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It seems that there are new financial issues plaguing the world that we live in all of the time, and in this blog post, we are going to take a look at two of the main financial concerns we’re witnessing in today’s day and age so that you can get a better understanding. 

Financial worries as a consequence of the Covid-19 pandemic

There is only one place to begin, and this is with the financial impact of the Covid-19 pandemic. A lot of people have suffered the harsh consequences associated with the pandemic, from redundancy to business closures.

Getting back on track is not easy. However, a good place to start is by having better control and management over your finances. This is something you can do by using a financial app to review your spending and to understand what you have leftover every month.

You can check out these financial app reviews so you can get a better understanding of the different applications on the market and you can find one that is best suited to your personal situation. 

NFT and crypto market manipulation bots 

Before diving into any crypto or NFTs, we always advise you to be informed about the many current scams and NFT fraud. Plenty of great opportunities exist, but protect yourself first and use stable NFT platforms such as Pastel; the first fully dedicated, decentralized digital art platform that has the Pastel coin as its native currency.

We’re sure you’ve heard about the scalper bots that were used to snatch up PS5s for resale, as well as those that are always used whenever there are tickets on sale for a big concert or event. Well, NFT bots work in the same manner. 

The more sophisticated “grinch bots” or “sneaker bots” add an extra layer to their arsenal.

A spinner bot will add a product to their shopping cart simply to make that product unavailable to other consumers. This results in denial of inventory, which stops consumers from purchasing the product from that site, forcing them to look into the secondary marketplace instead.

The spinner bot operator will advertise the item simultaneously on the secondary market, only finishing the initial purchase once the product has already been sold to another buyer. 

Should no buyer be located, the shopping carts that hold the unsold items will be abandoned, which means it is a no-lose situation for the operators of the spinner bots. 

Just like spinner and scalper bots, bid spoofing bots are programmed so that a high number of bids can be placed across the NFT marketplace, usually at a rate below the asking price for every token. 

After a bid has been accepted, the bot will cancel, which will result in the value of the NFT being driven down as it is relisted. This is the ideal opportunity for the bot operator to jump in and bid an amount lower than the original asking price for the NFT. 

It is hard to know just how much money is being made with this approach. However, as it costs money to cancel a bid, the net output is sufficient enough to ensure this investment is worth your time and money. 

So there you have it: two of the biggest financial concerns that are impacting people today!