In the world of NFT trading, Franklin’s story has recently gained attention. With a series of tweets by the handle @web3bandit, Franklin’s trading journey and the ethical implications of his actions have come to light. From fat finger trades to market manipulation, leverage farming, and gambling, Franklin’s trading practices have raised important questions about the ethical considerations in the NFT space. As the NFT community gathers for events like #NFTNYC23 to discuss the future of the industry, it’s crucial to reflect on the lessons learned from Franklin’s story and examine the ethical aspects of NFT trading.
Let’s start
Franklin‘s trading journey is rife with mistakes and questionable actions. He openly admits to market manipulation with a heartfelt apology “if that hurts the community.” He has been involved in Blur bids, a technique used to manipulate floor prices of NFT collections, and has pumped a significant amount of ETH into online casinos like Rollbit and Dice2Win, even after the latter went down. Franklin’s actions raise several ethical concerns, including transparency, accountability, due diligence, and the promotion of toxic behaviors in the NFT trading scene.
Note: Beware of this 2 Online Casino Sites : Rollbit and Dice2win
One important lesson from Franklin’s story is the need for accountability in NFT trading. As an industry that operates on blockchain technology, transparency and accountability are crucial. Franklin’s lack of transparency in his actions, such as not mentioning his involvement in online casinos publicly, raises questions about the integrity of the NFT trading ecosystem. It’s important for traders and investors to take responsibility for their actions and be transparent about their practices to build trust and ensure the long-term sustainability of the NFT market.
Another lesson from Franklin’s story is the importance of due diligence in NFT trading. Franklin’s actions, such as investing a significant amount of ETH into a defunct online casino without proper research, highlight the need for thorough due diligence before making investment decisions in the NFT space. Traders and investors should carefully evaluate the risks and potential returns of their investments and make informed decisions based on reliable information. Blindly following trends or the actions of others without proper due diligence can lead to costly mistakes.
Furthermore, Franklin’s story sheds light on the toxic behaviors that are sometimes idolized in the NFT trading scene, such as market manipulation, gambling, and personality cults. The NFT community needs to re-evaluate the platforms and ideas that are promoted and prioritize ethical trading practices. It’s crucial to foster a culture of responsible and ethical trading that values transparency, fairness, and accountability. Mass education and awareness about ethical considerations in NFT trading should be encouraged, and industry leaders should take the lead in promoting responsible trading practices.
Important Messages:
- Transparency and accountability are crucial in NFT trading. Traders and investors should be transparent about their actions and take responsibility for their decisions.
- Due diligence is essential before making investment decisions in the NFT space. Blindly following trends or the actions of others can lead to costly mistakes.
- Toxic behaviors such as market manipulation, gambling, and personality cults should not be idolized in the NFT trading scene. Ethical trading practices should be promoted and valued.
- Industry leaders should prioritize responsible and ethical trading practices, and mass education about ethical considerations in NFT trading should be encouraged.
Conclusion
Franklin’s story serves as an important reminder of the ethical considerations in NFT trading. Transparency, accountability, due diligence, and responsible trading practices are crucial for the long-term sustainability and growth of the NFT market. As the NFT community gathers to discuss the future of the industry, it’s essential to reflect on the lessons learned from Franklin’s story and strive for a more ethical and responsible NFT trading ecosystem.
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Source: https://cryptoticker.io/en/franklin-nft-trader-controversy-market-manipulation-gambling-poor-trading-practices/