of the ecosystem’s ideas, innovations, and concepts. They introduce fresh ideas, meanings, images, and values that enhance the Mocaverse ecosystem.

Builders

The Builders act on the ideas of the Dreamers. They are constructors who bring to life the ideas of the Dreamers into something tangible and understandable.

Angels

Angels in the Mocaverse are characters that hunt for treasures and opportunities; they look for ideas brought to life by the builders and collaborate with them to further the ideas. In most instances, they finance the development and completion of the projects.

Connectors

Connectors bridge the gap between Mocana and the outside world. Since the Mocaverse universe is exclusive, not everyone can participate or be a part of it. Thus, the connectors fill this void by connecting Mocana and outside individuals and entities.

Neo-capitalists

Neo-capitalists are characters that manage the distribution of benefits to characters within Mocaverse. They devise a system that distributes benefits based on the contributions of each character to the ecosystem.

What makes the Mocaverse NFT Collection Unique?

The Mocaverse NFT collection is different from most other NFT collections on the market. While reputable NFT collections like the Bored Ape Yacht Club (BAYC) are community-centric and offer their holders exclusive benefits, Mocaverse does the same but with the intention to strengthen their community of partners, companies, employees, and users. Thus, most of the benefits from holding Mocaverse NFTs follow this direction.

Holders of the Mocaverse NFTs enjoy some exclusive benefits and perks from Animoca Brands. That includes exclusive access to the company’s events, masterclasses, and seminars. Likewise, holders get firsthand experience of new project launches before the rest of the public. They also have exclusive access to in-game asset drops and Animoca Brands’ Web3 platforms.

Additionally, holders of the NFTs also receive Moca XP tokens, which they can stake and use within the community to earn rewards or participate in events. They also have access to special deals and discounts on products and services, in addition to the opportunity to contribute to charities and causes through Animoca Brands’ various initiatives.

The Mocaverse ecosystem also features four distinct sectors, all of which Mocaverse holders can engage with. These sectors are centered around the themes of education, gaming, building, and philanthropy. NFT holders can join any of the platforms, connect with other holders, and share experiences and knowledge.

Ultimately, the benefits of holding the NFTs echo the idea behind the Mocaverse ecosystem. For Animoca Brands, it is a way to enhance the relationship between the company and all the individuals and entities within its Web3 ecosystem. Therefore, it represents a platform where key individuals like company executives, developers, users, and managers can meet and collaborate to develop new projects and advance existing ones.

Can you own a Mocaverse NFT?

With all these perks and benefits, you may want to know if you can join the Mocaverse universe. Well, there is some good news for you. While the NFTs were initially handed out to people within Animoca Brands’ Web3 community, you can now buy them on secondary NFT marketplaces like OpenSea.

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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.

Abdulrasaq Ariwoola

A blockchain maximalist who believes that technology is necessary for the future we are heading to. An ardent researcher and writer who uses his writings to inform about the prospects in the blockchain space.

The post Everything You Need to Know About Animoca Brands’ Mocaverse appeared first on NFT Plazas.