NFT
FTX-Hosted NFTs Show Broken Metadata, Issue Illuminates Flaws with NFTs Tied To Centralized Clouds
On Wednesday non-fungible token supporters discovered that the NFT metadata hosted by FTX US pointed to broken metadata. The links now point to FTX’s restructuring website. The specific collections created on the Solana blockchain using the FTX USA NFT platform don’t show the NFT imagery. Also, the Coachella NFT marketplace listings have vanished.
FTX NFTs in the US Redirect Metadata to FTX Restructuring Page
This week, owners of FTX US-hosted NFTs discovered they cannot see their NFTs’ imagery or animations. NFTs derived from FTX US have broken metadata. The issue was discovered Wednesday by a number of NFT and crypto supporters.
“Oh look FTX hosted all the NFTs minted on their platform using a Web2 API and now all those NFTs have broken metadata, and the links go to a restructuring website,” the Twitter account jac0xb.sol wrote on Wednesday. Jac0xb.sol added:
There is a lesson to be learned here yet collections are still hosting metadata on [Amazon Web Services].
In addition to Jac0xb.sol, the Twitter profile @web3isgreat, an account that highlights Web3’s special moments, tweeted about the FTX US-hosted NFT issues as well. The Web3 is going just great Twitter account noted how the website nft.coachella.com/marketplace shows zero listings.
Further the account stated that the FTX US-tethered NFTs of the Coachella NFT Collection do appear as secondary market listings, but don’t show imagery or the metadata is broken. The company behind the music and arts festival, Coachella, partnered with FTX US in Feb. 2022.
If a user visits magiceden.io and searches for NFTs based on the Coachella collection, the listings will display micro-images from the compilation’s artwork. However, when a user toggles to see the details of the actual listing, the NFT’s imagery is not shown.
Similarly, FTX US-based NFTs listed on Opensea show the images on the main sale page and even some of the details on individually listed NFTs still show the images, but there are many that do not or they show errors. The NFTs that are listed on Opensea show a floor value of around 100 ethereum (ETH) and Coachella NFTs listed on magiceden.io are listed for prices between 1-100 SOL per unit.
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Jamie Redman
Jamie Redman, a journalist and financial tech expert living in Florida, is the News Lead at Bitcoin.com News. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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Florida Teens Charged in $4M Las Vegas Crypto Kidnapping
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Nike is facing a lawsuit from people who bought its NFTs
Wes Davis is a weekend editor who covers the latest in tech and entertainment. He has written news, reviews, and more as a tech journalist since 2020.
A group of people sued Nike this week over its decision to wind down its virtual show project RTFKT last year. The buyers of the digital assets accuse Nike of causing “the rug to be pulled out from under them,” and say they wouldn’t have bought its NFTs if they’d known they were “unregistered securities,” reports Reuters.
Filed in New York’s Eastern District, the proposed class action lawsuit seeks “unspecified damages of more than $5 million for alleged violations of New York, California, Florida and Oregon consumer protection laws.”
Nike tried to jump into the NFT game by buying RTFKT in 2021. But, like Starbucks Odyssey, it never quite worked out and the company abandoned the idea, announcing in December via the RTFKT X account that it planned to “wind down RTFKT operations” by the end of January this year.
Since then, RTFKT has seemingly been maintained by a single person named Samuel Cardillo, who spent Thursday posting through the sudden disappearance (and later reappearance) of artwork for its CloneX NFTs project.
NFT
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