A fresh mint will top off your evening, and today’s episode will address a number of growing questions: Is the SEC looking to drop the hammer on NFTs and/or NFT influencers? What blockchains will Coinbase’s NFT marketplace support? We’ll also look into breaking news around a recent NFT marketplace exploit. Let’s jump in.
Nightly Mint
SEC cracking down?
Bloomberg today published a fresh report. It appears that the SEC issued several subpoenas, and is now investigating NFT creators in relation to possible regulatory violations. Ideally NFTs don’t suffer the same demise of the ICOs in 2017-2018, but nothing is out of question currently as the regulatory body explores whether NFTs “are being utilized to raise money like traditional securities.”
Latest Mint: Tezos On Coinbase
Murmurs have been floating around a variety of outlets and social channels in the past day that Coinbase’s upcoming NFT platform will support the mint and listing of NFTs on Tezos, after a platform survey on Twitter garnered substantial support for the eco-friendly blockchain.
Tezos was third after being asked which blockchain users would like to have supported in the survey. However, Tezos was in the lead for quite some time, and many in the community suspected botting after Polygon received an abrupt ~60,000 votes in about a minute’s time. Coinbase did not officially reveal the number of blockchains they will support for the launch of the NFT market. Don’t be surprised if all three of Polygon, Solana, and Tezos become integrated – at least with due time.
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Coinbase is rumored to be supporting Tezos (XTZ), a potential blockchain in Coinbase's NFT market.Source: TradingView.com XTZUSD | Source: XTZ-USD on TradingView.com
An Arbitrum-Based Treasure marketplace Suffers Exploit
Social media news on Wednesday night includes the theft of Treasure, an Arbitrum-based NFT market that allows all ERC-721 NFTs to be bought at no charge. Twitter’s @cat5749 provided a nice breakdown:
5/ This exploit was very simple. It used the contract’s buyItem function. Unfortunately, this did not guarantee that an ERC-721 was purchased in excess of 0.
All ERC-721 tokens can be purchased on Treasure Marketplace for “free” pic.twitter.com/9Lt4X8GJQH
— meows.eth (@cat5749) March 3, 2022
Treasure founder John Patten has been interviewed in recent hours posted on Twitter:
A treasure marketplace has been exploited. Your items should be removed from the market. We will cover the costs of the exploit—I will personally give up all of my Smols to repair this. While I am unable to fathom how subhuman targets could be considered a fair marketplace for robbery and will not end the community,
The ‘Minty Fresh’ Take
It’s always important to remember that in Web3, there’s generally always some sort of risk of vulnerabilities. But with NFTs in particuarly, it’s important to stay level-headed, and set a clear understanding on why you are entering on a project, and think about what could cause you (or a set a plan) to exit a project:
pretty crazy how <various blue chip NFTs> that were bought for 50 eth in 2022 are going to be worth sub 1 eth + gas in 2024 https://t.co/QWnCnyruNm
— 찌 G 跻 じ ( 𝙃𝙚𝙣𝙩𝙖𝙞, 𝙎𝙚𝙣𝙥𝙖𝙞 ) (@DegenSpartan) March 2, 2022
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