March 25, 2023
NFT investor accidentally burns $135K CryptoPunk trying to borrow money
A nonfungible token (NFT) from the CryptoPunks collection worth 77 Ether ( ETH ) was sent to a burn address to be permanently destroyed. However, the collector intended to borrow some money against it to buy another NFT. NFT collector Brandon Riley added CryptoPunk #685 to his collection on March 13 by paying 77 ETH, hoping to hold it for the long term. Now feels like an appropriate time to introduce #BAYC 586 to #Punk 685 (acquired a week ago). Hope to hold both for a decade… LGF! pic.twitter.com/SLb68rY6MR As a seasoned investor, Riley knew the importance of procuring new NFTs right before crypto markets took off into a new bull market. As a result, he decided to borrow some money against CryptoPunk #685 by using a popular technique known as wrapping . I did do the first part with my own address I’m step 2. But then when I got to step 5 the burn address was the one listed under “9. proxyInfo” and I was told to follow the directions exactly, so I did. I just shouldn’t have attempted this on my own I guess. While going through the unfamiliar process of wrapping NFTs, Riley accidentally sent the asset to a burn address — which permanently deleted the NFT from circulation, as shown below. “I was told to follow the directions exactly, so I did,” explained Riley, but in the process, he ended up losing 77 ETH, which was worth $135,372.16. He explained: While members of Crypto Twitter believed that the NFT collector must have had “deep pockets,” Riley contradicted the rumors by revealing that he had purchased CryptoPunk #685 through borrowed money. “I just shouldn’t have attempted this on my own, I guess,” was Riley’s takeaway from the experience. On the other hand, Crypto Twitter also blamed confusing user interfaces and complex instructions for the investor’s loss. As a result, the community unanimously agreed on the need to revamp the front-end processes for crypto ecosystems. Related: Improving Bitcoin NFT marketplace infrastructure sets the stage for ecosystem growth NFT wash trading increased by 126% in February, confirmed a CoinGecko report. The top six NFT marketplaces are Magic Eden, OpenSea, Blur, X2Y2, CryptoPunks and LooksRare. X2Y2, Blur and LooksRare saw a rise in wash trading for the fourth straight month, with a total volume of $580 million. As Cointelegraph previously reported, the issue of wash trading stems from a lack of clear regulations. Magazine: 4 out of 10 NFT sales are fake: Learn to spot the signs of wash trading
Business
Global Vehicle to Grid Market 10 Year Forecast Report 2024-2034 - Supportive Government Regulations and Financial Incentives for V2G Deployment
DUBLIN, March 18, 2024 /PRNewswire/ -- The "Vehicle to Grid (V2G) Market Report 2024-2034" report has been added to ResearchAndMarkets.com's offering. World revenue for Vehicle-to-Grid (V2G) Market is forecast to surpass US$ 4.31 billion in 2024, with strong revenue growth through to 2034. Escalating Demand for Electricity, Coupled With a Global Commitment to Reduce Reliance on Fossil Fuels, Resulting in a Surge in the Adoption of Electric VehiclesThe vehicle-to-grid (V2G) market is witnessing unprecedented growth driven by a confluence of factors shaping the future of sustainable transportation and power management. Key drivers include the escalating demand for electricity, coupled with a global commitment to reduce reliance on fossil fuels, resulting in a surge in the adoption of electric vehicles (EVs). This market is characterized by opportunities that lie in the integration of renewable energy sources, such as solar and wind, to meet energy demands, while also addressing challenges associated with the variable nature of these sources.The primary driver for the V2G market is the escalating demand for electricity worldwide. Governments and industries are increasingly recognizing the need for sustainable and low-emission solutions, driving the widespread adoption of EVs. The electrification of the transportation sector not only addresses environmental concerns but also provides a unique opportunity for EVs to serve as mobile energy storage units. This bidirectional flow of power, where EVs can both draw and supply energy to the grid, is a key driver propelling the V2G market forward.Opportunities in the V2G market are abundant, particularly in the integration of renewable energy sources. As countries strive to meet ambitious renewable energy targets, V2G technology becomes an enabler for managing the intermittent nature of solar and wind power. This creates opportunities for smart grid solutions and advanced energy storage systems. Additionally, the idle times of parked EVs present an untapped opportunity for bidirectional ...Full story available on Benzinga.com
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