Its website encourages content creators to “ump in, zero blockchain experience required, and allows users to purchase digital art with credit cards. NFT marketplace Magic Eden said it had been aware of the issue of users buying fake ABC NFTs. The team has added additional verification layers per NFT collection to resolve the issue.
Magic Eden, however, assures that the company is secure for traders. The company is currently working to determine if any more NFTs beyond the most recent day were impacted. Unverified NFTs appeared as a part of verified collections on the marketplace. The impact was limited to 25 unconfirmed NFTs sold in 4 collections on Jan. 4.
Latest Magic Eden News
Sharing the news on Twitter, the Solana-based NFT platform said it had not been hacked, assuring users that their assets were unaffected by the unsavory images. And this idea of longevity truly does seem to be front of mind for Yin and the rest of the Magic Eden team. Again, this is a more exclusive section of the Magic Eden marketplace, and only a select few make it in. In terms of content hosted on Magic Eden, the platform excels in both PFPs and gaming. As PFP NFTs continue to maintain popularity within the NFT market, a range of these types of collections continue to dominate Magic Eden, with Okay Bears being among the most successful.
- Before creating or collecting projects on Magic Eden, have a compatible wallet and some SOL to cover the cost of your NFT plus the transaction fee.
- If you’re interested in collecting projects on Magic Eden, simply hit “Collect Project” from the main menu.
- Some episodes included the OpenSea hack, which saw the platform lose millions of dollars to cybercriminals.
- To do this, they’ve implemented a search engine and tagging system.
We recommend checking out Phantom, which is one of the most popular software wallets for collecting NFTs on SOL. Once you’ve created a wallet or already have one, watch Magic Eden’s video on how to connect it to their website. It’s important to note, though, that you’ll need a Magic Eden account to both create and collect NFTs on the platform. Yin explains this focus on community by noting that users often make the best ambassadors.
“There are definitely a lot of things you can do from a top-down standpoint, but I think what’s really important is actually growing that grassroots interest and connectivity in the NFT ecosystem. I think that’s something we really do invest a lot of time and resources into. The affected collections included y00ts, best crypto news sources a popular NFT project that is currently switching … Brenda Mary is a crypto enthusiast and a graduate of The University of Nairobi in economics. Brenda’s passion brings her back to her elementary school years as a poet. She enjoys discussing blockchain technology and is committed to producing original content.
CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG. One affected project is Y00ts, one of the higher-priced collections on Magic Eden created by DeGods. An unresolved issue on the popular NFT marketplace allowed imposter NFTs to be added to high-priced collections like Y00ts and ABC. The diversity of projects and blockchains is the strength of the ecosystem and should be celebrated.
Senior Product Marketing Manager
On the morning of January 4 , the marketplace team saw “a handful” of reports saying that users were being shown unverified NFTs as part of verified collections on trezor vs ledger, said the announcement. Trading and investing in digital assets may involve significant risks including price volatility and illiquidity. Investors should be fully aware of the potential risks and are not to construe the content of the report as the only information for investment activities. None of the products or TokenInsight Inc, nor any of its authors or employees shall be liable to any party for its direct or indirect losses alleged to have been suffered on account thereof. In July, hackers attacked the popular NFT registration protocol Premint and made away with 320 digital artworks listed on the platform.
The process is relatively simple and doesn’t require any coding knowledge. In the absence of options, platforms like exodus wallet ledger became a sight for sore eyes to those who had grown tired of jumping through hoops to trade NFTs. Yet, as the need for more NFT marketplaces has subsided, the desire for more usability and operability has grown.
Some stolen NFTs include expensive collections from Bored Ape Yacht Club, Otherside, Moonbirds Oddities, and Goblintown. Like other marketplaces, it only takes a few steps to create an account on the platform and set your collection journey in motion. Of course, as is the case with creating NFTs, you’ll need a Solana wallet and will need to connect it to Magic Eden. Select an NFT, click “Buy now” or “Make an offer” and then follow the prompts. In an interview with nft now, COO Zhuoxun Yin said that the team spends a lot of its time ensuring that Magic Eden’s features are both cutting-edge and simple to use. He explained that, at the end of the day, the company needs to be focused on this blend of innovation in order to keep its product unique and stay ahead of the competition.
Each element has its strengths and weaknesses, and each type has different stats. Once you have some SOL tokens, you can browse the NFTs available on Magic Eden. When you find one you like, you can click “Buy” and purchase it with your SOL tokens. The announcement came after some of the company’s customers reported the incident on Twitter, asking the platform to explain what happened.
Magic Eden’s Launchpad feature
Tweeted that the issue is unrelated to the Metaplex protocol or NFT standard. Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3.
Complementing Launchpad is Magic Eden’s active secondary NFT market, which allows creators and collectors alike to access added liquidity and gain entry to over 10,000 listed collections. If you’re looking for a wide variety of digital assets and a safe and secure platform, OpenSea is an excellent option. However, if you’re also looking for a focus on community building and user experience, Magic Eden may be the better choice.
To this end, the platform’s team centers the user experience on exploration and discovery rather than price indexes. The NFT marketplace has promised to refund all users who were duped into purchasing fake NFTs on its website. The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution. Described the issue as a “massive exploit,” and called on Magic Eden to temporarily shut down the marketplace until the issue is completely resolved. On Tuesday, users reported seeing pornographic images in place of their NFTs, an issue the marketplace identified as linked to its third-party image caching service. The fake listings began earlier this morning with the ABC collection, which the marketplace appeared to have solved by adding more verification layers, according to a tweet.
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NFT marketplace Magic Eden has fixed an issue where unverified NFTs would appear in verified collections. Exclusible is an NFT platform that collaborates with brands to develop their digital assets. It allows customers to buy, trade, and showcase exclusive branded non-fungible tokens . The company was founded in 2021 and is based in Cascais, Portugal.