Happy Friday, folks! It’s another big week for NFTs but not so much for cryptocurrency traders and promoters.
Social media giant Twitter launched an NFT-verification feature that allows users to tell them apart from usual profile photos, while making it difficult for people to steal (although that’s still possible). Meanwhile, Crypto.com recently entered the spotlight over a major security breach that flushed out millions of dollars worth of cryptocurrencies.
Hang tight! We have more news coming.
Twitter unveils NFT verification
Social media giants are jumping on the NFT trend, with Twitter leading the way. The company announced a new verification feature for NFT profile photos to appear in hexagonal frames. This way, your cartoon monkey avatar won’t be easily duplicated by right-clicking thieves. Users are required to sign up for the Twitter Blue premium user subscription to take advantage of this feature.
Crypto.com speaks out on multimillion-dollar breach
The Crypto.com exchange finally admitted to the public that its system was breached, leading to $34 million worth of cryptocurrencies being flushed out. The company said that users of the 483 hacked accounts had been refunded.
Facebook, Instagram exploring NFTs
Meta might be the next company to hop on the NFT bandwagon. Unnamed sources told The Financial Times that the company is actively developing ways to create, display, and sell NFTs across Facebook and Instagram. While there’s no official word from Mark Zuckerberg, Instagram chief Adam Mosseri said last month that the network was “exploring” the NFT space.
Singapore issues guidelines on crypto ads
Singapore’s monetary authority has issued guidelines on cryptocurrency advertising to discourage trading among the public. Under its guidelines, cryptocurrency service providers (i.e., exchanges and custodial wallet platforms) are banned from putting up online and physical advertisements or providing ATMs.
Amid all the excitement over cryptocurrencies, don’t forget that it’s still a wild, unregulated world out there. Inexperienced investors may fall victim to fraud or theft.