Many NFT projects lack adequate smart contract testing, says nameless founder

Jimmy McNelis, the founder of Web3 tech firm nameless, says there are too many NFT projects rushing to market without proper smart contract testing — potentially leading to millions lost. Speaking with Cointelegraph, McNelis suggested that a lot of NFT projects often rush to market without fully simulating how its smart contracts will work, even skipping extensive audits in some cases. McNelis said an example of this was observed during the sale of the Akutars NFT collection in February 2021 — featuring 15,000 tokens that went up for sale on Winklevoss-owned NFT…

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Samsung Next exec argues Web3 projects must face the challenge of utility

While Web3 has shown a lot of potential from its inception to today, some still believe that there is a challenge that players in the space must face, which is utility, according to a Samsung Next executive.  In an interview, Raymond Liao, the managing director at Samsung Next, talked about the company’s move to dive into Web3 by investing in MachineFi, a term coined by the IoTeX project to describe a futuristic paradigm in which machines become the primary workforce powered by Web3 technologies. According to Liao, Samsung Next focuses…

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GitHub faces widespread malware attacks affecting projects, including crypto

Major developer platform GitHub faced a widespread malware attack and reported 35,000 “code hits” on a day that saw thousands of Solana (SOL)-based wallets drained for millions of dollars. The widespread attack was highlighted by GitHub developer Stephen Lucy who first reported the incident earlier on Wednesday. The developer came across the issue while reviewing a project he found on a Google search. I am uncovering what seems to be a massive widespread malware attack on @github. – Currently over 35k repositories are infected– So far found in projects including:…

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A step-by-step framework to evaluating crypto projects

When it comes to cryptocurrencies, you need to consider a few key factors before you decide whether to invest. Whether you’re just beginning to get on the ground floor of new crypto projects or are looking to expand your portfolio, it’s helpful to have an evaluation framework handy for crypto projects.  This article will explain a step-by-step framework to assist you in evaluating various crypto projects. How do you evaluate a crypto project? During your analysis of a crypto project, it’s important to examine the different aspects of the project…

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Stablecoin projects need collaboration, not competition: Frax founder

Stablecoin projects need to take a more collaborative approach to grow each other’s liquidity and the ecosystem as a whole, says Sam Kazemian, the founder of Frax Finance. Speaking to Cointelegraph, Kazemian explained that as long as stablecoin “liquidity is growing proportionally with each other” through shared liquidity pools and collateral schemes, there won’t ever be true competition between stablecoins. Kazemian’s FRAX stablecoin is a fractional-algorithmic stablecoin with parts of its supply backed by collateral and other parts backed algorithmically. Kazemian explained that growth in the stablecoin ecosystem is not…

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NFT market worth $231B by 2030? Report projects big growth for sector

A market report published by Verified Market Research (VMR) provides a lofty prediction for the future of the nonfungible token (NFT) market, projecting its value to swell to $231 billion by 2030. The global research and consulting firm valued the global NFT market at $11.3 billion in 2021 as part of 202-page deep dive into the burgeoning space. VMR predicted that the sector will grow at a compound annual growth rate of 33.7% over the next eight years. A key driver of demand for NFTs is their proliferation across multiple industries…

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Comic-Con guru explains why storytelling is the key component for successful NFT projects

In the most recent episode, Comic-Con legend, Gareb Shamus discusses how he has used storytelling to build engagement and a “maker world” that grows and strengthens communities. What started off as a newsletter about comics, founder Gareb Shamus’ passion project, ultimately became known to the world as a magazine titled Wizard. According to Shamus, Wizard  was the outlet in which he could “create a voice” and share with his friends the things he had discovered that excited him. Shamus touched on the importance of building elements of engagement and not…

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Terra projects band together in migration to Polygon ecosystem

More than 48 different crypto projects formerly based on the failed Terra ecosystem have found a resurgence by migrating over to Polygon.  Polygon Studios CEO Ryan Wyatt expressed delight at his network’s ability to onboard many projects to the ecosystem in a July 9 tweet. He hinted that Polygon’s multimillion-dollar Terra Developer Fund has been effective in attracting the talent that was unexpectedly flung into limbo when Terra collapsed in May. UPDATE: Terra projects have begun migration. Over 48 projects and counting… including @OnePlanet_NFT, an exclusive @0xPolygon marketplace, and @DerbyStars_HQ!…

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Italian government will provide $46 million in subsidies for blockchain projects

The Ministry of Economic Development of Italy has announced that certain blockchain projects will qualify to apply for up to $46 million in government subsidies starting from September. In a Tuesday announcement, the ministry said companies and public or private research firms will be able to apply for funding from the government for the development of projects related to artificial intelligence, the internet of things, and blockchain technology. The fund will have an initial budget of 45 million euros — roughly $46 million at the time of publication — for…

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‘Bad’ crypto projects should not be bailed out says Binance founder CZ

Binance founder and CEO Changpeng “CZ” Zhao argues that “bad” crypto projects should be left to fail and not receive bailouts from crypto firms with healthy cash reserves. In a June 23 blog post, CZ said that firms that have been poorly operated, poorly managed or have released poorly designed products shouldn’t receive bailouts — and should instead be left to crumble: “In short, they are just ‘bad’ projects. These should not be saved. Sadly, some of these ‘bad’ projects have a large number of users, often acquired through inflated…

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