Stanford Blockchain Club Project, Honestnft, is Establishing Vigilante Nfts to Support the Bounty System That is Successfully Uncovering Nft Shortcomings and Other Bad Actors
Palo Alto, CA, March 07, 2022 (GLOBE NEWSWIRE) — (via Blockchain Wire) HonestNFT (https://honestnft.xyz/), the community focused on making NFT drops fair and equitable, today announced its own NFT drop, the Vigilantes, to help support its mission as well as compensate its community of analysts and coders who are identifying NFT shortcomings and other bad actors. Both the presale price and the Dutch Auction reserve, or minimum, price for purchasing a Vigilante NFT will be 0.1 ETH.
The drop will consist of 3,777 unique masked NFTs with varying traits available for purchase with both masculine and feminine versions of the NFT “Vigilantes.” These are the only NFTs in HonestNFT’s Vigilante Army collection that are available for purchase and tradable. Starting on Monday, March 7, and lasting 48 hours, the first run of 600 Vigilante NFTs will be available for minting. The remaining Vigilante NFTs will be available for purchase in the public sale starting on Wednesday, March 9, and will last until supply runs out.
“As NFTs become more popular, bad actors are tipping the scales in their favor to receive an increased chance of receiving rare NFTs, undermining hard-working creators and honest investors,” said Ricardo Rosales, CEO of Convex Labs. “We want to build a community that fights such exploits, while making NFTs more equitable, and the Vigilante NFT will help directly contribute to future activities serving HonestNFT’s mission, while scaling up both the numbers in our community and the numbers of NFT campaigns we can target.”
HonestNFT’s code can be used to examine NFT launches and grade them based on a metric developed by HonestNFT called HonestScore. Modeled after the Ethereum bug bounty program, the HonestNFT community of crypto technologists can earn ETH, NFTs, and other rewards for finding dishonest drops or improving the project’s codebase. HonestNFT has also open-sourced its code (https://github.com/Convex-Labs) to help everyone within the NFT community identify bad actors.
HonestNFT was incubated out of Convex Labs, a crypto innovation network led by former and current leaders of the Stanford Blockchain Club with expertise in blockchain forensics, quant trading, organizational design, and venture capital. Over the last several months, in pre-launch, the project has been releasing guides, frameworks, audits, and case studies to help NFT creators and collectors better understand NFT vulnerabilities. As part of its campaign for full transparency, HonestNFT has posted and will continue to post bad actors it has identified on the Convex Labs Medium page.
HonestNFT is the premier community for making NFT drops fair and equitable. It is the first project incubated out of Convex Labs, a crypto innovation network led by former and current leaders of the Stanford Blockchain Club with expertise in blockchain forensics, quant trading, organizational design, and venture capital. For more information, please visit https://honestnft.xyz.
About Convex Labs
Convex Labs is building a crypto network reshaping the future of innovation and work. The company is founded by former and current leaders of the Stanford Blockchain Club with expertise in Blockchain Forensics, Quant Trading, Organizational Design, and Venture Capital. The network members conduct research and generate insights that are commercialized through market-making, investing, development consulting, and incubation. At the moment, the team conducts research with focus on identifying security vulnerabilities and inefficiencies in the ever-evolving world of public blockchains. They’ve started there because they believe that though blockchains enable trust-less interactions, the industry has a major trust problem. They envision a future where public blockchains are robust enough to solve some of society’s most important issues.