Crypto trading platforms Celsius and Voyager filed for bankruptcy in July 2022, suspending all withdrawals, swaps and transfers between accounts and leaving users’ assets trapped inside their platforms.
(Shutterstock)
NFTs are hailed as the foundation of the metaverse economy because they allow you to purchase unique digital assets, from art to real estate. But legally, you might not own what you think you do.
Although it’s estimated illicit activity amounts to less than 1% of all cryptocurrency transactions, figures of losses are still staggering – and on the rise.
In the metaverse, your avatar, the clothes it wears and the things it carries belong to you thanks to blockchain.
Duncan Rawlinson - Duncan.co/Flickr
For the metaverse to work, people need to own their virtual bodies and possessions and be able to spend money. The same cryptographic technology behind bitcoin will make that possible.
A NFT is a digital file with verified identity and ownership.
(Shutterstock)
Using metaphors for cryptocurrencies helps people feel more familiar with the technology. But there’s a downside – we expect it to work just like regular money.