With Hobby Tribe, it will be easy for you to finally take out time for your hobbies

As time passes by, we often get busy and neglect what we always want to do. Maybe learning to play the guitar, or learning to play the piano, drawing, a lot more. These are the things that make our lives memorable and also make us feel that we are doing something for ourselves.

Having a hobby and pursuing it helps us a lot. We don’t realize this as kids but when we grow up the regret is heavy. Also, hobbies have become ‘extracurricular’ activities for kids where it is not for stress relief but it becomes like a competition with other kids. That’s not what hobbies are, explains Joshua Salins, the founder of Hobby Tribe.

Team Sociobits connected with the Founder of Hobby Tribe to know more about his innovative startup and how it is making it easier for people to take time out for their hobbies.

Team Sociobits: Could you tell us a little about yourself?

Mr. Joshua Salins: I didn’t start off as an entrepreneur because I decided to do Biomedical Engineering. This is funny because I never planned to do any of this stuff but I am a huge hobby enthusiast; I play the guitar, and keyboard, I sing, dance, act and do a lot of other things! And I really really wanted to be a doctor/engineer but you cannot be both it’s either/or so I did some research and I found out that biomedical engineering is sort of in between. So, I started pursuing it to make the world a better place, which I feel I am still doing in a different way.

Team Sociobits: From Biomedical Engineering, how did you start ideating Hobby Tribe?

Founder: So, I always loved pursuing my hobbies and passions. I started realizing that somewhere down the line people stop pursuing what they loved to do, like something they are passionate about majorly because of the time.

I remember my friends used to tell me, “Hey! Remember we used to sing together or act on stage together (at some particular)” But then they just stopped doing it. And I always wondered, WHY? And the answer used to be: There’s just no time!

I remember my friends used to tell me, “Hey! Remember we used to sing together or act on stage together (at some particular)” But then they just stopped doing it. And I always wondered, WHY? And the answer used to be: There’s just no time!

That’s when I realized that I feel happier doing the things that I love rather than following the same mundane lifestyle. When you pursue something that you like, it breaks the momentum of doing the same old thing over and over again because you are learning something new and you are able to keep your mind occupied.

The founding story of Hobby Tribe or the whole transitioning story is actually very funny. When I was in the Placement cell of Biomedical Engineering, one of the teachers entered very enthusiastically and started telling us about the potential that lies in learning biomedical engineering. Everyone got super excited to see how much their hard work and efforts are going to get paid.

To our surprise, the next thing the teacher told us was the highest we can earn being a biomedical engineer is Rs. 30,000 a month! And all of us were thinking that we paid eight lakhs and this is the highest we can earn. He then moved on to tell us that the least we can make is Rs. 10,000 a month as if that was a relief.

So, we got to thinking that we cannot survive in Bombay like this. I also started thinking of other things that I can do because even though I really wanted to pursue this but it the space has not picked up in India. So, I started teaching the guitar and keyboard to my friends and family. Then one thing led to another and, here we have Hobby Tribe!

Team Sociobits: So, what exactly are you offering through Hobby Tribe?

Founder: While teaching, I started understanding a pattern that people have as to why they never pursue their hobbies. You can sum it up in the THREE Ts: Time, Travel, and Treasure (money). These are the three main problems why people don’t pursue their hobbies or passions. This stuck with me and I realized that if I want to create something, I want to make sure that I can solve this problem. Because when you are an entrepreneur, you are a problem solver first.

So, when I got that this is the problem the whole market is fixing, I started working my way around it and minimizing it. So since I had a lot of things going on, and I also knew people in my circle who could teach but couldn’t get students, I told them that I can get you the students, and you give me a commission out of it.

They agreed to it and to solve the 3 Ts, I started renting out places in my vicinity to cover the travel. I took the money from here and invested in the place. I also started telling the teachers to visit those places at a specific time hence, solving another T (time).

So, by understanding the preferable time, location and price, I made a package that suited the students and that’s when we started growing. I used to act like an employee of a company and go talk to random people in the gardens, and trains, and ask them questions like ‘What if you learn the guitar?’

While teaching, I started understanding a pattern that people have as to why they never pursue their hobbies. You can sum it up in the THREE Ts: Time, Travel, and Treasure (money). These are the three main problems why people don’t pursue their hobbies or passions.

Even at this point, I was not thinking of entrepreneurship at all. But this is how Hobby Tribe evolved from being a class that I used to run and slowly into a business. I also met my co-founders in the process. My co-founder’s brother was actually one of my first students. While teaching the keyboard, I approached him if he could be able to code something as I didn’t know anything about it. I also gave him the disclaimer that I have no money, and he agreed!

He also got one of his friends on board and after this, the pandemic hit! So we pivoted from an offline model to an online model and that is when we scaled and Hobby Tribe started becoming Hobby Tribe!

About our offerings; when people start learning they either can’t find the right teacher or they don’t know where to start. So, I made a uniform platform where they just come to the platform, find the class, book a teacher and immediately start learning. So, people don’t have to ask around or wait aimlessly as to who will give me the teacher.

The best part is we understand how important is the connection of a teacher with their student, because if that’s not there, then the class gets very boring. So, if you don’t like the teacher after a trial class, then you can change as many times as you want until you find the right teacher.

Team Sociobits: So, do you choose these teachers or do they come to you?

Founder: See, it’s not like a marketplace where you search for idli and you get hundreds of options to choose from which gives you something called analysis paralysis where you are stuck at deciding which idli to eat and then you end up having Maggi. This actually happens so if you search for ‘guitar class’ on Hobby Tribe, you’ll get one guitar class, you pick your day and time and we’ll assign you a teacher.

Team Sociobits: Did the pandemic sort of help you and Hobby Tribe?

Founder: In a way, it did. But while a lot of people said it was a COVID baby, it was not. We started way before that but COVID helped us build a model that we never thought was practically possible. People used to come and tell us that we are stupid and nobody will be willing to come and learn guitar online. But that is what being an entrepreneur if Steve Jobs listened to the people around him, then he would have never made the computer.

You have to keep pushing your boundaries and the more people laugh at you the more you know that you are doing the right thing. That kept motivating us and pushing us to JUST DO IT. What is the worst that can happen?

You have to keep pushing your boundaries and the more people laugh at you the more you know that you are doing the right thing. That kept motivating us and pushing us to JUST DO IT. What is the worst that can happen?

Team Sociobits: Even if COVID-19 helped you grow, do you think people prefer learning online or offline?

Founder: You need to keep adapting to the market. After the pandemic, we did notice that people want offline classes. So, we are working on a hybrid model where people can choose whether they want to do it online or offline.

So, we are coming back to our roots or where we started but we are much wiser now and we can execute it better.

Team Sociobits: As an entrepreneur, could you point out any challenges that you faced?

Founder: The biggest challenge was to convince people to join online classes. After working so hard, people didn’t want to continue anymore and wanted to do it after the pandemic gets over, we did feel what should we do next and we didn’t want to give up!

So, we convinced people don’t pay for the full course. Just pay for a week and see. If you like it, you can continue it. Doing this took a lot of time but it actually worked in our favor because we were forced to think out of the box.

I then approached my old school and spoke to my teacher about the variety of hobby classes they can offer to the children who were super bored at home because of the pandemic. I told them we have like every hobby class available even when we had nothing! So the next day, she gave me a whole list of hobby activities that we definitely didn’t have.

So, we contacted teachers and got them onboard and this was such a hit that it spread to Dubai, America and then adults started joining us! And we changed our pricing model as I mentioned before. Students could pay on a weekly basis and eventually, they got fed up that rather than paying every week, let’s just pay for the whole thing. Creating this whole thing was slow but you have to go through the whole process to create that habit with your customers.

The biggest challenge was to convince people to join online classes. After working so hard, people didn’t want to continue anymore and wanted to do it after the pandemic gets over, and we didn’t want to give up!

Team Sociobits: Today, even when we talk about hobbies, people want something out of it like a certification. What do you think about this?

Founder: Yes, I do get customers who not just ask if their kids will get a certificate (which they will) but they also want to know if there are exams. I feel like this is a hobby, the primary thing here is that you need to enjoy it and not write an exam on it.

Nobody cares the percentage your son/daughter scores in his guitar or keyboard class. Half of the time the kid doesn’t even know what their parents are demanding. See but at the end of the day, the customer is king. If they want it, we need to offer it and also tell them that this is not the ideal approach. And now, it is getting better. People don’t want to put a lot of pressure on their kids.

Team Sociobits: Where do you see Hobby Tribe, five years down the line?

Founder: In India, whenever someone says that ‘I want to be a singer or a dancer!’, the first thing that parents say is that nobody is going to marry you! That is literally how India looks at this space which is really sad because that person doesn’t want to be an engineer or doctor. Currently, if you are an engineer, doctor, or lawyer, only then you can get married. Otherwise, no other stream you choose will make you happy.

With Hobby Tribe, we are breaking that boundary. We are building a whole new career path for millions of Indians. People can be whatever they want to be. They can create a career by doing what they like to do and that is where I see Hobby Tribe going.

We are creating a whole new cultural difference in India where it is no longer taboo or shameful to be a singer, a dancer, or anything that you wish for. Forget about the money, or getting students or teachers on board. This is our main goal. And I am predicting that at least by 2025, it will be a mainstream thing for people to coolly say that I did arts and I am looking to be a singer.

With the goal that people start enjoying and learning their hobbies and also giving them the kick start to finally pursue their passion, Hobby Tribe is moving forward one step at a time. The founder also urges people to pursue their dreams and hobbies and not to worry about what people say.

Snapchat launches its premium subscription model Snapchat+ in India

Snapchat, the popular messaging and photo-sharing app launched its premium model, Snapchat+ in India on Wednesday. With the premium version, users can now get access to exclusive new features. Users can also show off their subscription by enabling a special ‘star’ badge. Users can buy this model from their Snapchat apps.

The Snapchat+ subscription is available to Indian users at only Rs. 49 per month (62 cents) which is quite cheaper compared to other countries. It is available in the U.S. for $3.99 (around Rs. 320). The paid model has come to India after the company launched it in several other countries.

This version comes with a lot of features like the Rewatch Indicator, which allows users to see how many people have rewatched their story, users can also pin a best friend at the top of the list with the Best Friends Forever Feature. iOS and Android users will get the ability to change the Snapchat app icon. With this, if a friend has agreed to share their location with a user then, he/she can see the direction where their friend has moved.

“India is an important market for Snap, and investments in localizing the app experience has been key to our growth in the region.”

– Lakshya Malu, Interim Market Development Lead of Snapchat

According to Snapchat, several more features will be rolled out in the coming weeks. According to Statista, India is the largest market for Snapchat with more than 14 crore users in the country. This could be one of the reasons why the company is offering its premium subscription at a reasonable rate.

The Interim Market Development Lead of Snapchat, Lakshya Malu also said in a statement, “India is an important market for Snap, and investments in localizing the app experience has been key to our growth in the region.”

By launching the subscription model, the company has been able to increase its revenue. After reporting a disappointing Q2 report, and also announcing its plans to slow down hiring, it seems that it is important for the company to succeed in the company.

Twitter had also previously launched a premium model for its users Twitter Blue. It also looks like Instagram is working on a paid subscription model called ‘Instagram Profile Plus‘. The details are still unclear but looking at the name, we can guess that it could be on the similar lines of Twitter Blue and Snapchat Plus.

Worried whether WazirX will survive the ongoing blows? Here’s how you can delete your account

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Cryptocurrency companies around the world are facing a huge downward trend. With liquidity issues increasing in a lot of companies and every other day you get to see someone joining the list of companies that have halted trading and withdrawals, the crypto industry seems to be in a mess.

After the Luna and UST crash, Bitcoin tumbled down a lot, Three Arrows Capital closed down, and then companies like Voyager Digital, Celsius Network, and Vauld, halted their operations. Amidst this chaos, WazirX, one of India’s largest crypto trading platforms has also been making it to the headlines. The ED investigation, its breakup with Binance, and then more than 50% drop in trading value show people are concerned that the company is not here to stay.

The deal breaker was probably when Binance parted ways with the company and the company’s CEO cleared it didn’t own any stakes in WazirX’s parent company, Zanmai Labs. The fact that people thought WazirX was backed by Binance gave the platform more credibility. There’s a lot that can happen and by looking at the current scenario, the question of whether ‘would crypto survive or not?’ may also come to your mind. But currently, people and traders want out.

Here are a few easy steps to delete your WazirX account from your Android or iOS:

Before you delete your WazirX account permanently, you should keep in mind that deleting your account is irreversible. You cannot temporarily delete your WazirX account. So, before you delete your account, make sure that you have closed all the orders and also withdrew all the funds. Keep in mind that The WazirX team will charge you some amount when you withdraw or deposit your money.

The amount you’ll be charged when you withdraw money will depend on the way you choose to do it and can vary anywhere between Rs. 5 to 10. It charges Rs. 5.9 while desopiting and also charges a 0.2% commission on every transaction.

After you have made up your mind, you can follow these simple steps to delete your account:

  1. Open your WazirX Application and click on the ‘Settings’ option.
  2. From there, select ‘Support and Contact Us’. From here you will be redirected to the official website of WazirX.
  3. Click on ‘Contact Us’, and fill the reason for account decativation.
  4. After you have filled the form, on clicking send, your request to deactivate your account will be submitted.
Image Credits: WazirX Official Website

Alternatively, you can also contact their live chat support to deactivate your account. You can also directly access the WazirX and follow a similar process to get your account deactivated. After someone from the WazirX team has reviewed your application, you will receive a confirmation mail and will move forward to delete your details completely.

Again, before going forward with the process of deactivating your WazirX account, check whether you have closed all the orders and withdrew your funds as this action will be irreversible.

Looks like Instagram is working on ‘Instagram Profile Plus’, a subscription model, similar to Twitter Blue

Meta has been facing backlash after it went all-in with its efforts to turn Instagram similar to TikTok. With the short video streaming app gaining a lot of popularity, the company might be looking to replicate its success. But with users outright hating the new ‘TikTok-like’ update, the company also decided to take a step back on this approach.

After facing fierce competition with ‘TikTok’ in retaining the young population, it also came into the picture that the head of Instagram, Adam Mosseri will be moving to London. This is also because engineers are around three times cheaper in London as compared to San Francisco.

Instagram has been testing a lot of features lately and it looks like the company is internally working on ‘Instagram Plus‘, which could possibly be a subscription-based model or a premium model for its users. The details are still unclear but from what the name suggests, we can assume that the company might be offering exclusive features to users against a specified amount. This could be an effort similar to what Twitter did with its premium subscription.

The company is internally working on ‘Instagram Plus’, which could possibly be a subscription-based model or a premium model for its users

In 2021, Twitter came up with ‘Twitter Blue’ a subscription model that provided features like undoing a tweet, bookmarking folders, a reader mode option, and more for its paid users. While the free model remained the same, the company wanted to explore and dig deeper into making the ‘Twitter experience’ better for its users and hence launched a subscription model that included benefits and perks. Recently, Twitter Blue also offered its users early access to the ‘Edit Tweet’ feature that they have been working on for some time now. While other users will get access to the same feature after a while.

Instagram, with ‘Instagram Plus’ might be developing something on the same line as Twitter but it is still in the early stages of development. It was also previously testing a feature, ‘Instagram Subscriptions’ that would give users access to their favorite creators’ exclusive content. Most of these features are aligned with the company’s goal to make the platform more creator-centric and give creators more options to generate revenue.

We are unsure as to when will the company roll out this feature to its users.

Top 5 cryptocurrency trading apps in India that you should know about

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These days, cryptocurrency seems to be a hot topic. This might be explained by the sudden increase in the price of digital assets and the barrage of advertisements with your favourite Bollywood actor telling you that cryptocurrency is the future. But how do you enter the market and begin investing in cryptocurrencies to make money quickly? Apps that exchange cryptocurrencies are the solution. In assessing the entire crypto ecosystem, these apps are essential. They may be used to manage your account, purchase and sell other cryptocurrencies, and check the prices of such cryptocurrencies.

What do cryptocurrency exchange apps do?

For those who are unaware, cryptocurrency exchange apps allow you to trade (buy and sell) a variety of crypto on the move and give you instant access to the market’s offerings. Cryptocurrency mining does not require a laptop. These apps are actually making it easier for you to trade cryptocurrencies and explore the world of decentralized digital currency networks. Anyone may sign up now because the process has been made simple, and the mobile app’s user experience is designed for speedy learning. On the Google Play Store and the Apple App Store, you may find mobile crypto exchange apps that function on Android and iOS devices, respectively.

Top Indian apps for cryptocurrency trading

It is important to note that there is no firm ruling on whether cryptocurrencies are legal in India. As of yet, the nation has not proclaimed it to be legal tender. A number of cryptocurrency exchange apps have emerged in recent years that allow you to invest in cryptocurrencies like Bitcoin, Ethereum, Dogecoin, and more using your smartphone rather than large, heavy machines like laptops as a result of regulators finally opening up the market for businesses to start their ventures. Here are the top crypto exchange apps available in India according to Forbes are listed below:

1. WazirX

You may have recently heard a lot about WazirX on social media, indicating that it is well-liked by users. You can invest using INR, US dollars, BTC, and even P2P utilizing this cryptocurrency exchange app. WazirX really has a coin of its own called WRX that can be purchased with INR. WRX can then be used to invest in other cryptocurrencies. You can earn coins through a variety of contests that are featured on the info page of the app, which is one of WazirX’s most well-liked features. Using 2FA or an app passcode that may be enabled in the phone’s settings, users can secure their accounts.

The taker and creator are both subject to a 0.2 percent charge fee on WazirX. Any sum greater than Rs 100 may be deposited in the WazirX wallet using NEFT, RTGS, IMPS, and UPI. While UPI transactions are free of charge, the first three have a transaction cost of Rs 5.9.

2. CoinDCX

The most flexible trading app for crypto assets in the nation is considered to be CoinDCX. You can purchase or sell more than 200 different trade coins. Additionally, the entire setup procedure has been made simpler by the use of a one-time password (OTP) sent to your registered email address and mobile number.

You can learn a lot about investing in cryptocurrencies and how they work in the virtual world by visiting the Settings page on the app. The maker and taker costs on CoinDCX are 0.1 percent, and the minimum withdrawal amount is fixed at Rs 1,000 with no additional fees. This cryptocurrency trading app only allows you to trade in INR. You can fund the account through NEFT, IMPS, RTGS, UPI, or even just a straightforward bank transfer.

It’s a good thing that CoinDCX has a robust set of safety measures in place. Using the Google Authenticate app, users must first authenticate themselves. You cannot start trading on the app without this, after all. Additionally, you must create a password for withdrawals that must be verified each time one is made.

3.CoinSwitch Kuber

CoinSwitch Kuber was a recurring advertisement during the most recent IPL. Popular investors and venture capital firms like Sequoia and others have provided investment for this platform. It guarantees the greatest trading rates on the market and says you can trade in up to 100+ cryptocurrencies. To register for an account to trade on the app, use your mobile number. However, it is evident that you cannot begin trading before the KYC procedure is finished.

You can use a four-digit pin code to protect your account on the app. According to CoinSwitch Kuber, the first 100,000 users of the site won’t be charged a trading fee for a period of 100 days. People have joined CoinSwitch Kuber because of its straightforward user interface and strong promotion. Deposits can be made in INR via NEFT, bank transfer, and UPI on the finest cryptocurrency exchange app. But the platform doesn’t disclose any information regarding the security procedures it has in place to protect the cryptocurrency assets. (Ultram Online) The overall service method needs work, and the trade specifics are lacking.

4. Unocoin

Unocoin is the next option, and it is renowned for both its user-friendly interface and compatibility with a variety of cryptocurrencies. A user must create an account and provide all necessary KYC (Know Your Customer) information while downloading the app. Additionally, the app has a timetable sale function that enables auto-selling from the profile tab. Users of Unocoin pay a fee of 0.7 percent when purchasing and selling assets, which is more than WazirX does. This tariff is valid for usage lasting at least 60 days. Following that, the software asks for a 0.5 percent fee and also upgrades you to a Gold membership.

Unocoin deposits require a minimum of Rs 1,000, which is greater than what WazirX provides. However, there are no costs for users who deposit money through NEFT, RTGS, IMPS, or UPI. Nevertheless, there are transaction costs of 2% when using the MobiKwik wallet, and there may be additional fees from the banks when using debit or credit cards. In addition, Unocoin provides finger ID and passcode biometric security measures. However, if you enter the incorrect code in addition to your biometric ID, the app will log you out.

5. Bitbns

Another crypto trading app available is Bitbns. The programme, which is available for both Android and iPhone users to download, enables you to purchase and sell alternative coins without the involvement of a third party. The programme lists more than 100 cryptocurrencies, from the well-known Shiba Inu and Ethereum to the more recent Bitcoin and Ethereum. Additionally, because of its affiliation with the major cryptocurrency exchange OKEx, Bitbns provides trading simplicity unmatched by any other cryptocurrency exchange.

Traders in India can purchase USDT, LINK, AAVE, MATIC, and USDC with a rupee via bank transfers, IMPS, and UPI by selecting Bitbns using OKEx’s buy/sell tool. Through the partnership, the company also hopes to provide Indian traders with access to a fiat gateway, a variety of more recent trading pairs, early access to the launch of new coins and tokens, and high return staking products.

Five of the top cryptocurrency trading apps in India have been covered in this post. These all stand out from other crypto trading applications because of the unique features that each of them possesses. We discussed WazirX, CoinDCX, CoinSwitch Kuber, Unocoin, and Bitbns. Hopefully, this post has given you some information regarding the best software to use for crypto trading.

Is it time for an Elon Musk vs Twitter CEO Parag Agrawal face-off?

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The updates on Elon Musk and the Twitter deal story are like a toxic girlfriend and boyfriend who keep breaking up and patching up all the time! As we all know, Elon Musk broke his promise to buy Twitter for $44 billion first by announcing on Twitter that the deal is “on hold” and later, by blaming the company it failed to provide the right information on the number of bot accounts.

A lot has happened since then! While both the parties have lawyered up and are looking to start the high-profile trial on the 17th of October, Twitter has also invited Elon Musk and his billionaire friends to court. Both of them are covering all the angles to use against each other in the court. Experts have suggested that it’s going to be tough for both of them.

Amidst this chaos, Tesla’s head seems to want to go one-on-one with Twitter CEO Parag Agrawal. After a cybersecurity researcher, Andrea Stroppa summarized the countersuit that Musk has filed against Twitter, Musk responded that he will proceed with his deal if the platform simply tells him the procedure of tracking bot accounts.

In another tweet, Elon Musk challenged the company’s CEO for an open debate to prove to the public that the number of fake users on the platform is less than 5%.

The owner of SpaceX and Tesla is also rightfully using the power of social media: its users to know what they think about the whole bot account situation. He has started a poll on Twitter with the title ‘Less than 5% of Twitter daily users are fake/spam’ and there are two options that users can choose according to what they feel is right. This poll will end on Sunday, and as of now this is how it’s going:

It is highly unlikely that the social media company or its head will care to respond to Musk and his old Twitter shenanigans as the battle is set to begin in October. Twitter seems to be tired of Musk being in two minds all the time and also about the fact that the number of bot accounts is still being dragged for so long.

Instagram expands NFT features in 100 countries

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In May 2022, Instagram started testing a functionality where users and businesses can share NFTs on their profiles with selected creators and collectors on the platform. At that time, the company said, “By building support for NFTs, we aim to improve accessibility, lower barriers to entry, and help make the NFT space more inclusive to all communities.”

Recently, its parent company Meta has announced in an update that it is expanding this feature to 100 countries in the Asia-Pacific, Africa, the Middle East, and the Americas.

The company has also added third-party wallet compatibility with Coinbase wallet, Rainbow wallet, Dapper wallet, MetaMask wallet, and more. The company also mentioned that the supported blockchains include Ethereum, Polygon, and Flow. With this, users and businesses do not have to pay anything to post or share their digital collectibles on the platform.

It is extremely simple to share the non-fungible tokens that you buy on your Instagram handle. The company also has the ability to automatically tag the creator and collector. You can share your NFTs on Instagram by connecting your digital wallet. It can be shared as posts, stories, or also sent as a message, and you can also display public information, like adding a description with your NFT.

This reflects the efforts the company is taking to be in sync with the digital transformation. The company also wants to encourage and uplift creators and enable them to monetize their work. Mark Zuckerberg, the CEO of Meta, also shared an image on Instagram that he will be converting into an NFT to announce the recent development.

Instagram is not the only digital giant that wants to integrate NFTs on its platform. Previously, Twitter also introduced NFT profile pictures for its premium users and many more platforms are making similar efforts to embrace the technology.

Liquidity Problems in Crypto Lending Firms: What caused it and How to fix it?

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The bitcoin lending platform Vauld is the most recent participant in the market to halt all withdrawals, trading, and deposits. Two weeks after cutting its personnel by almost 30%, Vauld made the statement on July 4.

Darshan Bathija, co-founder and CEO of the Singapore-based cryptocurrency lending platform Vauld, wrote about the company’s key business partners’ financial struggles in a blog post on the company’s website. He also discussed customer withdrawals totaling more than $197.7 million since June 12, when the cryptocurrency market crashed as a result of Terraform Lab’s UST stablecoin’s demise, crypto hedge fund Three Arrow Capital defaulting on loans, and cryptocurrency lending platform Celsius network.

Vauld has joined the list of cryptocurrency players who have halted trading and withdrawals, including Celsius Network and cryptocurrency broker Voyager Digital.

The withdrawals caused Vauld to halt operations. The collapse of Terraform Lab’s UST stablecoin, Three Arrows Capital’s debt failure, and the suspension of withdrawals on the Celsius network all contributed to the downturn in the cryptocurrency market. All cryptocurrency players who temporarily halted user withdrawals cited liquidity constraints as the cause and gave this as their justification.

Celsius made headlines in every business publication when it halted all withdrawals due to liquidity difficulties. In accordance with U.S. Chapter 11, Celsius filed for Bankruptcy Code after declaring it will fire a fourth of its staff due to “severe market conditions.”

According to the Voyager Digital platform, the cryptocurrency trading and withdrawal services for its users have been suspended. The cause for this, according to firm representatives, is an unpaid loan from the cryptocurrency hedge fund Three Arrows Capital (3AC). Additionally, Voyager Digital is currently facing bankruptcy procedures. Vauld continues to suffer as a result of the recent market declines.

Issues with liquidity: Increasing market turbulence

One of the key factors affecting the liquidity of the cryptocurrency market is trading volumes. Visit any website that displays the market capitalization of cryptocurrencies to keep track of daily volumes. A higher volume indicates that more people are purchasing and reselling coins. Due to a lack of information and special government rules, only enthusiasts have been able to participate in these activities up until now. However, as interest in bitcoin trading and cryptocurrency trading in general increases, more and more people are starting to do so.

One of the key factors affecting the liquidity of the cryptocurrency market is trading volumes.

There are now more cryptocurrency exchanges than before, which means that people have more possibilities for trading their coins. Increased transaction volume and frequency boost liquidity.

Usability is a factor that also has an impact on liquidity. When more people use cryptocurrencies as a payment method, their liquidity increases. To increase the usage of cryptocurrencies in commerce, it is crucial that companies accept cryptocurrencies as a form of payment.

Liquidity Problems in Crypto Lending Firms: What caused it and How to fix it?

Regulations have a big impact as well. Various countries have adopted varied stances on cryptocurrencies, with some outright prohibiting them, others permitting them, and still, other countries questioning their legality. A clear stance by the government on issues like consumer protection and taxation should encourage more people to participate, which will affect the market’s liquidity. Despite the circumstances, the market for cryptocurrencies is growing swiftly.

To locate the finest liquidity provider, brokers must assess their own particular needs and make a well-informed choice based on a multitude of considerations.

The Cause of Liquidity Issues

The cryptocurrency rise of 2020–2021 was led by crypto lending companies. However, they face multiple pressing problems with tokenomics, algorithms, and liquidity today.

We currently have more sophisticated financial tools at our disposal than ever before, which is the source of these issues. These are also unregulated and permissionless at the same time. The goal of platform builders was to create systems that would generate as much money as they could.

We currently have more sophisticated financial tools at our disposal than ever before, which is the source of these issues. These are also unregulated and permissionless at the same time.

The main issue is that most platforms are created with the presumption of unending development. When expansion stops, the bubble will pop. The wider crypto ecosystem can suffer greater damage from the explosion as the platform grows in size, which might have a cascading effect.

Attempts to restore liquidity

Two methods are frequently used by crypto projects to restore liquidity. Large debt repayments can aid in restoring confidence in the platforms’ solvency and reopening withdrawals. The recently assumed Celsius payment of $120 million to the multi-party vault Dai No. 25977 serves as an illustration of debt repayment. By doing so, vault liquidation expenses are avoided, and the possibility of forced fund liquidation is decreased.

Aside from selling them, the DAO and DeFi initiatives are exploring ways to make their treasury tokens liquid. Platforms for DeFi lending in the new wave are providing solutions. For starters, Lido Finance, another crypto-lending business, and Fringe Finance have formally joined to address the issues with the initial staking of ETH 2.0. Illiquidity, immovability, and accessibility are issues. The goal is to increase the usability and liquidity of the whitelisted altcoins in the expanding DeFi ecosystems.

The liquidity crisis these corporations are experiencing is the most important part of this trend. Given its significant stakes in Luna, Three Arrows Capital (3AC), a Singapore-based hedge fund, had its assets under management fall by over 70% following the collapse of TerraUSD and Luna. As a result, 3AC missed payments on $670 million in loans provided to it by Voyager Digital. Due to the knock-on effects of this, Voyager Digital had to halt trading, deposits, and withdrawals. Similar to Celsius Network, another lender, all withdrawals, swaps, and transfers between accounts for its 1.7 million clients were halted last month. Significantly, 3AC has declared bankruptcy.

In conclusion, if designers of protocols don’t take into account the conditions of future adverse times, another crisis very likely could be their demise.

This is what happens to investors’ money when a crypto company goes bankrupt

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Since June, it has become common for cryptocurrency exchanges to halt trade owing to erratic market conditions. The flash crisis that started in May and was followed by the collapse of the Terra sisters increased further last month, which left cryptocurrency exchanges with little liquidity. The Bitcoin market experienced a big loss due to global macroeconomic uncertainty, which also caused the stock market to see a significant decline. The latest market decline is the closure of the cryptocurrency hedge firm Three Arrows Capital (3AC). All of these circumstances contributed to the suspension of withdrawals and deposits on various cryptocurrency exchange platforms.

Celsius Network, situated in New Jersey, is the most recent company to declare voluntary bankruptcy as a result of illiquidity in its balance sheet. In order to stabilize its business and complete a comprehensive restructuring transaction that maximizes value for all stakeholders, Celsius has filed Chapter 11 cases.

Celsius Network, situated in New Jersey, is the most recent company to declare voluntary bankruptcy as a result of illiquidity in its balance sheet.

The exchange stated in its bankruptcy court petition, “Despite its early success, Celsius had certain setbacks. More digital assets were added to the platform of the company than they were ready to use. As a result, the Company took judgments about the deployment of its assets that, in retrospect, turned out to be bad ones.”

Celsius cited the implosion of Terra LUNA (“Luna”) and its TerraUSD (UST) stablecoin (“UST”) as the cause of a “crypto winter” and an industry-wide sell-off in 2022 as one of the negative factors for crypto exchanges.

Notably, Celsius has liabilities of over $5.5 billion and assets of about $4.31 billion as of July 13, 2022. As a result, the company’s balance sheet shows a $1.19 billion loss.

Another would be Voyager Digital, which filed for bankruptcy after suffering significant losses as a result of 3AC’s demise and the subsequent market slump. In the midst of the procedures, FTX has suggested providing some liquidity to Voyager clients.

Crypto exchanges are at risk for more reasons than just the recent cryptocurrency market fall. In actuality, even investors have the potential to severely constrain exchange liquidity. At least in the case of CoinFlex, the exchange’s trading was halted due to pressure from just one investor.

Crypto exchanges are at risk for more reasons than just the recent cryptocurrency market fall. In actuality, even investors have the potential to severely constrain exchange liquidity.

On July 9, CoinFlex announced that withdrawals had been stopped because a significant investor had failed to fulfill $47 million in margin calls. To recuperate $84 million, CoinFlex plans to sue this individual. The exchange also has plans to provide its depositors with some short-term liquidity soon. In the long run, it is also in discussions to create a joint venture with a significant US exchange/ATS platform.

The most popular cryptocurrency exchange in Asia, Zipmex, has joined the movement to halt trading temporarily. Even Nevertheless, the exchange allows withdrawals from the trade wallets of investors. Other cryptocurrency exchanges that have stopped processing withdrawals since June include Binance, Voyager CoinFlex, Celsius, Vauld, and Skybridge Capital.

Other cryptocurrency exchanges that have stopped processing withdrawals since June include Binance, Voyager CoinFlex, Celsius, Vauld, and Skybridge Capital.

Investors should be concerned about the troubles of the crypto exchanges since it could affect their hard-earned money. Everyone wants to see a healthy return on their investment when they invest in the cryptocurrency market or any other type of capital market instrument. But what if your money becomes involved in your cryptocurrency trading platform’s bankruptcy as well? Sadly, this is true!

According to Vinit Khandare, CEO and Founder of MyFundBazaar, limited market liquidity can cause a collapse in stock prices that ignites a new financial crisis. To survive the liquidity crunch, investors must increase their cash allocations, refrain from taking on excessive positions, be alert to the risk of overall crowding, and devise a comprehensive plan to take advantage of the negative effects of liquidity.

In a Securities and Exchange Commission (SEC) statement from May of this year, the largest cryptocurrency exchange operating in the US, Coinbase, said that “supported crypto assets are not insured or guaranteed by any government or government agency.”

According to Coinbase’s filing, any failure by the cryptocurrency platform or its partners to uphold the necessary controls or to manage customer crypto assets and funds properly and in compliance with applicable regulatory requirements could harm the company’s reputation, subject it to legal action, prompt regulatory enforcement actions, cause significant financial losses, cause customers to stop using the products or reduce their use of them, subject them to significant penalties and fines, and subject them to additional restraints.

“supported crypto assets are not insured or guaranteed by any government or government agency.”

-Coinbase

As a result, according to Coinbase, the crypto assets we hold in custody on behalf of our customers could be the subject of bankruptcy proceedings and such customers could be treated as our general unsecured creditors. This is due to the possibility that crypto assets handled in a custodial capacity will be seen as belonging to a bankruptcy estate.

Simply put, there is a potential that your crypto assets will be included in the bankruptcy process if a crypto exchange declares bankruptcy.

Tarality’s CEO and Director, Abhijit Shukla, stated that there is no guarantee that investors will be able to recover their money if an exchange were to freeze an account or, worse yet, fully fail because there are no rules controlling crypto-assets. The cryptocurrency and monies held in their accounts could not be regarded as their own property in a bankruptcy situation, so they frequently combine the cryptocurrency and assets of various customers in a single storage wallet or account.

There is no guarantee that investors will be able to recover their money if an exchange were to freeze an account or, worse yet, fully fail because there are no rules controlling crypto-assets.

Further, the CEO of MyFundBazaar emphasized that people who have their cryptocurrencies stored in self-custodial wallets won’t be impacted because they hold the private keys, whereas those who have their assets in custodial wallets are often last in line to receive payment.

Any financial institution you work with may experience stress, confusion, and expense due to bankruptcy. Customer uncertainty and losses could be even greater in the cryptocurrency industry. But instead of freaking out, it’s preferable to wait for the bankruptcy procedure to conclude to learn exactly what you’ll receive back.

“Finance is an ocean and you get to learn something new every day,” Samir Joshi, co-founder of Blooming Rich

Financial literacy is something that has been overlooked in our lives. How to and where to invest is a different thing, but how to and where to spend money is also something we generally don’t understand or have not been taught.

“Finance is an ocean and you get to learn something new every day,” says Mr. Samir Joshi, the Founder of Blooming Rich which takes care of financial planning and wealth management. With Sociobits, Mr. Samir Joshi shares his story, about Blooming Rich and also about how we can teach money management to people, and young ones too. Here’s an exclusive interview with the founder.

Team Sociobits: Could you tell us a little about yourself?

Mr. Samir Joshi: Speaking of myself, I am the Co-Founder of Blooming Rich and I have a vast experience in Banking and Finance, for more than 10 years. I have always been a Mumbaikar so I have spent most of my time in Mumbai. I was raised in a very conservative Brahman family, with a very small space to live in. Starting from there, and reaching this business, I feel it’s a huge achievement on a personal front.

Team Sociobits: Could you tell us more about Blooming Rich?

Co-Founder: Blooming Rich is financial planning and wealth management firm. When I say financial planning, it means that we manage cash flows for our existing clients, we set goals for them, we also ensure that they have X amount of net worth right now and we can help them take it to the next level. So, we set some targets to build their net worth and during this process, we also manage their financial portfolios. This is called wealth management, wherein we recommend certain financial products on the basis of their risk capacity, goal, and time duration.

So, we suggest a suitable vehicle on the basis of these and we keep reviewing it time and again to see if there is anything that we should change or not. It’s a constant process. Once you are done with investing, you constantly need to manage your risk. This is another forte of my business. We don’t just plan and manage wealth, we also manage risk. Here, ROC is very important.

When people ask me, what’s the return on my capital? I immediately tell them the return on your capital will generate automatically when you manage your risk to keep your return off capital intact.

When people ask me, what’s the return on my capital? I immediately tell them the return on your capital will generate automatically when you manage your risk to keep your return off capital intact.

So we started with Blooming Rich around three years and I started out as an individual from my home, moving to a smaller office. Now, we have got a bigger corporate office in Andheri, Mumbai. I have a team size of around 8 – 10 people and we also have an in-house digital marketing team, and videography team, we are active on social media, and we have that technological edge that sitting in Mumbai, I can manage investments of clients anywhere in the world. We have clients scattered across the globe and I am managing decent-sized -portfolios for a lot of high net-worth clients.

Team Sociobits: Could you tell us the story of when you started ideating Blooming Rich?

Co-Founder: So, I’ll tell you about a small incident. When I was a part of a large corporate, with an insurance company for a very small stint, I had a colleague who I used to interact with. He was also the only person to whom I committed that by the age of 40, I would either be the CEO of my own firm or I’ll be the CEO of some other firm. So, that’s when I started thinking about having my own business and I also started learning the process. It took longer; I gave it a thought in 2016, and I executed and established the company in 2019. By this time, I had clients who had faith in me and had been with me for many years so, they were ready to get their financial portfolios transferred to my company. I got fantastic support from all my clients and I thank them a lot for that.

One thing that I have followed throughout is that I managed all the portfolios with a lot of ethics. So, when I manage finance, I don’t think about my own profits, instead, I think about how I can enhance wealth and create a positive impact on my client’s financial portfolios and finally, help them grow. I think that if I grow my client’s money and my client’s wealth, I will automatically make money. My objective is not to make money, it is to build wealth for my client. This is also why we have tremendous quality while managing portfolios. We are absolutely unbiased with our approach and when we talk about any investment vehicle, we research it thoroughly before placing it into any client’s portfolio. So, things are going well so far and I actually don’t need a grievance redressal team because there are hardly any complaints from our clients. And when it is a service-related thing, it is taken care of properly. It’s the relationship that we take care of and we work in such a meticulous manner that there is no room for any grievance.

On the other hand, I have had the opportunity to visit various corporates and I have been to multiple organizations as a guest speaker I have so far spoken at 30 – 35 companies on financial planning and its importance. I believe that we can get financial planners even for people at the CXO level but for somebody who is earning between 3 – 15 lakhs, they need strong hand holding. Because if there is someone who guides that person at the initial stage of their career, that creates a huge impact on the person’s financial domain for their entire life.

I’ve had bad experiences, I never had anyone who taught me how to manage my money. In the initial phase of my career, I struggled a lot in terms of money but ever since I got into this field, I have sorted my personal finances as well. So, it started from my end initially, and then I took it over to the world.

I was invited by the Municipal Corporation of Mumbai as a guest speaker where all the teachers from a particular zone of Mumbai had gathered and I spoke about finance management for teachers because they will be teaching this to their students.

Team Sociobits: Even today, schools and colleges don’t teach money management. What kind of efforts can we put to change this?

Co-Founder: There is a subject for everything but there is no subject on how you can manage your individual finances. But, just 2 -3 days ago I was invited by the Municipal Corporation of Mumbai as a guest speaker where all the teachers from a particular zone of Mumbai had gathered and I spoke about finance management for teachers because they will be teaching this to their students. So, I think the government has taken the initiative of bringing a financial literacy flavor to the education ecosystem. I am not sure whether private institutions have started this or not. But every institution and school needs to impart financial literacy to their students. Maybe not at the primary level but at the higher secondary level where the student is on the verge of completing his school life. And when they move on to their college life, institutions and the government should take decisions to create financial literacy among them as well.

Team Sociobits: Apart from students, if an individual wants to learn how to manage their finances, where should they go?

Co-Founder: Today, the media has reached a level where if you just type ‘financial planners’ on the internet, you will get a list of financial planners. What I would suggest is that you can do your due diligence before you get on board with any financial planner. First, you need to see whether they are creating a plan for you. Second, check whether their approach is product-oriented or concept oriented. If the planner conceptualizes a plan towards meeting your goal and then coming to the product, then I would say that he is a good financial advisor. Somebody who comes to the product initially, according to me, is an advisor that you may avoid. So this is a difference that I can suggest when people choose their financial planner.

Team Sociobits: As someone who is always up-to-date in the financial world, what do you think about the current global economic situation? Will there be a recession?

Co-Founder: I recently met a fund manager from a top AMCs in the market and she was very positive about India’s economic growth. Currently, India is close to a $3 trillion economy and a few years back we were close to a $1.5 trillion economy. I believe that very recent news says that India is looking at UP as a state to make it a $1 trillion economy as an individual state. So, I would say that recession will always keep coming and going, wars will happen, and governments will change, but it will always have a growth trajectory at least for another fifteen to twenty years because we are still a developing nation. And something which was a concern for people has become a strength and that’s the population. Because of the large population, we have a marketplace for a lot of businesses and we also have a large consumption. This spikes the demand for any sort of product that is consumed by Indians. And as Indians, we are used to saving money but we are also used to spending it and because of the presence of digital platforms, we can also purchase anything with our fingertips.

Even though the Indian currency is depreciating right now, the economy of other countries is doing worse right now as compared to India. So, our country is still in a very strong position, and in the next 5 – 10 years, there is a possibility that India becomes a $5 trillion economy.

As far as the recessionary period is concerned, when COVID struck the entire world and the financial markets tumbled in 2020, India bagged a lot of foreign currencies. So, we had a tremendous amount of Forex Reserves, and even though the Indian currency is depreciating right now, the economy of other countries is doing worse right now as compared to India. So, our country is still in a very strong position, and in the next 5 – 10 years, there is a possibility that India becomes a $5 trillion economy. We don’t need to worry about a recession, we’ll have growth coming in.

Team Sociobits: What are your future plans with Blooming Rich? How are you planning to grow?

Co-Founder: Right now, we have expanded our business; we have moved into a bigger office, hired some more employees, and we are looking forward to targeting at least Rs. 500 crores of assets under our management in another three years. We have around Rs. 70 – 80 crores right now.

After this, we are looking to penetrate the overseas market like the Middle East, Singapore, and some emerging African countries because, after India, the next emerging market for FIIs would be African countries. We will also be targeting to form an NBFC and create our in-house product. We are not a manufacturer right now, we only distribute third-party manufacturers’ products. So, we want to manufacture our own product or maybe an asset management company. We also have a target to have an AIF i.e. an Alternative Investment Fund and we will strive for that once we reach the first target.

The founder of Blooming Rich gave us some valuable insights on the ‘talked-about-everywhere’ recession, how to choose a financial advisor or planner, and more. It also gives us an idea of how the economy may look a few years down the line.

Let’s welcome Tesla and Musk’s billionaire friends to the Twitter-Elon battle

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After Musk promised to buy the social media platform Twitter and then abandoned the deal over the issue of the number of bot accounts on the platform and other tiny concerns, Twitter definitely didn’t stay quiet. It dragged the Tesla Owner to court and won’t stop until the air has been cleared.

Recently, Twitter issued a subpoena to Tesla for all the documents and communications that have happened around the Twitter buyout deal. According to TheVerge, the company also wants documents that include their talks with Larry Ellison from Oracle. The subpoena outlines 27 requests of communications that happened in Tesla regarding the deal and also the documents of the $4.8 billion worth of Tesla shares that he sold to fund the deal.

The social media giant wants to look at all the angles that they can use against the Tesla owner. Twitter has also demanded any documents related to the tweet where Musk mentioned the Twitter deal was on hold. On top of this, they have asked for any documents that mention the merger with media outlets.

Musk has also dragged his billionaire friends with him under piles of subpoenas and they are certainly not happy about it. According to the Washington Post, the company wants, “extensive requests for communications, including ‘checklists, timelines, presentations, decks, organisational calls, meetings, notes, recordings related to the deal’s financing.'”

The investors and entrepreneurs list who have received includes, Marc Andreessen, founder of VC firm Andreessen Horowitz, Chamath Palihapitiya, ex-Facebook Executive and the CEO of Social Capital, and David Sacks, the General Partner of Craft Ventures. Sacks had helped Elon Musk in the formation of PayPal. The team also went after, Stephen Jurvetson, Board Member of Tesla and SpaceX, and investors, Jason Calacanis, Joe Lonsdale, and Keith Rabois. This is how David Sacks and Joe Lonsdale reacted to it:

The five-day high-profile trial of the lawsuit filed in the Delaware court will begin on the 17th of October and these personalities may have to testify in court. These subpoenas came into the picture after the company also sent legal notices to the banks that were helping to finance the deal.

After the first win for Twitter, Musk will likely be facing a tough time during this trial. Experts have also suggested that this will be because of the tight contract that he signed with the company.

Meet Finvesty: A platform that is making Indians financially aware and literate through entertainment

When we are in school, we study almost all the subjects in the world but there is a lot that we miss out on. Let’s fast forward to college and even then we get divided into Arts, Science, and Commerce. But have you ever wondered, who taught our parents how money works? Or how to save your money? What about investing?

It’s sad but true that no one of us has ever received guidance on what to do with the money that we earn. This is where Finvesty comes into the picture. Finvesty is a YouTube Channel that creates content to impart financial knowledge in a fun and entertaining way. 

After the channel was shut for some time, the Founder, Mr. Rahul Jain decided to restart it with a different approach. Here’s what the Founder shared with Sociobits about Finvesty:

Team Sociobits: Could you tell us a little about Finvesty?

Rahul Jain: We started Finvesty as a YouTube channel on financial literacy. Our idea is to make finance accessible to the Janta (people) of India. Over the course of time, we noticed that there is a lot of financial misselling in India. When I say financial misselling, I mean that if you look at any product like insurance, loans, mutual funds, and more, people are selling those things to you. After five to six years, you realize that you are not making any returns. A similar instance happened with my parents, which is why I started Finvesty.

Team Sociobits: Why did you choose your YouTube channel to be on finance?

Founder: I have found finance a very interesting subject and I used to enjoy studying it. So, the story goes like this: Once my parents went to the bank and a financial product was ‘sold’ to them. That investment tool had matured and they went to the bank expecting if they have saved one lakh rupee every year, so maybe they will get at least twenty lakhs. They were surprised that they didn’t even gain twenty percent in the span of ten years!

So we got in a spat with the manager and he was justifying that some other manager may have sold it to us ten years back. This went on for a while and I thought to myself that this is just wrong. Also, when I was talking to the bank manager, he was inquisitive about whether I also worked in a bank. I said no, I am just interested in the subject. He then told me that you understand a lot about this subject.

That’s when I realized that because of reading news and features related to finance and economics, I inculcated a lot of knowledge. So, things started coming very naturally. I also enquired other people around me whether they know all this too. That’s when I realized that in India, financial literacy is extremely low. This is a fundamental problem. We are not taught about finance in school. Schools and colleges only help us to get a job and earn money but nobody teaches us what to do with the money that we have earned. Also, parents are not able to teach their children about it because even they are unaware of it, and if they have the knowledge, then they don’t have time. I identified this gap and thought that someone has to do it; so we should do it!

We are not taught about finance in school. Schools and colleges only help us to get a job and earn money but nobody teaches us what to do with the money that we have earned.

We started the channel in 2017 and although we got the idea even before this, we were a bit scared and had a lot of questions in our heads. But we started figuring out things from the scratch and we always had that entrepreneurial spirit that we will figure out. 

Team Sociobits: You also stopped your channel in between, why did you restart it?

Founder: Yes, we took a halt in between because of a lot of reasons. I wanted to explore more opportunities and I also felt that it is not going anywhere. I felt that it is not creating the impact that it should be creating. But there was not one day when any of my subscribers told me that I should restart the channel. So I said okay, let’s give it a shot again.

Team Sociobits: Why did you choose Hinglish as the language of your content?

Founder: The base language is Hindi but we use a lot of English words in between. This is because the audience is from the metropolitan and tier-two cities, basically, the people that study in an English medium school but speak Hindi at home. The fusion of these languages helps us connect with our audience.

Team Sociobits: How do you decide what kind of content are you going to publish on your channel? And why did you shut down your channel in the first place?

Founder: This depends on a lot of factors. For example, if there is something that is popular right now and we can also teach it, we publish videos on it. We also get a lot of questions from our users so we decide our content by talking to them too. 

Team Sociobits: Speaking of crypto, what is your opinion on cryptocurrencies and digital currencies?

Founder: Crypto is not bad; all the revolutions come in this way. But personally, there are some things that I don’t like about crypto and there are some things that I love about them. So, I am still neutral.

But what I don’t like is that cryptocurrencies are not backed by anything. If you talk about any financial instrument, it is backed by something. Our currencies also have a ‘Sovereign body’ behind them. That’s not the case with crypto because it works on the basis of demand and supply. So, people are riding the wave.

I have personally met and spoken to a lot of crypto investors and everyone has their reason to invest in it. Some want to ride the wave while others feel that crypto is the future’s currency so they want to hoard it as much as they can.

Everyone has their reason but I would suggest that if you have a portfolio of multiple investments, then you should have crypto but it should not be above a particular limit. You should also take into account how your government is perceiving crypto. Recently, there was news that the government is looking to ban crypto because our government is not in the spirit to take up crypto.

You should also take into account how your government is perceiving crypto. Recently, there was news that the government is looking to ban crypto because our government is not in the spirit to take up crypto.

So, maintain a balance in your portfolio. Keep only that much amount of money that even if you lose it, you’ll be fine. 

Team Sociobits: Do you think that someone will be backing crypto in the future?

Founder: The whole idea is that we don’t need a body and that’s why we have crypto. So, the biggest benefit of crypto is also its biggest disadvantage. Suppose, a body starts controlling all the transactions that are happening in the crypto market, then the whole point of having crypto as a global currency will be questioned.

I personally don’t feel that a body of this sort is going to come any time soon, as every government has its own laws and of course, ride the wave.

Team Sociobits: Since you are restarting your channel now, what are you trying out this time? What’s new with Finvesty?

Founder: There is always a mental model that I try to apply which is, that whatever I am doing should 10x better than what the market is doing. Until and unless we do it 10x better than the others, we will not begin with it.

The channel that exists right now consists of whiteboards and animations with a basic voiceover and the whole idea is to teach people. So, our recent video was on recession and everyone has a lot of questions in their head with it comes to recession. But I have come to an understanding that information is a commodity. You can read 1000 articles about anything today. But the major problem is that no one wants to read now. Nobody wants education, they are looking for edutainment. So, they want to get educated but in an entertaining format. So, the animation will be replaced by a documentary form of videos with engaging scripts, voiceovers, etc.

Team Sociobits: You may have noticed that the attention span of people is reducing and long-form content doesn’t work as much as it used to. So how are you planning to grow?

Founder: One thing about content is that boring content doesn’t work. At some point or the other, all of us have binge-watched a web series in our lives and we don’t even realize how ten hours just flew by us. This is because it has been scripted and designed in a way that keeps you hooked. Your attention never diverts during this time and you just want to consume more of it. So, as someone who creates long-form content, if you don’t create content that will release dopamine or keep viewers hooked, then people look for a better alternative. So, this is a challenge for us and long-form content will work only if we can keep our viewers hooked.

As someone who creates long-form content, if you don’t create content that will release dopamine or keep viewers hooked, then people look for a better alternative.

The scope of short-form content is much more. Every platform is pushing short-form content.

Team Sociobits: What are your revenue sources? And your future plans?

Founder: As of now, it is brand placements, affiliates, and ad sources from YouTube and other platforms. These are our top 3 revenue sources. Currently, I am not looking to sell any courses as there are a lot of courses. Again, until and unless we make a course that is 10x better, we will not be selling it.

The idea is that once we set Finvesty completely, in terms of content and it starts working, we will multiply it with other channels. We are looking to put Finvesty at a particular level that it becomes THE channel for valuetainment, or edutainment in finance. Eventually, we are looking to start other channels as well.

After this interview, we can foresee ourselves sitting in front of our televisions or laptops and literally binge-watching finance. That’s the kind of education and entertainment we need to actually learn to manage our money and finances. 

Wondering how will the last selfie on earth look like? Here’s what DALL-E 2 suggests

Many of us believed that the world was going to end in 2012, and that didn’t go according to plan. So, a lot of people also predicted when the world will possibly end. All of us can take a guess, but believe it or not, it will happen someday. But have you imagined how will it look like when the world will be ending? Definitely disastrous. But here’s what the image-to-text generator, DALL – E 2 suggests.

A TikTok user, @robotoverloards posted a series of photos in a video that DALL-E 2 generated when it was asked what “the selfie of the end of the world” would look like. It also prompted “last selfie ever taken in the apocalypse”.Somewhere in the back of the mind, we knew that the end of the world won’t be exciting or nice but these images will send a shiver running down your spine.

These apocalyptic images depict zombie-like and skeletal humans. Humans resemble more like aliens in these images. In one of the pictures, we can also see Earth floating in the background which may suggest that the human race will move to a different planet. Many of them have similar scary-looking humans with their surroundings destroyed or vanished. But all of them are taking a selfie. The reaction of people is also interesting. (www.spinabifida.net) While some have accepted it, others seem to be having a hard time doing that and are even scared.

Recently, DALL-E 2 announced that it will be releasing the text-to-image tool to one million users from its waitlist. The company previously only gave access to a limited number of people so they can work on the limitations of the tool and minimize its misuse.

Before DALL-E 2, the internet was having fun with another text-to-image generator called Craiyon, previously called DALL-E Mini to create memes and hilarious stuff. When people were experimenting with DALL-E Mini or Craiyon, a lot of people pointed out that some of the generations that this AI tool created were racist. It was also pointed out that on searching a blank prompt, the tool generated images of South Asian women in sarees.

But that’s the thing with AI text-to-image generators, people can use their imagination and mind to create whatever they want to. And even if there are certain things that can actually be avoided by creating strict policies and regulations, these tools have some time to be ready for the whole world.

After short videos, TikTok set to explore the music streaming space

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Previously, in November, ByteDace, the parent company of TikTok had filed for a trademark for ‘TikTok Music’ in Australia. Now, according to the filing reported by The Insider, the company filed for a Trademark for ‘TikTok Music’ in May, in the U.S. Patent and Trademark Office.

According to the filing, this trademark would allow users to share, download, buy, play, recommend, playlists, comment on music, and a lot more on an application or service. Among a lot of other features, this application has been filed for, “providing online non downloadable videos, non-downloadable audio, still and moving images featuring music, songs, lyrics and presentation of online music videos via mobile device.” This also includes live-streaming music audio and video.

this application has been filed for, “providing online non downloadable videos, non-downloadable audio, still and moving images featuring music, songs, lyrics and presentation of online music videos via mobile device.”

TikTok Music will not be the first time that ByteDance will explore music streaming. In 2020, the company launched a music streaming application, Resso in India, Brazil, and Indonesia. This trademark filing also includes the description of some features that are similar to the Resso app.

Reports also suggest that ByteDance uses TikTok as a platform to drive traffic to its music streaming application in Brazil. The application essentially comes with a button that redirects you to Resso if you want to listen to the full version of a song.

According to data from Sensor Tower, the Resso app received 42.3 million downloads from Google Play and the App Store From January to May 2022. This not only suggests the popularity of this music application but also the potential that TikTok Music may hold. Although there is no guarantee that TikTok Music will be replicated according to Resso but it is definitely worth seeing.

After giving Meta the jitters, that lead the company to follow a full-fledged ‘TikTok’ way, a music streaming application sounds like a threat to the existing big players in the market. When a song becomes popular on TikTok, users turn to music streaming platforms to listen to the full version of it but this may be a game changer.

7 Common metaverse scams and 6 easy ways that you can avoid them

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Even though the metaverse is a brand-new idea, cryptocurrency and blockchains have been around long enough for us to be familiar with many of the problems associated with them.

However, it appears that scammers have discovered this technology to be very helpful in money laundering, identity theft, and conducting different scams.

Some sites don’t demand user identity verification, letting scammers experiment with new techniques without putting their own money at risk. This gives them the freedom to scam companies and clients without worrying about negative consequences.

With blockchain-based transaction crime reaching a record $7.8 billion in 2021 and hacks looming, it is clear that many metaverses are prone to scams.

How do metaverse scams work

Businesses and people using cryptocurrencies run a wide range of risks due to the metaverse and the larger crypto-related ecosystem.

In the metaverse world, for example, various schemes and strategies have already been applied or are about to be implemented, and experts think that new ways specific to these platforms will be developed.

1. Rug pulls

The most well-known opportunistic bad actors that come with new technology may be a digital token that was modeled after the Netflix series Squid Game and advertised as a play-to-earn metaverse game. It was quickly discovered that $SQUID was a total hoax, and the developers made off with all of the money.

2. Scam projects

The unregulated nature of NFTs and crypto allows for the appearance of scam projects on prominent markets as well as problems with intellectual property and copyright. For instance, Vice has already reported stories from the latter half of 2021, including the developer of an NFT project who vanished with $2.7 million.

3. Fake Reviews

Fake reviews can cause serious reputational harm, particularly on new platforms that rely on user transparency to prosper, keep their token price stable, and develop a devoted following. Negative reviews posted by automated users can easily lead to a drop in token value and a loss of revenue.

4. Multi-accounting

Fraudsters may attempt to create many accounts on a specific metaverse site in order to misappropriate promotions or launder money obtained unlawfully. One possible scenario involves a fraudster purchasing an NFT with filthy money from another account they also control with the intention of withdrawing once the NFT is sold to an honest user.

5. Irreversible transactions

Due to the open-record information on the blockchain, cryptocurrencies are renowned for their transparency. A transaction, however, may be nearly impossible to undo once it has been completed. When compared to offline transactions, this goes against some consumer expectations.

6. Data breaches

Email data leaks are a major issue worldwide. Metaverse platforms must make sure that user data is protected as technology becomes more widely available or risk losing user confidence.

7. Virtual World Fraud

Remember that long before cryptography was created, the problems being discussed were present in online games like The Sims, World of Warcraft, and Second Life. There is also a case to be made for the need for improved preparation on the part of gaming enterprises in this region.

How To Avoid Scams In The Metaverse

It will never be simple, so expect difficulties. Fraud prevention is a never-ending struggle, and con artists will undoubtedly see platforms as being full of fresh chances to find flaws, experiment with new techniques, and ultimately defraud companies and individuals.

Platforms can take various measures prior to launch to strengthen security and keep out fraudsters so they don’t get a chance to test the new territory. Let’s look at a few.

1. Minimize silos

Fraudsters don’t just stumble into schemes; they are deliberate criminals who research sectors, test alternative business models to discover which strategies succeed, and frequently even share knowledge with others.

Information frequently gets trapped in silos, which is a problem for risk/fraud managers who require a holistic view of the company’s information to identify links between dangerous customers. Large information gaps that can have an impact on income, security, and the effectiveness of decision-making can result from a lack of communication and transparency between teams.

Using machine learning may support the organization of data and automate simpler decisions, in addition to testing various solutions that can assist in generating a complete 360-degree perspective of the business.

Before applying new rules, businesses can research previous data and make suggestions using machine learning and a test environment.

Using machine learning may support the organization of data and automate simpler decisions, in addition to testing various solutions that can assist in generating a complete 360-degree perspective of the business.

An operation must be open and give full access to its risk team or the business it is outsourcing its anti-fraud operations to in order to assure total protection.

2. Multi-layered defenses

Machine learning is just one component of an advanced product stack for risk management that will assist metaverse platforms to safeguard their users and business.

There should also be additional solutions that support the machine learning method on top of this. Onboarding, logging in, and transacting users are frequently automatically accepted or rejected based on an overall risk assessment provided by suppliers.

Blackbox AI will be the method of choice for various platforms because it handles the majority of choices without requiring human involvement. Whitebox AI, however, may be more helpful for early-stage launches to reduce the rate of customer insult.

This is so that humans reading the results can pick and select the portions of the analysis that are most pertinent to the current scenario because Whitebox ML offers complete transparency in the reasoning behind why a decision or a score has been achieved.

3. Browser and device fingerprinting

In other words, being able to recognize someone’s device settings can assist you to identify emulators, virtual machines, and bots.

Unseen gadgets should be another warning sign of potential danger, though it’s important to keep in mind that some metaverses will be accessible on a variety of devices, which might again lead to a high customer resentment rate if you rely solely on this.

Knowing the customer’s devices, location, and setup can be a really easy approach to discovering misalignments and potential threats as more hardware, including VR headsets, PCs, and mobile phones are being used.

4. Digital footprint analysis

When a user signs up, seeing their digital footprint is really useful. Because the majority of true users will have some sort of online imprints, such as social media activity, web platform activity, or instant messaging accounts, organizations can validate accounts with simply an email or phone number.

5. IP scanning

Knowing an honest user’s IP address and then noticing a striking disparity should immediately raise an alert.

6. Two-Factor Authentication (2FA)

If there are inconsistencies, certain services can enforce the necessity for two-factor authentication, which increases friction but in some cases offers consumers better protection.

For metaverse/web 3.0 businesses, there is a lot of excitement, a lot of money, and a lot of potential to become dominating players, make a lot of money, and fundamentally alter how we interact with one another.

it’s crucial that platforms pay equal attention to new features and risk management procedures. If not, the general public will rapidly lose interest and therefore, trust.

But in the beginning, it’s crucial that these platforms pay equal attention to new features and risk management procedures. If not, the general public will rapidly lose interest and therefore, trust.

These businesses should be able to better grasp the common dangers associated with emerging technologies that accept alternative payment methods by drawing from the experiences of sectors that have had rapid growth in recent years, such as esports, igaming, and crypto.

Building the Metaverse: Will there be a body that will govern the metaverse?

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A complex fight for control of a future world is unfolding that few comprehend but might affect our lives in the coming years. While the early metaverse can seem confusing or even foolish to a visitor for the first time, significant investments and new technology are suddenly making a far more advanced version accessible. We must now address the crucial question of who will be in charge. Will companies own the metaverse, or will it be open and decentralized like the infrastructure of the Internet?

The term “metaverse,” which is now more of an idea than an actual location, refers to a large, immersive digital universe that is inextricably linked to the real world. While the gaming industry has made innovations, the metaverse is poised to have an impact on a wide range of aspects of our life.

We learnt how to socialize, work, learn, exercise, and play through screens as the COVID-19 pandemic forced individuals of all generations to blur the barriers between online and “real” life. This change set the stage for the metaverse to more easily entwine itself into our daily lives. When we break free from screens, this will accelerate. While the early metaverse is a shared virtual world we visit, augmented and virtual reality technology will eventually allow us to access it as we go about our daily lives. The competition to rule our new digital frontier has intensified in this context.

While the early metaverse is a shared virtual world we visit, augmented and virtual reality technology will eventually allow us to access it as we go about our daily lives. The competition to rule our new digital frontier has intensified in this context.

Battle Lines Have Been Drawn

Companies like Facebook, which want to control our access to the metaverse and the revenue it generates, are on one side. This is similar to how they did with the present web. Pioneers working for an open architecture that accepts a wide ecosystem of builders and is regulated by the community as a whole are on the other side. These newcomers, armed with cutting-edge technology like blockchains, are battling for a decentralized and interoperable metaverse where people may truly own digital assets and value is shared by everyone who is contributing to the network.

Established companies are using a vast arsenal in their effort to rule the metaverse. Tech giants like Microsoft and Roblox believe that the metaverse will be the next hub for commerce and social interaction. And where people congregate, money can be produced. With the aim of having the metaverse reach one billion users and generating hundreds of billions of dollars in digital commerce by the end of the decade, Mark Zuckerberg has proclaimed that Facebook will become a metaverse corporation, not a social media company, in the next five years. Even the company’s makeover is expected to emphasize the metaverse.

Tech giants like Microsoft and Roblox believe that the metaverse will be the next hub for commerce and social interaction. And where people congregate, money can be produced.

Travels into the early metaverse run the risk of making the outsider write it off as a toy. Working together in a group can feel a bit ludicrous. Avatars move jerkily when they walk. It’s simple to become lost. Unexpected digital art can appear on a conference stage.

Deep Implications from Early Metaverse Work

But it’s crucial to comprehend the consequences of this early work given its potential to shape our future. Two worldwide metaverse festivals occurred concurrently, providing a window into the opposing camps in the current struggle for power. One was built by a well-known gamer, the other by a forerunner in the decentralized metaverse. In collaboration with music event producer Insomniac, Roblox, a publicly traded business with 2020 sales of $924 million, hosted the first virtual music festival on the Roblox platform. The first Metaverse Festival was hosted concurrently in Decentraland, an open virtual environment that is entirely owned by its users.

Both occasions provided us a taste of how digital technology can improve the event-going experience, how live performance can be seamlessly incorporated, how exclusive experiences can be weaved in, and how we can now assemble regardless of where we live on a global scale. However, they also provided us with a preview of the upcoming trade-offs.

The Roblox experience was top-notch, featuring high-end corporate digital experience design. The virtual experience provided games, virtual tents, and artist meet-and-greets in addition to integrating the live stages and outstanding lineup from the Electric Daisy Carnival (EDC) in Las Vegas.

With performances by more than 80 artists, including Deadmau5, a merchandise area for NFT wearables, and even digital portable toilets, Decentraland’s festival was thoughtfully planned and organized. The Decentraland festival felt more organic and unproduced, like the community endeavor it was.

The most startling aspect of Decentraland, though, was what took place behind the scenes. People can directly own and cultivate digital land in this universe. They can immediately transact business with other players. And through a Decentralized Autonomous Organization (DAO), its users control policies independently rather than relying on a corporation to run the globe.

It’s important to look deeper than the obvious answers when deciding what kind of digital environment we wish to inhabit. Large digital businesses excel at creating highly engaging user experiences, but doing so at the expense of our data and control. Blockchains and tokens provide peer-to-peer value exchange, direct ownership of digital assets, and community governance, but the market is still developing and the user experience is still quite difficult.

We are facing the turning point that will determine how the metaverse will function ultimately, much before we reach a genuinely immersive metaverse. Will a select few companies set the rules, or will we find a way for society to come together and build a thriving metaverse that is managed and governed by its users?

New NFT trends that will drive the entertainment industry

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NFTs were swiftly adopted by a variety of industries and quickly took the globe by storm. NFTs swiftly gained popularity in the entertainment sector by utilizing the blockchain as a base and the influence of popular culture.

The entertainment industry is seriously investigating what NFTs can achieve, from Stranger Things releasing NFTs ahead of the most recent season to Coachella revealing NFTs as entry passes this year.

Even as NFTs firmly establish their influence in the entertainment industry, a number of trends are emerging. The following are the top NFT trends that have the potential to dominate entertainment.

NFTs as play-to-earn games

Gaming is one area of the entertainment industry that has adopted NFTs very strongly. In recent years, GameFi, which provides games while utilizing blockchain technology, has gained a lot of popularity. The popularity of play-to-earn games has been one factor in this. Players can receive awards for their participation in these games.

The world has obviously taken notice of these prizes, which can range from NFTs themselves to actual currency.

Play-and-earn NFTs games have a possibility to succeed when they are given a chance, and there are numerous recently launched games that have emerged as shining examples of what may be done.

Play-and-earn NFTs games have a possibility to succeed when they are given a chance, and there are numerous recently launched games that have emerged as shining examples of what may be done. One such example is BeaRex, a blockchain-based game that uses the traditional “runner” setup.

When it comes to play-and-earn opportunities, this essentially gives players the best of both worlds. BeaRex also plans to issue a multi-series, with NFT holders profiting from its distribution.

The play-and-earn system that BeaRex is based on combines the play-to-earn and free-to-play models in addition to the play-to-earn component. This means that users have a choice between playing for free without having to purchase an NFT and purchasing an NFT in order to receive rewards for their efforts.

This provides gamers with the best of both worlds in that they can participate in play-to-earn or abstain as they see fit. In the future, BeaRex also plans to release a multi-series.

Watch-to-Earn

In the era of free internet information, advertisers know perfectly well that user attention is worth a lot of money. By attracting and retaining viewers, streaming websites, influencers, and many other people are making millions of dollars. However, these financial benefits are rarely returned to the audiences.

The blockchain sector has made attempts in recent years to level the playing field. It all started with services like Brave, a blockchain-based browser that rewards users with cryptocurrency for watching commercials. The NFT industry is increasingly embracing this concept with the help of giants like Coub.com, a creative video platform created ten years ago that receives over 100 million visitors annually.

The blockchain sector has made attempts in recent years to level the playing field. It all started with services like Brave, a blockchain-based browser that rewards users with cryptocurrency for watching commercials.

Coubs are 10-second videos that became popular well before TikTok dominated the industry. These video snippets are typically jam-packed with pop culture references and meme-worthy material. Although Coubs have been circulated virtually constantly on the internet for years, the future product version based on Web-3 technology is anticipated to redefine the interaction model by paying individuals who produce and view such movies.

Despite the decline in crypto, NFTs are still growing; Hollywood has caught the fever, with Madonna and Justin Bieber joining the trend and model Bella Hadid launching her own collection. But as interest in digital collectibles grows, it is crucial that all creators, including the lesser-known ones, have a chance at success.

Growth Channel is an automated marketing intelligence tool that aims to accomplish this. The NFT marketing sector is quickly growing, but smaller enterprises run the risk of being shut out of the market given the number of resources being invested in the sector.

OpenAI is giving DALL-E 2’s access to 1 million people from the waitlist

Open AI had previously released its text-to-image generator DALL-E 2 only for a few researchers and experts to test it out. To get access, people had to sign up for a waitlist. This was because there were certain limitations and concerns that the company still had to address.

In May 2022, the company released an update where they announced they will be giving access to 1000 people every week to try out this tool after testing the limitations. Recently, the company announced that it will be inviting one million users on the waitlist to access DALL-E 2. This number is a huge leap from the number of people who already have access to the tool.

So now, people will be receiving 50 free credits in the first month and 15 free credits in the following months. Essentially, users will spend one credit for each prompt that they enter in the tool and it will generate four variations. With this, users can also purchase 115 credits for $15.

People will be receiving 50 free credits in the first month and 15 free credits in the following months. users will spend one credit for each prompt that they enter in the tool and it will generate four variations. With this, users can also purchase 115 credits for $15.

Open AI has also introduced features like Edit to make “realistic and context-aware” edits to their image generations. Collections will also enable people to save what they have created on the platform itself.

This release which will take place over the span of a few weeks will also give users the usage rights to the images that they generate, including commercial rights. This means that now you can use the generations on book covers, t-shirt prints, marketing brochures, etc.

To ensure safety and avoid misuse of the tool, the company has implemented certain measures. One of them is the rejection of uploading images that contain realistic faces. It has also worked on more accurate content filters that won’t allow users to generate images that violate the company’s content policy. The company has also mentioned a technique they have applied that reduces bias in the generation. The announcement says, “This technique is applied at the system level when DALL·E is given a prompt about an individual that does not specify race or gender, like ‘CEO’.”

While the company is trying to make DALL-E 2 more accessible to users, there are still some questions and hassles that will probably become clear once more people start using it.

Featured Image Credits: openai.com

Top 6 common NFT scams and ways you can avoid them

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Having looked at 2012, colorful coins were the first indication of what we now refer to as non-fungible tokens (NFTs) or nifties for some. Ten years later, everyone is talking about these blockchain-based assets that can represent just about anything, notably in the entertainment, sports, and video game industries.

In just the past year, the market for non-fungible tokens (NFTs) has grown dramatically to become a multibillion-dollar sector of the cryptocurrency market. Top collector’s pieces can sell for $30,000 or more, including rare items from the Cool Cats and Bored Ape Yacht Club collections.

The market is still driving cryptocurrencies worth thousands to millions of dollars, providing lots of opportunities for scammers and raising many questions about the security of this commodity. A digital wallet may be hacked using malware or social engineering strategies. Because the NFT industry is unregulated, it provides a breeding ground for all types of scams. A number of businesses, including Adobe, are working to develop authentication marks that will make it simpler to confirm a token’s integrity. This is a fast-paced environment that depends significantly on user activity despite some anti-fraud obstacles.

Here are some typical NFT scams you should be aware of and some tips on how to avoid being a victim:

1. Phishing scams and suspicious pop-ups

You must create an Ethereum blockchain wallet in order to purchase your first NFT. For those who collect NFTs, MetaMask may be the most well-liked Ethereum wallet. However, a recent phishing scheme that used fake adverts to solicit users’ private wallet keys or 12-word security seed phrases targeted MetaMask users (a big red flag). Additionally, there are phony harmful pop-ups that operate through Discord, Telegram, and other open forums and link to login pages for well-known websites like MetaMask.

A bad actor can steal all of the cryptocurrency in your digital wallet if they manage to obtain your private information through a phishing effort.

A bad actor can steal all of the cryptocurrency in your digital wallet if they manage to obtain your private information through a phishing effort.

How to prevent these scams

Typically, you will just need your seed phrase to create a physical backup of your crypto wallet or to restore it. The MetaMask pop-up and all other pop-ups should never be used to enter information. Never use links, pop-ups, or your email to enter your information while transacting with cryptos; always go directly to the verified website. Write down your seed phrase on paper, but never disclose it to anyone or even save a picture of it on your phone.

2. False identities and catfishing

It’s simple to fall victim to catfishing because NFT sales are conducted digitally and all marketing is done via social media. It can be challenging to determine which popular NFT groups are genuine or not because influencers and celebrities frequently work with them to promote them.

How to prevent these scams

Never reply to a direct message from someone who identifies themselves as a founder, celebrity, or influencer. C-level staff will never DM you unless you first send them a message or you reach an actual agreement in a public Twitter thread or Discord channel, according to NFT protocol that is widely accepted. In the NFT universe, don’t open links or share any secrets if someone DMs you first.

3. Pump-and-dump

In the crypto and NFT realms, pump-and-dump scams are unfortunately becoming more predictable. The term describes the process by which a group of people buys a lot of NFTs or money and artificially raises demand. Once they are successful, the scammer payout at high prices, leaving others who did not join with worthless assets.

Similarly, you may have heard the term “paper money” to describe NFT initiatives that aren’t technically frauds but have limited liquidity as a result of a small number of pushy buyers.

How to prevent these scams

Whatever project you are interested in, look into its history and wallet records. The transparency of blockchain technology is really helpful in this situation. View the number of transactions and purchasers for the NFT collection on OpenSea or any other NFT marketplace. You can view each incoming and departing Ethereum blockchain transaction with EtherScan.

Join the project’s Discord server and follow it on Twitter as well. A project needs a good number of interested investors and collectors as well as an active community where people interact, engage, and share information in order to have excellent liquidity and/or lasting artistic or communal value.

You can view each incoming and departing Ethereum blockchain transaction with EtherScan.

4. Bidding scheme

The secondary market is where most bid-rigging scams take place after you’ve bought your NFT and are looking to sell it to the highest bidder. The cryptocurrency utilized by bidders may change after you offer your NFT for sale and without informing you. For your preferred NFT, you may obtain $5 rather than 5 ETH (approximately $15,000–$20,000).

How to prevent these scams

Verify the currency used twice, and never accept a bid that is less than what you desire.

5. NFTs that are fake or plagiarised

It’s important to realize that minting a piece of artwork as an NFT does not guarantee intellectual property (IP) ownership. Whether or not they possess the IP rights to the image, anyone can convert any snapshot or image into an NFT thanks to OpenSea’s user-friendly software. Scammers and other undesirables might easily steal an artist’s creation and create a phony OpenSea account to post and auction off bogus artwork. Once the community learns about the scammer’s activities, this would effectively render your NFT worthless, and there would be no way to get your money back.

How to prevent these scams

Make sure the artwork you are purchasing is from a verified account before purchasing an NFT from any marketplace. On OpenSea or other NFT markets, look for the blue check mark next to the artist’s profile photo. If there isn’t, you can find the artist online via their website, Twitter account, or other social media platforms. Ask them personally if the piece of art you want to purchase is theirs and if your user profile is appropriate. Inquire with other members of the community and check to see whether the artist or NFT project has a Discord channel.

Keep an eye out for fake blue checks. A blue checkmark on the outside of the profile image, not inside, indicates a genuine verified account.

6. Unreliable storage sites

This is an example of an ethical grey area, rather than a scam. NFTs can disappear after being purchased. This is so because the NFT, the contract that resides on the blockchain, is distinct from the original piece of art. Consider the scenario where you publish an original music MP3 to a website like OpenSea. When a buyer is prepared to purchase it, they submit a bid and pay you in ether, which will result in the creation of a smart contract, a digital record of ownership.

The blockchain is where the smart contract is actually created. However, the file you supplied is distinct. Although it may sound abstract, keep in mind that NFTs are only about asset ownership—the asset itself might be anything.

Decide on a reliable central platform if you plan to store the artwork, house deed, or other digital content that was included with the smart contract there. And avoid purchasing an NFT that simply contains an image link to a URL.

Decide on a reliable central platform if you plan to store the artwork, house deed, or other digital content that was included with the smart contract there. And avoid purchasing an NFT that simply contains an image link to a URL. Any page or piece of artwork that is kept at that URL is subject to change at any time without your consent, leaving you with a token that essentially points nowhere.

How to prevent these scams

If you purchase an NFT, be careful to also acquire full ownership of the tangible or digital asset (in the form of a JPEG, mp3, or PDF file).

The number and variety of modern scams that you can fall for are a little frightening. Every other week, cybercriminals develop new tricks to deceive people as they get more creative and clever. However, you’ll undoubtedly keep yourself safe when exploring the fascinating world of NFTs if you remain cautious and knowledgeable about the various frauds that exist and how to spot them.

Mr. Deepak Pareek wants to use AgTech to empower farmers and create a better future for the world

When it comes to AgriTech people still don’t know how important it is for us and our future generations. But like everywhere else, technology can play a big role in helping farmers and also ultimately helping everyone to get nutritious and healthy food.

Mr. Deepak Pareek is an agricultural enthusiast that loves to spend his time on the farms, interacting with the farmers. He has been the founder of many AgriTech companies and is now the CEO of AgriWatch and also an investor in AgTech startups.

He was recognized as a Tech Pioneer by the World Economic Forum in 2018 and is still modest to not call himself an expert but a good learner. Here is an extremely interesting and insightful conversation we had with Mr. Deepak Pareek.

Team Sociobits: Could you walk through your journey from having a job to being a founder and now also an investor?

Mr. Deepak Pareek: All of us know that we need to have a job to earn our living and I started my career long back with Exim Bank and then moved on to work with a lot of corporate companies. In 2008, I shortly interacted with the then Chief Minister of Gujarat and the current Prime Minister of India, Mr. Narendra Modi and we worked very closely with the CMO to use social media on the concept of CM to CM (Common Man to the Chief Minister). This galvanized my thought process that a lot can be achieved through the power of data and social media when your key focus is to reach out to people. That’s when, in 2011, I took a plunge as an entrepreneur and created my first company called HnyB which was a social media data platform, which I eventually exited in 2015.

“In 2008, I shortly interacted with the then Chief Minister of Gujarat and the current Prime Minister of India, Mr. Narendra Modi and we worked very closely with the CMO to use social media on the concept of CM to CM (Common Man to the Chief Minister)”

Then agriculture got into my heart; I used to read in the newspaper that farmers are killing themselves whether they are in Jakarta or India and I realized that the problem is deeply rooted. I thought my understanding of data science and technology can be utilized to solve some of their challenges so I created my first AgTech venture. I moved on to create and exit many more AgTech ventures and now I am an investor.

I invested in some AgTech companies and I am also on the Board of several Accelerators and Incubators. I also co-founded a capital company called Benzai10 and I am still focused on AgTech and FoodTech.

Team Sociobits: If you had to describe ‘Deepak Pareek’ in one line, what would that be?

Deepak Pareek: A bundle of energy who is passionate and compassionate too.

Team Sociobits: What made you passionate about agriculture?

Deepak Pareek: In 2014, I was looking to do something in my life that could have a social impact too, and fortunately for me, I didn’t know much about agriculture except that food comes from agriculture. Which is still better than today’s generation that thinks food comes from Zomato and Swiggy. But our farmers know that we get our food from agriculture. So I started understanding the sector, traveled all the way till Ghana with the farmers, and understood their problems. And I could see the major challenge that information is extremely critical and empowering in agriculture. Unfortunately, those who need them the most; the farms, don’t have access to it.

Information is very limited in the hands of very few people and it is centralized in governments and corporates. There I could see that people like me who have the knowledge and understanding of technology can intervene and ensure that all the stakeholders in the ecosystem especially those who need them the most and are at the base of the pyramid can leverage this and ensure that their standard of living improves.

This started to motivate me because there are around ten million farmers only in South East Asia and a majority of them are below the poverty line so the impact could be huge. Another thing that motivated me is that I want to give a better world to the next generation. I have a son and I don’t want him to live in a world where water is not available, the air is polluted and the food that he eats gives him more cancer than actual nutrients. I believe it’s my due to the next generation and this is where my passion for helping the farmer get good food to people became my life mantra rather than just a business.

Watch the full conversation

Team Sociobits: Can you explain how is tech helping agriculture?

Deepak Pareek: To explain this, I’ll give you an example from my own company, AgriWatch. We always say, ‘Poor Farmer’, the reason being when he goes to sell his produce, he doesn’t know at what price can sell it because he doesn’t have access to information. So he lands up with his truck of wheat, soybean, or rice in a mandi, and then he depends on God, the government, or the trader. This is not an ideal situation because whenever you are manufacturing something as an industrialist, you know at what price you will be selling your product.

Now, if you are able to empower the farmer with the right kind of information, even before sowing; for example, if a farmer is growing sugarcane, and we tell them what is the realization going to be then they can make a choice accordingly about what they want to grow. This ensures he gets more money in his pocket when they are selling the produce.

If you are wondering how we come up with the prices, then we do have a lot of analytics involved, it depends on historical prices, demand, supply, and yields, then we also use remote sensing to find out what is the health of the crop. Based on this we are always able to tell the farmer what the expected cost or expected market price of a specific commodity is. This helps the farmer, small traders, and everybody who is not empowered. This is where I believe that tech is playing a big role.

Apart from AgriWatch, there are many companies that use AI, Machine Learning, and IoT, which enables them to advise the farmer across the process of cultivation. Basically, information like when to grow, how to grow, and what to grow are available. These companies can also advise farmers on issues like the chances of infestation of pests and the best way to take care of this. There are many such examples that these companies are doing to help farmers across the ecosystem.

Team Sociobits: Since most farmers are from tier-two or tier-three cities, how receptive are they to adopting technology in their farming processes?

Deepak Pareek: If you go with just the data, you will find that farmers not adopting the tech based on this. So I would say that 30% of the farmers may be having some form of intervention when it comes to technology. I am talking about India, the number globally is even less. The million-dollar question is ‘Why are farmers not adopting technology?’

In the 1960s, we told farmers that if they use fertilizers, they will become rich. In the 70s-80s, we told him to use pesticides to become rich. In the 90s we asked him to use mechanization to become rich, we also told him to use GMO seeds or products to become rich. But he has never become rich!

In the 1960s, we told farmers that if they use fertilizers, they will become rich. In the 70s-80s, we told him to use pesticides to become rich. In the 90s we asked him to use mechanization to become rich, we also told him to use GMO seeds or products to become rich. But he has never become rich!

So, essentially, our farmers have lost a little bit of hope which is why before adopting anything they first want to see the value. So, now that we are telling farmers to use technology, he takes it with a pinch of salt and evaluates. The technologies that can demonstrate successfully, that he is making more money makes him more comfortable. For example, During COVID-19, the total growth in the tractor industry was far more than in the automation industry.

So, if these technologies can display their value to the farmers, they definitely adopt them. But unfortunately, we live in a fool’s paradise, we talk to farmers about ‘blockchain’ and topics that he has no idea of. So, we really need to ensure that we can demonstrate the value of technology to our farmers in the right way.

Team Sociobits: Since you are also an investor in AgriTech startups, do you have any set of tips that the new investors can follow?

Deepak Pareek: Based on the current market scenario, those who are looking to invest in the AgTech domain, and don’t completely understand agriculture, then you show go to the established players who have revenue and traction. Unit Economics is the metric that you need to look at. I am a fan of this metric because going forward you need profitable companies and not just revenue-generating companies.

So, go for companies that show profitability and have profitability in the projections for the next two or three years. And people who understand agriculture, I don’t need to explain anything to them because I have also learned a lot from those people.

Those founders who are willing to interact with the farmers to understand their problems are extremely important. Another thing is that you need to be compassionate about the problem that you are solving.

Team Sociobits: As an investor, what are the qualities that you look for in a good founder?

Deepak Pareek: I’ll restrict my answer to the AgTech and FoodTech industry because I believe that the founders in this sector need to be a little different. While there may be some converging qualities between the sectors, I believe that everybody knows about it. In AgTech, you really need to be passionate about agriculture. I also love those founders who roll up their sleeves and get into the farms. You won’t get the right solution without being on the field and talking to the farmers. Those founders who are willing to interact with the farmers to understand their problems are extremely important. Another thing is that you need to be compassionate about the problem that you are solving. Agriculture has a lot of challenges, you cannot think of a so-called holistic solution for everything. So, choose your battle rightly and make sure you are the best in tackling these challenges.

Summing it up in three tips: Focus, be with the farms, and ensure that you are compassionate about the field.

Team Sociobits: What are some of the challenges that anyone in the AgTech industry can face?

Deepak Pareek: Unfortunately, our ultimate end user, the farmer is already at the base of the pyramid. If you are standing in front of 100 people, he’ll be the 99th or 100th person when it comes to economic capability. So you need to devise a model where technology creates sufficient value for the farmer to pay back what he has invested or create an ecosystem with corporates or governments who pay for the farmer is adopting. So this is one of the biggest challenges, who pays for the adoption of technology?

The second challenge is that food is a social, political, and economical question. So the government will always intervene. This can sometimes overwhelm the founder where he starts thinking I am doing something of social impact and starts to lose the vision and forgets that he is also an entrepreneur and he has to pay to run his company. So, founders start to become socialists while trying to solve the problem. I also believe that some of the problems in agriculture can only be solved by having the right capital in place.

The third challenge is that everyone believes they know everything about agriculture and it’s an easy subject. Since we eat food every day, people start to believe that they know a lot. A lot of people need to understand what they don’t know. This is where modern technology and digitization are helping by removing assumptions from the decision-making process.

Governments, corporates, farmers, and founders need to shift from assumption-based decision-making to fact-based decision-making.

Team Sociobits: Where do you see the AgTech industry five years down the line?

Deepak Pareek: I will bifurcate this question into a global context and an Indian context.

Speaking of India, we are talking about roughly around 80 million to 230 million farmers. India is the country with the maximum number of farmers. The sector is huge with around $410 billion worth of agriculture GDP. This is a humongous and also highly inefficient market with minimum digitization. So, this creates a huge opportunity. The tech sector will be able to draw huge value from agriculture.

From the global perspective, the global market is roughly around $13.8 billion growing around 60-70%, which is also a huge opportunity. Predominantly, the technology development or implementation is happening in Europe or the U.S. but their challenges and problems are different.

Going forward I believe that Southeast Asia will be the biggest market, followed by Africa, and this is where you will find a lot of traction, and a lot of startups will be coming in. I have no doubt that this market is going to be $30-40 billion over the next four or five years.

Team Sociobits: Since you have experienced so many things in life, is there any message that you would like to give young entrepreneurs?

Deepak Pareek: I would like to say that don’t be an entrepreneur because of the glamour. Just because you come across someone wearing a t-shirt that says ‘I only date founders,’ don’t get influenced by that glamour. You should really need to focus on whether you really want to solve that problem. And if you want to solve that problem, do you think there exists a need for that solution? Because sometimes we try to solve the wrong problem and eventually get burned out. Lastly, you need to have patience and you need to have compassion too. AgTech is a sector that creates a social impact but you really need to have patience. It doesn’t work with the 3-6-9 cycle.

Mr.Pareek is rightfully encouraging AgTech startups and the use of technology in the agricultural industry because of the value it holds, not just today but also in the future. We can say that technology can literally help every industry.