Cryptocurrency

NFTs Are The Future of Art – But How to Spot The Fakes as Demand Soars?

Published

2 years ago

March 2, 2022

NFT technology is helping to make art profitable again, but plagiarism and fakes are “becoming a massive issue” for both artists and buyers, warns a world-famous British artist who has crossed over into the digital space.

The warning from Adrian Chesterman, who has worked with the likes of Steven Spielberg, Andrew Lloyd Webber and Chris Rea, comes as evidence shows that there are a record number of fake NFTs in the marketplace.

An NFT (non-fungible token) is a digital asset that can be an image, audio clip, or GIF and whose ownership is recorded on a tamper-proof digital ledger known as a blockchain.

Over the last year, the NFTs market has exploded, with a digital-only piece of art selling for $69 million in 2021.

Since then, an ever-growing number of artists and celebrities, and fashion, music, tech and sports brands have been creating, buying and selling ‘tokens.’

Chesterman says: “Since the explosion of NFTs last year, plagiarism and fakes have been an increasing problem.

“This is attributable to two main reasons. First, demand is soaring globally for NFTs and therefore there are simply a lot more people in the market – both collectors and artists.

“Second, some of the major NFT platforms are not fit for purpose because users can list NFTs without adding them on the blockchain and they don’t pay fees until they sell. Vetting systems need to be more robust.”

Against this backdrop, how does Chesterman, who has just released a contemporary version of his Chris Rea’s Road to Hell album, says there are ways collectors can buy NFTs – “the future of art” – without being caught out by scammers.

“First off, the rule of thumb is: If the deal seems too good to be true, that’s because it probably is. Prices of NFTs are based on supply and demand. If an NFT is priced significantly cheaper or more expensive than similar NFTs from the same collection or category, it may be a fake.

“Check the authenticity of the NFT by doing a reverse Google image search. In addition, the platform can verify collections and their artists. Typically, a blue checkmark will appear by its title if it’s the real deal.

“Ultimately, the best way to ensure your NFT is genuine is to choose the right platform, perhaps one with human moderators is best.”

Despite the issues, the globally renowned artist Adrian Chesterman is determined to continue in the NFT space. Why?

“NFTs are the future of art, without question. We’re increasingly living digital lives and NFTs allow us to take the images we love into this world – with an even further enhanced experience for the buyer. It’s the inevitable way forward.

“In addition, it’s good for an artist’s profitability. They can prove if their works are counterfeited, and they can include criteria to get royalties every time their works are re-sold in the future.”

International art dealer, Stephen Howes, of Thomas Crown Art, who represents Adrian Chesterman, agrees: “NFTs are an emerging marketplace, but one which represents the future, for sure.

“It allows artists to make some money and exercise control over their work, to sell it more easily, reach a global audience, to more strongly protect against others appropriating it without permission, and sidestep the traditional biases of the ‘art industry mafia’.”

Chesterman’s most recent work appeals to this future-focused buying audience.

“As the illustrator of the original Road To Hell album cover, I’ve now produced a contemporary version of the concept of hell more relevant to the state of the world today.

“In 2022, we’re only too conscious of the modern-day version of hell we have created for ourselves. So the medieval cliches of tortured souls in eternal fire and demons with pitchforks have now been replaced by images of pollution of the world’s oceans, the ongoing nuclear threat and air pollution.”

He concludes: “The NFTs market is booming. It’s an exciting time – and right now there’s a certain degree of ‘early adoption advantage’ for serious buyers.”

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Cryptocurrency

SEC Director General Lauds KuCoin’s Action, Urges Compliance with National Guidelines

Published

2 days ago

May 17, 2024

Samed Olukoya

The Securities and Exchange Commission (SEC) Director General, Dr. Emomotimi Agama, has commended KuCoin, a prominent cryptocurrency exchange platform, for its proactive measures to delist the Nigerian naira (NGN) from its trading options.

This move aligns with recent directives aimed at safeguarding the nation’s economic interests and combating illicit financial activities.

In an official statement released by the SEC on Thursday, Dr. Agama expressed satisfaction with KuCoin’s decision to suspend peer-to-peer (P2P) transactions involving the Nigerian currency.

This decision comes as part of KuCoin’s ongoing efforts to adjust its platform to comply with regulatory directives issued by the Office of the National Security Adviser and the SEC.

The SEC’s stance underscores a broader initiative by Nigerian authorities to address concerns related to foreign exchange manipulation and safeguard the integrity of the nation’s financial system.

Dr. Agama emphasized the importance of adherence to established guidelines, emphasizing that regulatory compliance is essential for maintaining national security and economic stability.

The delisting of the naira by KuCoin follows similar actions taken by other cryptocurrency exchanges, including Binance, in response to regulatory scrutiny from Nigerian authorities. These measures signal a concerted effort within the crypto industry to cooperate with regulatory agencies and promote responsible trading practices.

Peer-to-peer cryptocurrency trading platforms have come under increased scrutiny due to their potential for facilitating illicit financial activities, including money laundering and fraud. By delisting the naira and suspending related trading activities, KuCoin demonstrates its commitment to upholding regulatory standards and fostering a secure trading environment for users.

Dr. Agama reiterated the SEC’s commitment to collaborating with stakeholders, including the Economic and Financial Crimes Commission (EFCC), to address challenges within the cryptocurrency space and combat financial crimes effectively.

He emphasized the importance of regulatory cooperation in tackling illicit trading practices and maintaining investor confidence in the market.

Furthermore, Dr. Agama highlighted the SEC’s ongoing efforts to implement the Revised Capital Market Master Plan, aimed at enhancing the resilience and competitiveness of Nigeria’s capital market.

He highlighted the potential of the capital market to drive economic growth and attract foreign investment, emphasizing the need for regulatory measures to protect investors and promote market integrity.

In response to Dr. Agama’s comments, the EFCC Chairman, Ola Olukoyede, reaffirmed the Commission’s commitment to combatting financial crimes and emphasized the importance of regulatory collaboration in addressing emerging challenges.

He commended the SEC’s efforts to enforce regulatory compliance within the cryptocurrency sector and pledged the EFCC’s support in safeguarding Nigeria’s financial interests.

Cryptocurrency

KuCoin Announces Temporary Pause on NGN Services to Prioritize Compliance

Published

4 days ago

May 15, 2024

Samed Olukoya

KuCoin, one of the leading cryptocurrency exchanges globally, has announced a temporary pause on its P2P Nigerian Naira (NGN) services and Fast Buy service via Naira cards.

This move, set to commence from 2024-05-15 08:00 (UTC), aims to prioritize compliance measures within the platform.

In a message addressed to its valued users, KuCoin expressed its dedication to providing a robust and secure trading environment.

The temporary suspension of NGN services is part of the exchange’s commitment to accelerating the compliance process.

During this period, ongoing orders will be completed normally, and all other services on the platform will remain available.

KuCoin assured its users that their assets are safe and secure on the exchange. While acknowledging that adjustments might be required in trading preferences, KuCoin explained that this decision is a step toward enhancing the overall trading experience for its users.

The exchange reiterated its focus on compliance and creating a secure environment for all users. KuCoin aims to resolve the compliance-related matters swiftly and efficiently to ensure a seamless transition back to full functionality of NGN services.

The decision to temporarily suspend NGN services underscores KuCoin’s proactive approach to regulatory compliance, reflecting its commitment to maintaining transparency and trust within the cryptocurrency ecosystem.

KuCoin expressed gratitude for the understanding and cooperation of its users during this period of change.

Cryptocurrency

Crypto Exchange Giant Coinbase Grinds to a Halt in System Meltdown

Published

5 days ago

May 14, 2024

Samed Olukoya

One of the world’s largest cryptocurrency exchanges, Coinbase, has been plunged into chaos as it experienced a catastrophic system-wide outage, leaving traders and investors stranded and unable to access their accounts.

The disruption, which commenced at 4:15 am UTC on May 14, has rendered both the desktop and mobile platforms of Coinbase completely unusable.

Users attempting to access the exchange are greeted with a frustrating “503 Service Temporarily Unavailable” error message, indicative of the severity of the situation.

Coinbase, known for its reliability and user-friendly interface, has been a cornerstone of the cryptocurrency market for years.

However, this unprecedented outage has shaken the confidence of countless traders who rely on the platform for their daily transactions and investments.

Coinbase swiftly notified its user base of the issue through its official status page, acknowledging the severity of the problem and assuring customers that their funds remain secure.

The exchange’s support team took to social media to disseminate updates, pledging to investigate the issue and work tirelessly to find a resolution.

This isn’t the first time Coinbase has faced technical difficulties during periods of heightened market activity.

Just months prior, on February 28, the exchange experienced temporary outages alongside several other platforms amidst a frenzy of trading activity during a Bitcoin flash crash. Such incidents highlight the strain that surges in traffic can place on even the most robust of systems.

While outages like these are undeniably frustrating for users, they often spark speculation within the crypto community.

Some enthusiasts view these disruptions as a bullish sign, interpreting the influx of traffic and subsequent downtime as indicators of growing interest and adoption in the cryptocurrency space.