Upbit Accidentally Accepts Counterfeit APT Tokens, Initiates Retrieval Efforts

SBINFT and JPNFT Collaborate to Establish A Secure NFT Market in JapanSBINFT, a Japanese company specializing in NFT consulting and marketplace services, has joined forces with JPNFT, a Japanese platform dedicated to establishing a secure NFT market by combating unauthorized NFTs, according to a press release. Together, these entities are working towards the development of a marketplace that ensures users have access to secure and authorized NFTs, with the overarching aim of promoting the distribution of legitimate digital assets.Photo by Choong Deng Xiang on UnsplashRise of NFTsThe advent of blockchain technology has revolutionized the way digital assets are valued and their ownership is determined. This transformative technology has enabled the creation of non-fungible tokens (NFTs), which now serve as digital representations of various creations and are actively traded on dedicated marketplaces.Unauthorized NFTsSince 2021, numerous new players have entered the global NFT landscape. As of March 2023, OpenSea, the world’s largest NFT marketplace, boasts a monthly trading volume of $430 million. While this growth signals promising market development, it also brings forth challenges stemming from the proliferation of pirated and unauthorized NFTs. Considering Japan’s esteemed international reputation in the realms of art and content, the country possesses the potential to emerge as a significant player in the NFT market. However, to realize this potential, appropriate measures must be swiftly implemented to guarantee security and authenticity within the industry.License check & certification markIn order to tackle this challenge, SBINFT and JPNFT have joined forces to establish a safe and sound NFT market that ensures the availability of genuine NFTs for users. As part of this collaboration, content NFTs registered on the NFT disclosure information platform called “jpnft” will undergo a verification process for authenticity when traded on the “SBINFT Market.” This verification process will involve an official license check as well as the inclusion of a JPNFT certification mark.The launch of jpnft content on the SBINFT Market is planned for the summer of 2023. The jpnft platform plays a crucial role in distinguishing between licensed NFTs and unauthorized ones by publishing official information related to NFTs based on Japanese intellectual properties. Licensed NFTs will be either issued directly by rights holders or authorized by them. It’s worth noting that the jpnft platform was developed as a project supported by the subsidy for “Japan content localization and distribution (J-LOD)” in the 2021 Supplementary Budget of the Japanese Ministry of Economy, Trade and Industry.Previously known as nanakusa, the SBINFT Market is built on two public chains (Ethereum and Polygon) and is committed to becoming a global open marketplace and. With a focus on providing a secure trading environment, the SBINFT Market meticulously reviews NFTs to safeguard users from potential risks such as fraud and hacking.Both SBINFT and JPNFT share a common philosophy that emphasizes the security of NFTs and the healthy development of the industry. With this shared vision, the SBINFT Market aims to enhance its content offerings and position itself as an authorized NFT marketplace that handles NFTs on jpnft.Government initiativeLast month, the Working Group for Digital Society Promotion under Japan’s ruling Liberal Democratic Party (LDP) presented a proposal to Prime Minister Kishida Fumio regarding the Web3 industry. This proposal recommended the implementation of measures to safeguard Japanese content and data from unauthorized monetization by foreign entities. This initiative highlights the government’s endeavor to protect and promote the integrity of Japan’s digital assets.

Parachain Fork Sees Transition to Enjin BlockchainEnjin, a Singapore-headquartered non-fungible token (NFT) platform, has announced its transition to a new mainnet named Enjin Blockchain, with the goal of further advancing Web3 adoption. As part of this transition, Enjin has forked its Polkadot parachain, Efinity, to the new blockchain.The project made the announcement via a blog post published to its website on Thursday.Photo by Shubham Dhage on UnsplashIntegrated functionalityAccording to the team at Enjin, the Enjin Blockchain distinguishes itself from other blockchain solutions by integrating functions such as NFT creation and transfer directly into the foundational code of the blockchain, eliminating the reliance on smart contracts. This integration aims to streamline and simplify the process of creating and transferring NFTs.In addition to this fundamental change, the Enjin Blockchain introduces several new features. One notable feature is “Fuel Tanks,” which enables developers to subsidize user transaction fees, making it more cost-effective for users to interact with the blockchain. Another feature is “Discrete Accounts,” which allows users to engage with blockchain-based projects without the need to download specific wallet software.Fork to Efinity MatrixchainAlongside the transition to the Enjin Blockchain, the team has also forked Efinity, the Polkadot parachain, to the new mainnet. This rebranded version will be known as the Efinity Matrixchain and will facilitate a smooth transition for existing users.Witek Radomski, the Co-Founder and Chief Technology Officer of Enjin, emphasized that the launch of the Enjin Blockchain aims to support creativity by making the creation and distribution of NFTs more accessible and affordable. Radomski stated: “Enjin Blockchain makes the creation and mass distribution of NFTs affordable and accessible to everyone. Our aim is nothing short of revolutionizing gaming, ownership, and online identity.”Enjin’s chief financial officer, Oscar Franklin Tan, expressed his belief that NFTs and digital ownership will be pivotal in the future of gaming, particularly with advancements in artificial intelligence, augmented reality, and virtual reality. Tan emphasized Enjin’s commitment to supporting this next wave of gaming and the resulting “explosion of content.”Enjin believes that it sets itself apart from the competition due to the fact that it’s built on top of the open-source Substrate framework, a mechanism that facilitates the development of customized blockchains that may be run on an entirely autonomous basis.Using this unique approach, Enjin Blockchain doesn’t depend upon the use of smart contracts. Instead, critical functions such as creating, using, and transferring NFTs are integrated directly into the core, foundational blockchain code.NFT lending stabilityIn related news, the stability of NFT lending has been aided by the use of blue-chip collateral. Paraspace, an NFT protocol, recently reported that despite facilitating NFT loans totaling over $280 million, it experienced no bad debt and only 16 NFT liquidations. This success can be attributed to the protocol’s requirement that only blue-chip NFTs can be used as collateral, ensuring the value and stability of the assets involved.As Enjin embraces its new mainnet and the Efinity Matrixchain, the platform positions itself as a key player in the evolving NFT and blockchain landscape. With a focus on accessibility, affordability, and the support of creative endeavors, Enjin aims to drive innovation in gaming, ownership, and online identity.

Crypto Oasis Founder Thinks UAE Set Up For Crypto SuccessAs the dust settles on 2023's Dubai Fintech Summit, which took place last week, one takeaway offered by the Co-Founder of blockchain ecosystem firm Crypto Oasis is that the United Arab Emirates (UAE) has set itself up for success where crypto business is concerned.In speaking with crypto publication CoinTelegraph on the fringes of the Dubai Fintech Summit, Crypto Oasis Co-Founder and Managing Partner Saqr Ereiqat suggested that the regulatory infrastructure that the UAE has put in place provides an ideal foundation upon which crypto companies can develop and prosper.Photo by Mo Ismail on PexelsRegulatory infrastructureEreiqat pointed to some key fundamentals that crypto entrepreneurs and start-up founders should look at when deciding on the location that will best meet their needs and help to optimize their route to market and ultimate success. This includes the regulatory infrastructure.The UAE authorities and regulators at a national level, together with their colleagues within the regulatory agencies in the Emirates of Dubai and Abu Dhabi, have been doing some heavy lifting in this regard over recent months.They’ve all been working on establishing a workable regulatory framework, and as part of that, a licensing process. In the case of Dubai, its Virtual Assets Regulatory Authority (VARA) has started to issue preliminary or Minimum Viable Product (MVP) license approvals that enable crypto startups to get started, while providing them with a pathway towards obtaining Full Market Product (FMP) licensing at a later stage.Talent poolThe other key requirements that Ereiqat set out were digital infrastructure alongside an ability to attract and provide a pool of talent relative to the crypto assets space. In respect of these key considerations, Ereiqat believes that the UAE hits the target in each case.“The UAE’s regulatory framework is more streamlined and business-friendly compared to the complex and fragmented regulatory environment in the US,” he told the crypto media firm.To enhance these fundamentals, Ereiqat also alluded to a depth of capital that could potentially find its way into UAE-based crypto businesses, easing these start-ups’ efforts in executing on funding rounds as they look to achieve growth.Ereiqat maintains that the interest in the region is already evident, citing a data-point that suggests there are 1,800 Web3-centric businesses already operating in the region, with more than 8,000 people working for those start-up businesses. Speaking to that reality further, he said:“The Dubai FinTech Summit was a significant event that brought together stakeholders from the fintech industry […] The presence of crypto and Web3 leaders and projects at the event is an important indicator of the growing interest and adoption of these technologies in the region.”This enthusiasm and belief in the existence of the right Web3 business environment in the UAE was echoed at that event by both Coinbase Founder and CEO Brian Armstrong and Ripple Founder and CEO Brad Garlinghouse. Both industry figures featured as keynote speakers at the event. Armstrong alluded to the potential of Coinbase establishing a base in Abu Dhabi while Garlinghouse announced the opening of a Ripple office in Dubai.