Web 3.0 Woundup – 08/01/23

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This week’s Web 3.0 woundup sees Shopify allowing the sale of Avalanche NFTs, and NFT project founder admitting to wiping out all his investor funds through gambling, and two massive NFT hacks showing that even the most experienced holders can fall victim.

Shopify to Allow Sale of Avalanche NFTs

Leading e-commerce platform Shopify this week allowed merchants to trade NFTs powered by Avalanche thanks to an NFT app developed by Venly. The app adds support for digital collectibles minted on the Avalanche blockchain which will soon be available to buy on Shopify, with details suggesting that users won’t need a pre-existing wallet in order to take part..

NFT Project Founder Gambled Away Investor Funds

The founder of several NFT projects this week apologized after admitting to gambling away investor funds. The individual, known as DNP3 on Twitter, admitted that he “got incredibly addicted to gambling” in the past year and, having used up all his own money on the habit, turned to the treasuries of his projects.

While some offered condolences to DNP3, others were not so kind, saying that he should face jail time for the reckless use of other people’s money.

Two NFT Hacks Show That No One is Safe

Two hacks this week saw NFTs totalling almost $400,000 stolen from two individuals with tremendous experience in the space. Nikhil Gopalani, the COO of RTFKT, lost $173,000 worth of NFTs to a “clever phisher”, while NFT diehard CryptoNovo lost CryptoPunks valued at over $330,000.

Of course, NFT hacks are nothing new, but it is the identity of the individuals involved that is concerning – if those with this much experience in the NFT space are capable of being hacked to this extent, what does this mean for the first time user? The simple answer is to use a hardware wallet, store the seed phrase offline, and use long, complex passwords.

And pray.