By Matthew Gould, Founder and CEO of Unstoppable Domains
... Companies that make it easy to bet, trade crypto, and buy NFTs are undoubtedly providing an in-demand service, but this can come at the expense of consumer’s financial health. Companies should be willing to trade short-term revenue for the overall reputation of the NFT sector and the well-being of its participants. This starts and ends with education—helping people understand that volatility and market corrections are normal—but responsible companies should also put some tactical measures in place that can help.
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Proactively Protecting the NFT Community
First, platforms selling NFTs should take active steps to protect against the reckless accumulation of NFTs. For example, we’re implementing automated outreach to users who exhibit risky behavior. If someone is buying digital collectibles too quickly, they will receive an email to remind them of the risks and provide them resources. As with problem gambling, algorithms can recognize this behavior, offer targeted support and even restrict access to these sites.
read more (Nasdaq)
... Companies that make it easy to bet, trade crypto, and buy NFTs are undoubtedly providing an in-demand service, but this can come at the expense of consumer’s financial health. Companies should be willing to trade short-term revenue for the overall reputation of the NFT sector and the well-being of its participants. This starts and ends with education—helping people understand that volatility and market corrections are normal—but responsible companies should also put some tactical measures in place that can help.
...
Proactively Protecting the NFT Community
First, platforms selling NFTs should take active steps to protect against the reckless accumulation of NFTs. For example, we’re implementing automated outreach to users who exhibit risky behavior. If someone is buying digital collectibles too quickly, they will receive an email to remind them of the risks and provide them resources. As with problem gambling, algorithms can recognize this behavior, offer targeted support and even restrict access to these sites.
read more (Nasdaq)