DigiFinex

NFT Authentication: Combating Fake NFTs and Scams

Main Takeaways An explosion in the value of the NFT market has seen an accompanying rise in scammers looking to cheat buyers with counterfeit NFTs An NFT’s authenticity and originalitycan be verified with tools like blockchain explorers, digital certificates of authenticity, and reverse image searches Some third-party platforms may offer reassurances with regards to NFT authentication, but it’s always best to do your own research Sales of NFTs totalled $24 3 billion over the first nine months of 2022, according to an October 2022 report by Reuters The amount of money now involved in the NFT market goes some way to showing how popular and important this type of digital asset has become among many crypto users Indeed, such is the mainstream interest in NFTs that renowned British auction house Christie’s sold an NFT by the artist Beeple for $69 million in March 2021 For those unfamiliar with the space, an NFT or non-fungible token is a type of cryptographic token on a blockchain that represents a unique asset These can be entirely digital assets or tokenized versions of real-world assets Fungibility describes something that can be replaced by, or interchanged with, an identical item For instance, if your friend owes you $10 in cash, it doesn’t matter which $10 bill they give you — they’re fungible The same goes for crypto tokens denoting value BUSD tokens, for example, are fungible in the same way dollar bills are fungible NFTs, however, are not interchangeable as each one has a distinct and unique identifier This means that NFTs can be used as proof of authenticity and ownership within the digital realm For example, digital art and collectibles can be sold as NFTs, allowing their creators to monetize their work and buyers to prove ownership over something that could otherwise be digitally duplicated But buyers need to be careful because an explosion in the value of the NFT market has seen an accompanying rise in scammers looking to cheat people and cash in on their lack of knowledge or attention to detail The existence of inauthentic or fake NFTs can fool buyers into spending money on something that’s actually worthless This article will explain how fakes can exist in a space where all NFTs are, by definition, unique We’ll also look at what it means to authenticate an NFT, how this authentication can be done, and how users can best protect themselves What Is a Counterfeit NFT and Why Is Authentication Crucial? You may think that because each NFT has its own identifier, you can buy one safe in the knowledge that it is the only one of its kind But here’s the problem: authenticity While all NFTs are indeed unique, there’s nothing to stop a scammer from digitally copying someone else’s work, minting it as an NFT, then selling it with the false claim that it’s an official release However, the NFT in question would be a fake The work has been stolen and minted by a scammer trying to profit from someone else’s creativity while there has been zero approval from the person who created the original This is why NFT authentication is essential for anyone considering buying NFTs What Is NFT Authentication? NFT authentication is the process by which the validity of an NFT is verified to ensure it is legitimate The two key factors to bear in mind are authenticity and originality The question of authenticity is about ensuring the NFT really did come from the person who is said to have created it, and that ownership can be traced back to its supposed source The question of originality, meanwhile, is about checking that the work itself is unique, rather than a copy of something else already out there This can be particularly important, given that a lot of NFTs derive value from their rarity How Are NFTs Authenticated? The person who bought the $69m Beeple NFT from Christie’s would have relied on the auction house to authenticate the work, most likely through direct communication with the artist In the same way, some NFT marketplaces take it upon themselves to guarantee the authenticity of the work being sold on their platforms How they do so offers a good idea of how the authentication process can best be approached, and what buyers can do when considering NFT authentication The first tool to consider is the blockchain explorer Each blockchain has its own explorer, which is basically a site where you can inspect transactions, wallet information, and token data Using this tool and examining the publicly available data can help to validate the ownership and origin of an NFT In terms of authentication, you could check if the NFT really was minted as part of a specific collection, for instance Another tool is the NFT’s digital certificate of authenticity This holds information about the NFT, such as its token identity, collection serial number, and creator’s digital signature Do note that not all NFTs have this, but those that do provide vital data that can be checked against information released by the creator Both the above-mentioned tools deal with an NFT’s authenticity and origin In terms of originality and rarity, one approach is to conduct a reverse image search For example, with Google Images, you can search using an image instead of words This then returns any matching images, including duplicates, and allows for investigation into details such as date of upload and other key data The goal here is to confirm that the work you’re looking at hasn’t been copied or duplicated from a pre-existing image or minted NFT How Can Users Best Protect Themselves in The World of NFTs? Always remember that if something looks too good to be true then you should be on high alert as it’s most probably a scam For instance, if someone is selling a CryptoPunks NFT for 1 ETH but a trusted crypto data site such as CoinMarketCap lists the average price for the collection as over 60 ETH, your alarm bells should start ringing Also, before you buy an NFT, be sure to think about if and how it has been authenticated If it’s been authenticated by a centralized third party, you will need to decide how much you trust that particular platform But, where possible, it’s always best to ensure the authenticity and originality of any NFT using tools such as blockchain explorers, digital certificates of authenticity, and reverse image searches Additionally, be sure to cross-reference all that data with information from the official channels of the NFT’s creator This is a great way to remove any doubts you may have The key is to be mindful that there are fakes out there and to always authenticate an NFT as best you can to ensure your own safety Never take anything at face value, and always be prepared to do your own research (DYOR) Having the right mindset and awareness means you can engage in NFT trading with much greater confidence and understanding

How Do I Avoid Transaction Problems on DigiFinex P2P?

As one of the first crypto trading modes available, peer-to-peer (P2P) trading lets you directly exchange crypto with other users without an intermediary What’s more, sellers have the freedom to choose how they want to be paid, and buyers have the flexibility to trade crypto at their preferred prices P2P exchanges like DigiFinex P2P offer users the best liquidity and robust security, as well as over 700 payment methods and 100 local currencies Although P2P platforms offer buyers and sellers more freedom and flexibility, there are instances where a transaction doesn’t go as smoothly as planned While the vast majority of transactions on DigiFinex P2P occur without problems, users should be aware of potential issues that may occur and how to resolve them This guide will show you how to avoid P2P transaction issues so you can experience more seamless trading on our P2P platform How to Avoid Common P2P Transaction Issues 1 The buyer marked the order as paid but the seller didn’t receive the payment  We understand that this is a stressful and frustrating situation for a seller However, new users who are simply testing the platform may find themselves in this scenario They end up marking the order as paid to check out the buying process without any intention of buying crypto What can I do as a buyer?  Don’t test out the P2P transaction process on the P2P platform if you don’t intend to buy crypto, as this can cause issues for sellers More importantly, always double-check that you’ve made the payment amount specified by the seller before marking the order as paid To learn more about buying crypto on DigiFinex P2P, check out our in-depth guide on How to Buy Cryptocurrency via P2P Trading on DigiFinex App If you’re new to DigiFinex P2P and want to learn more about the platform, consider reading our blog DigiFinex P2P Newbie Guide What can I do as a seller?  Before filing an appeal, try to resolve the issue by contacting the buyer via the chat function to notify them that you didn’t receive payment If they are unresponsive or unable to provide any payment proof, you can raise an appeal by clicking the [Appeal] button Our customer service team will ensure that your issue is resolved ASAP 2 The buyer made payment but the seller didn’t release the crypto  As a new P2P user who’s just made their first crypto trade on the platform, we know it can be alarming if the counterparty doesn’t honor their side of the agreement What can I do as a buyer?  Don’t panic Try resolving the issue with the seller directly by contacting them via the chat function Let them know you’ve made the payment by sharing your payment proof in the chat and remind them to release the crypto If they’re unresponsive or uncooperative, you can open an appeal by clicking the [Appeal] button at the bottom of the page Our customer service team will step in and communicate with all parties involved in the dispute Additionally, you can even start trading with our new lightning merchants to avoid such transaction problems in the future Our lightning merchants support automated payment methods on P2P which release the crypto in escrow automatically once an accurate payment is made With limited manual intervention, your transactions are faster, safer and much more convenient For more information on lightning merchants, check out our blog on What Does DigiFinex P2P’s New Lightning Badge Mean? What can I do as a seller?  Reach out to the buyer through the chat function and request for a proof of payment to check whether your details have been correctly entered If you find that they have paid via the wrong payment method, paid the incorrect amount or made a third party payment, try resolving the issue with them directly Remind them of the correct payment method and amount as well as DigiFinex P2P’s policy of not allowing third party payments If they are unresponsive or choose to escalate the situation, raise an appeal and our customer service team will step in 3 The buyer used a different payment method from the one specified by the seller  This generally happens to newer users unfamiliar with the payment process on DigiFinex P2P In such cases, if the seller denies the transaction, the only thing we can do is cancel the order What can I do as a buyer?  Only make transfers using the payment method specified by the seller in the ad Always read the ad details carefully and only transact with users who list a payment method you’re comfortable using No matter how attractive a seller’s prices are, don’t trade with them if you can’t make payment via their preferred payment method You should also only mark the order as paid once you’ve made the correct payment amount with the method specified by the seller in their ad What can I do as a seller?  Contact the buyer via the chat function on the order page to let them know they’ve paid through an incorrect method Refund the amount to their source account and specify the correct payment method in the chat and ask them to send the funds again If they are unresponsive or uncooperative, file an appeal so you can solve the issue with the help of our customer service team 4 The buyer transferred the payment to the seller’s old bank account that’s no longer in use If both users have trading history with each other, the buyer could end up transferring funds to the seller’s old bank account, only to find out later that this account is no longer in use What can I do as a buyer?  Always read the ad details carefully, use the bank account information mentioned in the order, or confirm the account details with the seller before transferring funds to them Don’t make payments to a seller’s account without confirming the ad details – even if you have trading history with each other Sometimes, a seller may change their account and you might transfer money to an account that’s no longer used by the seller What can I do as a seller?  Message the buyer through the chat function to check which payment method they used If you’ve received the funds but can’t access them, share valid payment proof from the buyer and contact the bank to reverse the payment Don’t contact the counter-party outside the DigiFinex P2P chat, as this will make it more difficult for our customer service team to assist you should you file an appeal 5 The buyer has made payment via a third-party transfer  This situation commonly occurs when a buyer makes payment through a bank account other than the one stated in their ad, and the seller won’t release the purchased crypto as doing so would violate P2P policies What can I do as a buyer?  Always double-check the account details you have stated on the DigiFinex P2P app, and only make transfers from that account Third-party transfers or transfers made from someone else’s account don’t comply with P2P policies This means our sellers can’t accept such payments Note: Make sure to check your DigiFinex-verified name before placing orders You can do so by going to the DigiFinex P2P page, then clicking through to the payment methods page There, try adding a new payment method by clicking on “Add a payment method” and selecting from the given options (you can choose from any payment method) When you add a new payment method, your verified name should be pre-filled in the account holder field If this name is correct, then your verified name is accurate If there is a mismatch in your verified name and the name in the account holder field, please reach out to our support team via live chat and ask them to immediately correct your name as per the identity verification documents you’ve submitted What can I do as a seller?  Message the buyer via the P2P chat on the order page and ask for their source account details Once shared, initiate the full refund only to the source account More importantly, keep your interactions within the P2P chat, or you’ll find it difficult to make a case if you end up having to open an appeal Note: If the buyer name in the payment proof does not match with their DigiFinex verified-name, try reaching out to the buyer to inform them At times due to a technical glitch, the buyer’s verified name may show up as a mismatch You can always raise an appeal and confirm the name with our appeal agents If it turns out to be a third party payment, you can proceed to make a full refund Get Started with DigiFinex P2P To start trading on DigiFinex P2P, simply sign up for a DigiFinex account or download the DigiFinex app Once you’ve completed the identity verification process, you can start seamlessly trading crypto on the DigiFinex P2P exchange

DigiFinex Story: Mining in Indiana, US

The Indiana mine is one of the BTC mines of DigiFinex in the US Its total size is 190MW, and 20MW has already been completed In this mine, 60,000 miners can function at the same time The mine is powered by AEP Power’s unrestricted clean energy source: 12 47kv three-phase, y-rated Delta Nuclear AEP Power covers eleven U S states with a total of more than 38,000 megawatts of power, providing a steady supply of power to the mine and allowing the mine to run continuously around the clock The construction standard of the mine’s electrical equipment far exceeds industry standards and there are five layers of disconnections, relays, and other protections throughout the power transmission process, which not only ensures the safety of the equipment but also greatly reduces the probability of power outages due to equipment failure The operation and maintenance team is composed of professionals with five years of experience in mining machine maintenance, which can monitor computing power 24 hours a day, especially a temperature monitoring and rapid processing of mining machine dropouts Coupled with timely maintenance by professional repairers and timely replacement of spare parts for mining machines, the mining machine can also be quickly repaired and brought back online when problems occur so that the online rate of mining machines reaches more than 98% The mine uses water curtains and high-power blowers to cool down the mining machine, which significantly reduces the probability of the machine dropping out at high temperatures, improves the mining efficiency of the miner, and increases the mining output Mining involves the purchase of mining machines, transportation, hosting, maintenance, etc The barrier to entry is relatively high and the process is tedious In order to lower the barrier of participation for users and make the whole mining process more efficient, we, DIgiFinex, have introduced the cloud mining mode Computing power is the core of a miner, that is, the platform provides a one-stop service to purchase mining machines, hosting, maintenance, management, etc Users only need to purchase the corresponding computing power, and you can participate in mining to obtain cryptocurrency The product we are now presenting is S19j Pro Merged Mining, adopting high-hashrate and low-cost miner S19j Pro Merged Mining applies a mode of group responsibility In this mode, buyers in the same batch purchasing machine computing power, share the profits, maintenance fees, unexpected fees, and other fees, according to the proportion of computing power held, which largely reduces the risk compared to individual mining You can recharge with USDT or deduct it from your output For more details about the subscription, please check the link: https://www digifinex com/en-ww/cloudmining/market/merged

Will Twitter become a Web3 platform with the leadership of Elon Musk?

Tesla CEO Elon Musk completed the acquisition of Twitter two weeks ago It is reported that the banks providing a total of US$13 billion in debt financing for the transaction have completed the drafting of the final credit agreement and are now at the stage of signing documents People familiar with the matter said that Elon Musk even promised in the conference call to help banks introduce bonds to fund managers after the acquisition of Twitter is completed, while Binance CEO Changpeng Zhao also publicly stated that he would provide financial support for Elon Musk Coincidentally, just the day before Elon Musk finalized the acquisition of Twitter, it was reported that the social media giant was developing a cryptocurrency wallet that supports deposits and withdrawals Become a Web3 platform that supports crypto wallets? Twitter’s crypto plans is more than wallets On October 25, Jane Manchun Wong, a well-known technology blogger, disclosed on social media that Twitter is developing its own cryptocurrency wallet Currently, “the wallet prototype already supports cryptocurrency deposits and withdrawals ” As of now, Twitter has not made an official response to the information disclosed by Jane Manchun Wong, and has not publicly announced any such products Although it is unclear where Jane Manchun Wong obtained the relevant information, based on her previous experience, it may be from Find this clue in the public code In fact, as early as a year ago, Twitter began to explore the introduction of various cryptocurrency-related functions on its platform – In September 2021, announced the launch of the “tipping” service supporting Bitcoin (supporting Ethereum in 2022); November 2021, integrate Web3 dApps; January 2022, allow users to link to a Twitter account from an Ethereum wallet and select an NFT in the wallet and set it as a Twitter avatar; In October 2022, in partnership with OpenSea, Rarible, Magic Eden, Dapper Labs, and others, to launch a “Tweet Tiles” feature for NFTs, enabling developers and collectors to expand the NFT experience by creating posts and enhancing visual displays, and Embed a “Call to Action” button to boost sales Moreover, Elon Musk made a bold statement during the acquisition of Twitter to control the problem of spam on the platform and consider using encrypted micropayments You will find that all the above functions are inseparable from the support of encrypted wallets If Twitter launches its own encrypted wallet, it will undoubtedly greatly reduce transaction complexity and improve ease of use, and it will also turn this content-based social media network into a A mature Web3 platform Twitter can make Web3 better Looking at today’s major technology giants in the world, Apple has turned a deaf ear to cryptocurrencies, Meta has focused on the metaverse virtual world, and Amazon has almost no achievements in the blockchain market (but indirectly provides AWS services) In contrast, Twitter can be regarded as the most influential Internet giant towards the Web3 world Frankly speaking, Twitter has more or less inherited the decentralized spirit of its founder Jack Dorsey, so its layout in the Web3 market is also more forward-looking The biggest feature of Web2 social media is the “walled garden” If you open an account on Twitter, you need to start with zero followers, and the accumulated fan base cannot be moved to other platforms Web3 introduces solutions that reduce the number of intermediaries, create an open ecosystem for new forms of digitization, and give individuals more control over content – a new model that will undoubtedly breathe new life into Twitter, and may even further expand its User base size On the other hand, if you refer to Reddit’s recent successful experience in the Web3 field, it may not be so surprising for Twitter to accelerate the deployment of Web3 Reddit’s second batch of Avatar NFT collectible avatars were sold out within 24 hours of launch, and the transaction volume exceeded $7 million in a short period of time, attracting more than 3 million users to use Reddit’s Vault wallet to create encrypted addresses (2 5 million of which The wallet was created for purchasing NFTs launched by Reddit) In fact, Twitter took the lead in launching the NFT avatar setting function as early as September 2021 You must know that compared to the Reddit platform with 52 million daily active users, Twitter has as many as 126 million daily active users, so if you can “learn from” Reddit Twitter is likely to drive Web3 adoption significantly It is undeniable that Web3 still has a long way to go at this stage, and it needs Twitter, Reddit and other platforms that believe in open source, transparency, and equality to promote it Although it is still in its infancy, more and more Web3 supporters are working hard to preach and build infrastructure, and believe that the era when Internet users have more rights will come soon

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