Cryptocurrency start-up ‘Nonce Finance’ mocked on Twitter by alarmed Britons

Cryptocurrency start-up ‘Nonce Finance’ announces its arrival on Twitter… to be immediately mocked by alarmed Britons over its name

  • ‘Nonce Finance’ was mocked on Twitter after mistakenly using slang word in title
  • ‘Nonce’ is acronym for ‘number only used once’ in the world of cryptocurrency
  • But in British slang the word ‘nonce’ is used to mean sex offender or paedophile 

A start-up crypto firm has been thrust into the centre of a Twitter storm, because of its unfortunate name.

Bosses behind ‘Nonce Finance’ were left red-faced when they realised the meaning of the word in British slang.

While in the world of cryptocurrency, ‘nonce’ stands for ‘number only used once’, in British slang it means sex offender or paedophile.

It is not clear where the company, which deals with ‘digital collectibles’ known as Non-Fungible Tokens (NFT), is located.

However, the company’s Youtube site suggest it may be based in India – where the British slang term ‘nonce’ is unlikely to be recognised.

The company, originally set up last year, has now launched a Twitter poll asking followers if it should change its name after being mercilessly mocked online. 

A start-up crypto firm ‘Nonce Finance’ has been thrust into the centre of a Twitter storm, because of its unfortunate name

Bosses behind 'Nonce Finance' (pictured: The None Finance home page) were left red-faced when they realised what the word meant in British slang

Bosses behind ‘Nonce Finance’ (pictured: The None Finance home page) were left red-faced when they realised what the word meant in British slang

According to its website, 'Nonce Finance' is about 'building financial legos to increase liquidity for NFT's

According to its website, ‘Nonce Finance’ is about ‘building financial legos to increase liquidity for NFT’s’

What is a Non-Fungible Token (NFT)? 

An NFT is a Non-Fungible Token, which attributes ownership of digital property to a single person. 

In economics, a fungible asset is something with units that can be readily interchanged – such as cash.

However a non-fungible asset is unique. It has its own properties and can’t readily be interchanged –  such as a priceless piece of art.   

So if you were to imagine that, but in a digital form, you would get an NFT.

So while crypto-currency has been dubbed the digital version of cash, NFT’s are seen as digital collectibles. 

In recent months, NFT sales have seen collectors buy famous people’s Tweets. And earlier this year a piece of digital-only artwork was sold for £50million – with the winning bidder only receiving an NFT.

Comedy writer James Felton was one to joke about it, saying on Twitter: ‘You’re all mocking Nonce Finance but it shows a lot of confidence in their abilities that they think you’ll be willing to ignore the fact that their name implies they are paedophiles.’ 

Emi Fisher added: ‘I understand NFTs have been receiving a lot of negative coverage in the press lately but I’m hoping that their attachment to the good name of Nonce Finance might yet salvage their reputation.’

‘I’ve been calling crypto Nonce Finance for years,’ quipped another person. 

Another man added: ‘Lots of people are arguing with me that Nonce Finance is actually a good name because it also has a cryptography definition so you can ignore the pedophile stuff. I think they are being serious.’ 

Another user added: ‘Hope more time went into development than researching the name.’

The firm has since changed its Twitter bio to make light of the mistake, saying it is ‘struggling with brand names’.

It added: ‘Lesson learnt. Next time will look at British meaning of words too. Thanks for the memes.’

More than 12,500 people have voted on Nonce Finance’s poll on whether it should change its name.

Alarmingly, more than a quarter of respondents had voted ‘No’ as of Tuesday.

An NFT is a Non-Fungible Token, which attributes ownership of digital property to a single person.   

https://www.dailymail.co.uk/

https://www.dailymail.co.uk/

https://www.dailymail.co.uk/

https://www.dailymail.co.uk/

So while crypto-currency has been dubbed the digital version of cash, NFT’s are seen as digital collectibles. 

In recent months, NFT sales have seen collectors buy famous people’s Tweets. And earlier this year a piece of digital-only artwork was sold for £50million – with the winning bidder only receiving an NFT.

Nonce Finance’s unfortunate name came to light following a Tweet by a company called Polygon.

It said: ‘Nonce Finance is building on Polygon!

‘With Polygon, NFT users will be able to increase the liquidity of their NFTs by utilizing Nonce’s fractionalization protocol that creates a seamless bridge between the NFT and ERC20 world.’ 

This news is republished from another source. You can check the original article here

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