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Dubai, UAE, 12th July 2024, NFTs garnered significant attention a couple of years back, causing many people outside the cryptocurrency industry to wonder about their popularity, which was unforeseen for many. So, let’s explore NFT’s rapid rise to unbelievable popularity, the reasonably anticipated fall, and future prospects.

The NFT Craze

The craze for NFTs began to grow during the COVID-19 pandemic. Unable to go out, people immersed themselves in social media, and both digital art and crypto had their chance to attract the attention of a much larger audience than before. The extravagant high-priced sales of digital art and collectibles further boosted the trend. Buyers were drawn by the idea of acquiring something exclusive, sought-after, and fun, with many focusing on a seemingly high reselling potential. 

NFTs have had a positive impact on artists so far, offering them a direct path to monetize their creations without relying on traditional middlemen. This has opened up new opportunities for those who previously struggled to promote and sell their work due to factors such as limited connections. For some artists, this has been the breakthrough they have long awaited.

Apart from NFT enthusiasts and speculators, NFTs have generated considerable interest among collectors of both traditional and digital art. These individuals can now buy, sell, and exhibit art pieces more effortlessly, courtesy of NFT marketplaces like OpenSea and Rarible. Consequently, the NFT market has experienced substantial growth, resulting in billions of dollars in sales, attracting global attention, and generating widespread interest across different segments of the population. 

The Popularity Decline 

The NFT craze was swiftly followed by a decline in interest. The initial enthusiasm waned, and the realization that not all NFTs would keep their value or yield substantial returns started to emerge, prompting reduced buyer interest and gradually decreasing market activity.

Some argue that the change in the trajectory of NFT development was also significantly impacted by adverse economic conditions post-pandemic worldwide. Heightened inflation, unbearable interest rates, and more stringent monetary policies affected not only the crypto industry but many sectors of the economy, too. The stability still cannot be recovered as the world continues to struggle financially, so the demand for highly speculative ventures like NFTs is not expected to rise anytime soon. However, it does not mean that all hope for NFTs is lost. So, what can we expect today? 

The NFT Future 

Although interest in NFTs has weakened, this industry still has room for advancement and innovation. The concepts of digital ownership and NFT continue to be appealing and full of potential since NFTs have a broad array of possible applications in various creative domains and beyond. First of all, blockchain technology assists in bringing a new level of safety and efficiency when it comes to buying and selling things that must be properly authenticated. It might be anything from a musical piece to antique furniture, real estate, vintage clothing, etc. 

In the digital space, NFTs can also be used beyond digital art. For example, they could be employed for tasks such as confirming user identity or proving ownership rights within the digital space. For example, the intersection of NFTs with emerging technologies like augmented and virtual reality presents new and exciting opportunities for developing new realities and needed infrastructures. Consequently, NFTs can connect the digital and physical worlds, providing new ways to engage with and possess digital content. The possible uses indicate a transition from speculative trading to practical functionality, potentially establishing a more secure groundwork for the future of NFTs.

Conclusion

While the NFT market has encountered notable obstacles, the concept’s fundamental technology and potential usefulness indicate that NFTs will persist. This longevity will probably involve a transition toward more functional uses, increased steadiness, and an emphasis on persisting and meticulous development. 

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Dubai, UAE, 12th July 2024, In the 15-year history of the cryptocurrency sector, many corrupt individuals have tried to find and exploit vulnerabilities in exchanges, bridges, and other platforms. The outcome is some of the most infamous hacks in the industry’s past. Let’s analyze a few more recent incidents and determine what valuable lessons the crypto community can learn from them.

Poly Network  

The exploit of the Poly Network, a cross-chain interoperability protocol, took place in August 2021. It led to the theft of $610 million, marking one of the most daring cyber attacks in the cryptocurrency space. 

After locating vulnerabilities in Poly Network’s smart contracts, an attacker found a way to access multiple wallets and successfully freed them from assets, transferring them to three wallets on various networks. Having discovered a leak of funds, the Poly team asked exchanges and miners to monitor the stolen tokens’ movements and appealed for the hacker’s transactions to be halted. Tether took action by freezing $33 million worth of USDT. In a public message on Twitter, the Poly team expressed their desire to initiate a dialogue with the hackers and encouraged them to return the stolen tokens. Less than 24 hours later, an unidentified individual (proclaiming to be the hacker) voiced willingness to return the funds. The identity of this hacker remains unknown.

Gradually, after days of a back-and-forth with the attacker, the Poly team announced the total return of stolen assets. While few believed that the hacker wanted to showcase vulnerabilities in such a big and trusted platform as Poly Network, the majority of the public was confident that the hacker gave back the funds only because it was difficult to launder and cash out the money due to the public record of the coins on the blockchain and the overall community’s outrage. Interestingly, at a certain point, the hacker was offered a $500,000 “bug bounty” and the company’s chief security advisor role but decided to decline. 

Following the breach, the special bounty program was still initiated, aspiring to encourage researchers to find and responsibly disclose any other vulnerabilities in its software. However, this measure proved inadequate as, regrettably, this was not the last security breach for Poly Network. In the summer of 2023, it fell victim to another significant hack, with the intruder finding one more flaw in the project’s smart contracts. They minted multiple tokens estimated to be worth $43 billion but, fortunately, could only withdraw approximately $10 million due to limited liquidity. Those two breaches underscored the significance of conducting comprehensive code audits again, particularly for large-scale and high-profile projects like Poly Network.

Multichain  

Multichain’s exploit is another of the most notorious hacking incidents in recent memory, resulting in the platform’s rapid decline and shutdown. On July 7, 2023, a cross-chain interoperability protocol Multichain lost $126 million, with the majority of funds, approximately $120 million, taken from the Fantom bridge. The details of how the hack occurred still have not been disclosed.

The criminal took advantage of the system and stole various assets, including wrapped Ether, wrapped Bitcoin, and USDC. They also targeted the Dogecoin bridge, taking $666,000 and causing an 85% decrease in total deposits. Finally, the Moon River bridge lost $6.8 million, including USDC and Tether, to this theft. Unfortunately, the MPC node servers were being used under Multichain’s CEO Zhaojun’s cloud server account, thus making logging in impossible for other team members. The Multichain team ceased operations one week after experiencing a hack, as they could not access the platform and assess the situation more thoroughly. 

A year has passed, and the situation has not become clearer. Users are still facing difficulties in obtaining information or reaching their assets. This breach served as a reminder to the community that even widely used and reliable projects can have underlying security issues, neglect basic safety rules, and even lie about the practices present within the project.

Conclusion

The digital currency sector has faced multiple high-profile cyber assaults that have influenced the cryptocurrency market immensely, harming people’s belief in the security of crypto products and the overall potential of the industry. However, they have also motivated crypto projects to examine their safety measures, implement more efficient approaches, and create new, more sophisticated ways to shield against future threats.

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Dubai, UAE, 12th July 2024, Medium-term trading is a good alternative for those traders who are too impatient to partake in long-term trading and too anxious to try themselves in short-term trading. When traders practice medium-term trading, they usually hold assets for several days, weeks, or rarely months, focusing on medium-scale market trends and consequent price movements. Let’s take a closer look at some of the most common medium-term crypto trading strategies and explore how traders can manage their risks while trying themselves in the unpredictable crypto waters.

Popular Medium-term Strategies 

One of the most popular medium-term strategies is trend following, also known as position trading. When traders manage to identify a trend gaining momentum, they place their positions in hopes that the trend will last long enough for a substantial profit. This technique is based on a thorough and regular analysis of market trends in search of occurring trends that can be used for gaining profit. Identifying various indicative patterns is challenging and requires a reasonable level of technical knowledge, which not all users possess, and a lot of time. Thus, many crypto traders use specialized software or bots to help them. 

Range trading, also known as swing trading, is another popular medium-term strategy. Instead of focusing on market directions, traders implementing this strategy would focus on price ranges. For example, traders may analyze changes in the asset price and observe that it has been trading between $350 and $470 for a couple of weeks. In such a case, the objective is to purchase at the lower end of that range and sell at the higher end, hoping that there will be no events causing the price to fall out of the range abruptly. It is important to note that sometimes, due to high volatility, such a strategy becomes relatively short-term.

The third widespread medium-term strategy is breakout trading. When traders identify a potential breakout, they take positions in its direction and set stop-loss orders to manage risk. This approach relies on analyzing specific patterns and price ranges to find signals of assets preparing to break out of established price levels. Such price changes generally occur after a long period of market indecisiveness and major events that cause significant market turbulence. 

Mitigating Risks

A dependable risk management plan is essential in trading, not only in the medium term. The first piece of advice is to use stop-loss orders. This way, your losses will be minimized if the asset’s price goes out of control. In addition, traders should familiarize themselves with hedging, another helpful method of mitigating losses. When a trader holds a position in one asset but is anxious that this position may turn unprofitable or even become loss-making, he can place another position that counteracts the first one. For example, if a trader holds Bitcoin and is concerned about a potential price drop, he may take a short position in altcoins. As a result, if Bitcoin’s price crashes, bringing the whole market down, the trader’s profits from shorting altcoins will cover some of the losses, if not all. 

Another critical aspect is checking the general mood of other market participants and their outlooks on current pricing and possible movements. By examining market sentiment, you can recognize potential trends that may arise, helping you make more informed trading decisions. You can start by reviewing social media channels, including comments from famous crypto influencers and industry professionals. 

Conclusion

Medium-term trading combines the benefits of both long-term and short-term trading. It allows for quicker rewards than long-term trading while being less fast-paced and stressful than short-term strategies. To succeed, traders need to have sufficient knowledge to analyze crypto charts and use effective risk-management tactics. Kinetex can be a powerful tool for traders, including those preferring medium-term strategies, enabling them to swap crypto assets quickly and at favorable rates.

 Kinetex Network: Website | Kinetex dApp | Blog

Nashville, Tennessee, 12th July 2024, ZEX PR WIRE, The Way to Happiness Association of Tennessee is excited to announce its upcoming International Day of Friendship celebration with a special dialogue event on Tuesday, July 30, 2024 at 4:30 PM. The event will take place in the Church of Scientology community hall.

The 8th annual Nashville Day of Friendship event is a cherished tradition, celebrating friendship, diversity, inclusion, and community. Attendees will have the opportunity to engage in meaningful dialogue, fostering a deeper understanding and breaking down the barriers of prejudice between the diverse faith traditions that enrich our community.

Dinner will be provided for all attendees, and to ensure the hosts have an accurate headcount registration is required through Eventbrite.

“Our goal for this event is to bring people together from all walks of life to celebrate the bonds of friendship and to promote a greater sense of unity and understanding within our community,” said Chris Blythe with The Way to Happiness Association of Tennessee. “The participation and partnership each year is invaluable in making this event a meaningful and memorable experience for all.”

For more information about the event and to RSVP, please visit www.twthtn.org.

About The Way to Happiness Association of Tennessee: The Way to Happiness Association of Tennessee is dedicated to promoting the values of happiness, tolerance, and respect for all. Through various community initiatives and events, the association works to build a more inclusive and understanding society.