OpenSea Fraudulent NFT Data ‘Not an Asset’ Says Nifty Newsletter
In this week's newsletter, find out why a former OpenSea employee accused of insider trading tried to plead guilty, the Polygon co-founder's idea to solve the problem of spam captured on Ethereum Virtual Machine (EVM) blockchains, and see the Interpol report. How Metavas can help law enforcement agencies. And don't forget this week's Nifty news of Donald Trump offering free ordinals to boost NFT sales.
Former OpenSea manager appeals conviction saying NFT data is not “property”.
Nathan Chastain, a former OpenSea employee charged with wire fraud and money laundering related to insider trading, has filed a motion with the United States Court of Appeals to have the charges dismissed. According to Chastain's legal team, the information used to profit from NFTs in the marketplace is not considered “protected property.”
The legal team argued that the information “has no commercial value” and wrote in the statement of appeal that “not all confidential information is property.”
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Polygon co-founder explains how to stop articles from network crashes.
As script producers began to move from Bitcoin to EVM-compatible platforms, networks were flooded with text transactions, which became a way to bypass traditional NFT recording fees. The Arbitrum network went offline for over an hour on December 15, 2023 due to an inability to keep up with the unusual volume of transactions. Days later, half a dozen other blockchains suffered the same fate.
In a Cointelegraph interview, Polygon co-founder Brendan Farmer said parallel EVMs could solve the problem. The executive argued that parallelism would allow unrelated transactions to be processed faster, while blockchain could increase their output and control spam.
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Metaverse tools improve crime scene analysis and law enforcement: Interpol report
Interpol's Metaverse Division has published a report that dives into various aspects of the Metaverse, exploring use cases that can help law enforcement agencies. The report suggested that police training could be used to infiltrate Metaverse environments.
The report notes that Metaverse training simulations can be used to create crime scenes, share information and plan strategies. Interpol said this could have a positive impact on frontline police capabilities.
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Good News: Trump's NFTs Go Normal, Zuck's Metaverse Is “Ten Years” Ahead, and More
The team behind former US President Donald Trump's NFT collection will try to boost sales by offering free Bitcoin Ordinals trading cards to users who buy 100 or more NFTs.
Meanwhile, the Pudgy Penguin NFT collection reached its peak on January 17, reaching a floor price of 19.05 Ether (ETH), equivalent to $47,000.
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Check out the Cointelgraphs NFT SteEZ podcast
Thanks for reading this roundup of the week's most notable developments in the NFT space. Come back next Wednesday for more reports and insights into this actively growing space.
