Get off the couch and on the water
Published on April 26th, 2022
What Is a Non-Fungible Token (NFT)?
According to Investopedia.com, NFTs are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other. Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can serve as a medium for commercial transactions.
Is this what happens when a generation of gamer kids get older?
This NFT thing has led to Bored Ape Yacht Club (BAYC) which we pray will never be recognized by World Sailing or any national authority. Please, let’s not lose sight of a sport that requires wind in our hair, not air conditioning on the couch.
And now it turns out there are modern day pirates in this NFT world as BAYC revealed that its Instagram account had been taken over and used to siphon off cryptoassets.
“The hacker posted a fraudulent link to a copycat of the Bored Ape Yacht Club website, where a safeTransferFrom attack asked users to connect their MetaMask to the scammer’s wallet in order to participate in a fake airdrop,” BAYC creators Yuga Labs said in a statement.
“Rough estimated losses due to the scam are 4 Bored Apes, 6 Mutant Apes, and 3 BAKC, as well as assorted other NFTs estimated at a total value of ~$3m. We are actively working to establish contact with affected users.”
If any of this makes sense, we encourage you to get on the water as soon as possible. Spring is here, drop docklines, unplug, and sail away.