Sunday, February 13, 2022

g-f(2)931 THE NEW WORLD NEWS (2/12/2022), WSJ, OpenSea’s NFT Free-for-All


VIRAL KNOWLEDGE: The “genioux facts” knowledge news


The New World NEWS

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"g-f" fishing of golden knowledge (GK) of the fabulous treasure of the digital ageThe New World, Non-Fungible Token (NFT) (2/12/2022)  g-f(2)426 



Lessons learned, MIT SMR  

EXCEPTIONAL “Full Pack Golden Knowledge Container”



Enthusiasts love the freewheeling atmosphere on the ‘eBay for crypto goods.’ But limited oversight also means the site is awash in unauthorized items; securing compensation after a scam can be tough.


  • Four-year-old OpenSea has gained fame and a $13 billion valuation by staking a claim as the world’s biggest marketplace for some of the buzziest new items to trade, nonfungible tokens.
  • It has also become a haven for fakes and scammers trying to get users’ money or access to their newfangled assets—creating a struggle for the company that reflects a core paradox for emerging digital investments. 
  • The NFT market can be especially problematic because blockchain transactions are irreversible, says Nick Weaver (a researcher at the University of California, Berkeley’s International Computer Science Institute), an ardent critic of the rise of blockchain-based markets.


Genioux knowledge fact condensed as an image



Meet OpenSea | The NFT marketplace with everything for everyone







References





ABOUT THE AUTHORS


Justin Scheck


Justin Scheck is a London-based reporter for the Wall Street Journal. He covers large European oil companies and other energy-related stories. Prior to covering energy, Justin wrote about crime, technology companies and animals in the Journal's San Francisco bureau. Before joining the Journal in 2007, he covered federal courts and plaintiff lawyers for a legal newspaper. He graduated from Bates College in Maine.



Extra-condensed knowledge



Lessons learned, WSJ  


  • It has also become a haven for fakes and scammers trying to get users’ money or access to their newfangled assets—creating a struggle for the company that reflects a core paradox for emerging digital investments. 
    • On the one hand, enthusiasts are attracted to them because they are “decentralized,” operating largely outside the control of banks or government rules. 
    • On the other hand, when things go wrong, many of those enthusiasts expect OpenSea to enforce rules and compensate people who are ripped off—exactly the kind of role that centralized institutions have traditionally played.


Condensed knowledge




Lessons learned, WSJ  


  • NFTs became widely popular last year as a means to own digital versions of art and pop-culture items such as images of iconic moments in sports or music. 
  • People spent close to $30 billion last year on NFTs, according to analytics firm Chainalysis.
  • The speculative frenzy over NFTs has been a boon to OpenSea. In a year, the startup, which bills itself as “an eBay for crypto goods,” has gone from a tiny player in an obscure corner of the tech industry to the biggest NFT platform, listing more than 80 million of what it calls “digital goods” for sale and processing more than $3 billion a month in transactions.
  • Without government regulation, user-transparency requirements or clear legal recourse for customers, the people who run big blockchain-based marketplaces have little incentive to implement basic protections that other markets have long had, said Nick Weaver, a researcher at the University of California, Berkeley’s International Computer Science Institute.



Some relevant characteristics of this "genioux fact"

  • Category 2: The Big Picture of the Digital Age
  • [genioux fact deduced or extracted from WSJ]
  • This is a “genioux fact fast solution.”
  • Tag Opportunities those travelling at high speed on GKPath
  • Type of essential knowledge of this “genioux fact”: Essential Analyzed Knowledge (EAK).
  • Type of validity of the "genioux fact". 

    • Inherited from sources + Supported by the knowledge of one or more experts.


References


“genioux facts”: The online programme on MASTERING “THE BIG PICTURE OF THE DIGITAL AGE”, g-f(2)931, Fernando Machuca, February 12, 2022, blog.geniouxfacts.comgeniouxfacts.comGenioux.com Corporation.


ABOUT THE AUTHORS


PhD with awarded honors in computer science in France

Fernando is the director of "genioux facts". He is the entrepreneur, researcher and professor who has a disruptive proposal in The Digital Age to improve the world and reduce poverty + ignorance + violence. A critical piece of the solution puzzle is "genioux facts"The Innovation Value of "genioux facts" is exceptional for individuals, companies and any kind of organization.




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