{"id":58673,"date":"2023-08-21T08:54:19","date_gmt":"2023-08-21T08:54:19","guid":{"rendered":"https:\/\/egrowonline.com\/?p=58673"},"modified":"2023-08-21T08:54:19","modified_gmt":"2023-08-21T08:54:19","slug":"50m-nft-platform-shutters-openseas-huge-mistake-and-more","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=58673","title":{"rendered":"$50M NFT platform shutters, OpenSea’s ‘HUGE mistake’ and more"},"content":{"rendered":"


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NFT platform Recur shuts down despite $50M funding round<\/h3>\n

Nonfungible token (NFT) platform Recur is winding down operations despite a highly-anticipated launch less than two years ago.<\/p>\n

The firm explained on Aug. 18 that the decision to shutter wasn\u2019t easy, but ultimately a challenging business environment served too big a barrier:<\/p>\n

\u201cUnforeseen challenges and shifts in the business landscape have made it increasingly difficult for us to continue providing the level of service and dedication that we have always strived to maintain,\u201d it said.<\/p>\n

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Today, with heavy hearts, we must share some difficult news.<\/p>\n

After much contemplation and consideration, we\u2019ve decided to deprecate the RECUR platform, effective November 16, 2023.<\/p>\n

Learn more: https:\/\/t.co\/5NbiTQSAGo<\/a><\/p>\n

\u2014 RECUR (@RecurForever) August 18, 2023<\/a><\/p><\/blockquote>\n

NFT trading volumes have mostly plummeted across the board in 2023, according<\/a> to data from Dune Analytics.<\/p>\n

Recur said all transactions on primary and secondary markets will be disabled on Aug. 31. All remaining website functionality, such as NFT withdrawals and USD Coin (USDC) cash outs will then close on Nov. 16.<\/p>\n

To continue accessing NFTs, Recur explained that users will need to transfer them over to a self-custodied wallet before Nov. 16.<\/p>\n

Recur was founded in the middle of NFT summer in 2021 and managed to raise<\/a> $50 million in a Series A funding round in Sept. 2021. The firm was valued at $333 million<\/a> at the time.<\/p>\n

Ethereum co-founder Joe Lubin and U.S. entrepreneurs Cameron and Tyler Winklevoss and Gary Vaynerchuk were other notable investors<\/a> in the platform.<\/p>\n

Mark Cuban slams OpenSea over creator royalty fee decision<\/h3>\n

U.S. billionaire and Shark Tank investor Mark Cuban has called out OpenSea over its recent decision to stop enforcing creator royalty fees<\/a> across other platforms.<\/p>\n

On Aug. 17, OpenSea announced it will turn off its Operator Filter feature <\/a>which enables creators to blacklist NFT marketplaces that don\u2019t enforce royalties fees, and transition to an \u201coptional\u201d model on Aug. 31.<\/p>\n

In an Aug. 18 post, Cuban, an OpenSea investor, said the decision was a \u201cHUGE mistake\u201d and will have a two-fold impact on both OpenSea and the broader industry:<\/p>\n

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Not collecting and paying royalties on NFT sales is a HUGE mistake by @opensea<\/a>. It diminished trust in the platform and hurts the industry. And I say this as an @opensea<\/a> investor @DevinFinzer<\/a><\/p>\n

\u2014 Mark Cuban (@mcuban) August 18, 2023<\/a><\/p><\/blockquote>\n

In response to claims<\/a> that OpenSea\u2019s decision was necessary to retain its market share, Cuban rebutted that an optional royalty approach will kill future NFT applications that go beyond collectibles.<\/p>\n

OpenSea\u2019s CEO Devin Finzer stated that the on-chain royalty enforcement tool hasn\u2019t had the success they would have hoped because competitor platforms such as Blur, Dew and LooksRare began to circumvent the Operator Filter by integrating the Seaport Protocol to bypass OpenSea\u2019s blacklist and therefore avoid creator fees.<\/p>\n

Several members of the NFT community consider the move to be a potential blow for NFT artists looking to make passive income.<\/p>\n

Bitcoin miner turns off Kazakhstan facility, stock slides 12%<\/h3>\n

Bitcoin mining firm Canaan has confirmed that it temporarily shut down two exahashes (EH\/ s) of computing power in Kazakhstan in order to comply with the country\u2019s changing regulatory landscape.<\/p>\n

Stricter rules came into effect in April by Kazakhstan\u2019s Ministry of Digital Development, Innovations and Aerospace Industry, which prompted Canaan to start turning off mining rigs in the third quarter, according<\/a> to an Aug. 18 report by Cision.<\/p>\n

Prospective miners must now obtain a specialized license in accordance with the country\u2019s Digital Assets in the Republic of Kazakhstan. It is understood Canaan is working toward obtaining a Type II license.<\/p>\n

The Chinese-based Bitcoin miner<\/a> acknowledged the decision will likely impact its (BTC)<\/a> production and revenue, primarily due to reduced uptime.<\/p>\n

Canaan\u2019s share price fell over 12.3% on Aug. 18 to $2.06, according<\/a> to Google Finance.<\/p>\n

<\/figure>\n

Late last month, Canaan offloaded<\/a> 2,000 new A1346 Bitcoin miners to fellow mining firm Stronghold for approximately $3 million.<\/p>\n

Fake friend.tech token creator drains $226K via phishing scam<\/h3>\n

The emergence of friend.tech, a new decentralized social media platform, has attracted a scammer who managed to create a fake friend.tech token and scam investors for about $226,000 or 135 Ether (ETH).<\/a><\/p>\n

Information on the exploit was shared<\/a> by blockchain security firm CertiK on Aug. 19, citing a large liquidity removal as the exit scam method.<\/p>\n

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#CertiKSkynetAlert<\/a> <\/p>\n

We have detected a large liquidity removal on a fake Friend Tech token. <\/p>\n

ETH: 0x2cf82a3Ad32AA580110278022a6493b631044beF<\/p>\n

The deployer gained 135 ETH (~$226.5k).<\/p>\n

Not to be confused with legitimate projects.<\/p>\n

Read more below:https:\/\/t.co\/MciIPYFVdD<\/a><\/p>\n

\u2014 CertiK Alert (@CertiKAlert) August 19, 2023<\/a><\/p><\/blockquote>\n

Like CertiK, several industry pundits warned their audiences not to fall for the scam that poses to be a legitimate project.<\/p>\n

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❤️<\/p>\n

Do not buy the fake Friend Tech tokens listed on BASE.<\/p>\n

They are all honey pots, and they are rugging.<\/p>\n

The liquidity is all scam insiders and thieves.<\/p>\n

They faked the volume with buy\/sell bots<\/p>\n

⚠️ pic.twitter.com\/85MpQppPkP<\/a><\/p>\n

\u2014 yourfriendSOMMI ❤️ (@yourfriendSOMMI) August 21, 2023<\/a><\/p><\/blockquote>\n

The real friend tech protocol launched on Aug. 11. By Aug. 19, the platform managed to cash in over $1 million in fees<\/a> \u2014 more than the Bitcoin network and Uniswap over the same timeframe.<\/p>\n

However, some cryptocurrency commentators believe the protocol will have six to eight more weeks of hype before it starts dying down.<\/a><\/p>\n

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Let me tell you one thing.<\/p>\n

Something isn\u2019t right about @friendtech<\/a>.<\/p>\n

Creators making money from a group chat that doesn\u2019t even work when you can\u2019t even reply directly to people?<\/p>\n

The way pricing works is ridiculous and can be easily taken advantage of.<\/p>\n

Pumps and dumps. pic.twitter.com\/TJqcktEM6P<\/a><\/p>\n

\u2014 Yazan (@YazanXBT) August 20, 2023<\/a><\/p><\/blockquote>\n

Built on Coinbase\u2019s layer-2 network Base, friend tech is a platform that allows users to purchase shares of their friends and influencers, which in turn grants them access to a private chat with that user.<\/p>\n

Also making news<\/h3>\n

The United States securities regulator is likely to approve multiple applications<\/a> for Ether futures Exchange-Traded Funds (ETFs) at the same time, The Wall Street Journal reported<\/a>, citing sources familiar with the matter. There are currently 16 finance firms in line for the regulator\u2019s approval amid news that it will start accepting applications<\/a> soon.<\/p>\n

Cheems Balltze, one of the internet\u2019s most famous dogs, tragically passed away on Aug. 18 after losing a tough battle with cancer, according<\/a> to an Aug. 18 post on Cheem\u2019s Instagram account. While the Shiba Inu isn\u2019t the official mascot of the Shiba Inu (SHIB)<\/a> or Dogecoin (DOGE) <\/a>cryptocurrencies, messages<\/a> of condolences have come from cryptocurrency communities and meme-lovers alike, including the Dogecoin Foundation.<\/p>\n<\/div>\n


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NFT platform Recur shuts down despite $50M funding round Nonfungible token (NFT) platform Recur is winding down operations despite a highly-anticipated launch less than two years ago. The firm explained on Aug. 18 that the decision to shutter wasn\u2019t easy, but ultimately a challenging business environment served too big a barrier: \u201cUnforeseen challenges and shifts […]<\/p>\n","protected":false},"author":1,"featured_media":58674,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[41],"tags":[1729,640,9617,307,13664,487,9569],"class_list":["post-58673","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-50m","tag-huge","tag-mistake","tag-nft","tag-openseas","tag-platform","tag-shutters"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2023\/08\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDgvNDljZTRmMTMtNTA1My00MTk3LTg0MmYtNTMwMTIyYTZiODYwLmpwZw.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/58673","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=58673"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/58673\/revisions"}],"predecessor-version":[{"id":58675,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/58673\/revisions\/58675"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/58674"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=58673"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=58673"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=58673"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}