What’s the NFT(ea)?

Since early BC, pirates have plagued the open sea (get it) in search of treasures, ships, and land to call their own. Over the last decade, we’ve seen piracy adapt to the digital age as music, movies, videos, and tv shows are pirated and posted online for the world to download. From Limewire to pirate bay, internet bandits have shared their wealth but with the popularity of cryptocurrency rising, it’s beginning to shift into its old ways. 

Over the weekend the popular NFT marketplace known as Opensea was targeted by hackers who sent out phishing emails in hopes of snagging a few NFTs from their owners. The attack granted hackers $1.7 million worth of assets. 32 users were reportedly affected by the attack. Thieves continue to benefit from unknowing customers and it is reported that $14 billion dollars in crypto assets were stolen in 2021. To any crypto investors reading or taking note of these phishing attacks, be careful of what you receive, check the email it was sent from, and do not give away your passwords.

One thing that is criticized when discussing crypto is the ability for hacks to occur. While the assets may not be physical or acceptable everywhere, their value is (apparently). Throughout 2021 many investors bared witness to rug pulls through “meme coins” and tokens that were promoted by influencers. After the Netflix series “Squid Games” gained immense popularity, a crypto coin based on the show was released to the public, only to be later “rugged” out of $2.1 million dollars. Is anyone safe? 

Some crypto investors have taken an interest in stable coins to protect themselves from volatility. Stable coins act similarly to banks where they lend out the currency at a higher interest that will in turn generate safer returns for its holders (you). This is simply an alternative to those searching for crypto exposure but if you’re able to stomach the losses, invest in ETH or BTC to grow or lose much faster. As the world transitions into a more advanced digital age, crypto seems to be the key component when doing so. All I’m saying is stay safe, stay sharp, and don’t get caught with your pants down.