3 articles in this collection Written by SonshineX01. NFT marketplace Magic Eden has fixed an issue where unverified NFTs would appear in verified collections. All impacted users will be refunded, and Magic Eden is actively monitoring the situation to ensure no further issues arise, the company stated. We've added more verification layers per collection to resolve the issue. The exploit was a result of a UI bug. These cookies will be stored in your browser only with your consent. By signing up, you will receive emails about CoinDesk products and you agree to ourterms & conditionsandprivacy policy. Thank you to the community for bringing this issue to our attention & for your patience. Her work has appeared on sites like BTCmanager and Blockchain Reporter. Go to Magic Eden. Captain Tsubasa NFT Sale Starts Tomorrow! If this was the case, most often the reason is that the collection orproject was deemed as being either offensive, a scam, or a potential IP infringement. The team is refunding the affected users. This new hashlist should include your NFT, and once it is processed, your NFT will appear as a verified piece of the collection. The Snappy Marketplace tool allows users to explore all newly listed and sold items. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. On 4 January 2023, the company addressed an issue and released . Quick reference articles about common problems. This game was followed by a racing game launching called Infinite Drive. Earlier today, top Solana NFT marketplace Magic Eden faced an issue where unverified NFTs . In the last day, impact was contained to 25 unverified NFTs sold in 4 collections. Easily discover all details about cryptocurrencies, best crypto exchanges & wallets in one place. New YouTube CEO Harbors a Fondness for Web3 and NFTs, Coinbase Celebrates Base Launch with Free NFT Drop, The Titanic Artifacts Resurface on the Blockchain Through NFTs, LinksDAO NFT Funding Secures Historic Scottish Golf Course, Uniswap Allows NFT Trading in Any Ethereum-Based Token, Flare Raises the Bar with Cross Blockchain NFT Trading. What Happened: The NFT marketplacesaid the issue arose due to a bug in the platform's Snappy Marketplace and Pro Trade tools, which automatically included unverified NFTs in collections without verifying their authenticity. The unverified NFTs randomly popped up on the collection pages on different projects. according to the official statement by Magic Eden. Bitcoin Ordinals and how it relates to recent miner interest: Decoding. Magic Eden - NFT Marketplace Volume 24h: 65,227 SOL Volume total: 54,822,797 SOL Blog TikTok Discord Youtube Instagram The Remnants The Remnants is a player driven economy based game built on Solana and set in the post-apocalypse Metaverse. Necessary cookies are absolutely essential for the website to function properly. Read on to learn about this quick fix! The former shows newly listed and sold items on the screen in real time, while the latter allows them to see stats in real time. Leverage your professional network, and get hired. Magic Eden stated that they took immediate action by disabling the entry points that discard the new and unverified NFTs. Press J to jump to the feed. Magic Eden reassures that its smart contracts are still safe to use; the hiccup in the user interface was an isolated issue. A new feature deployment had caused a user interface issue that allowed 25 unverified NFTs to be sold across four collections, including dupes of blockbuster Solana collection y00ts, the company said in a blog post.. To fix the verification issue, its Snappy . AAVEs daily active user count surprises investors, but can it empower price? Brenda also covers other rapidly developing markets and economic and cryptocurrency studies. Decentralands Metaverse Fashion Week is Back for 2023! What is Polygon in Crypto? This has allowed unscrupulous individuals to list fake NFTs for these top collections and pass them off as legitimate. What Did The Magic Eden NFT Marketplace Refund Users? But this resolution only worked for a few users and on select browsers. All rights reserved. Here's a little snippet from their lore: {The AstroSphere Games.} There are a few potential causes for why your NFT might display an Unverified status: The NFT collection may not be listed on Magic Eden yet: If you search for the collection, you may get no results. The project released a loyalty rewards program called Magic Eden Rewards. Now, no one can buy unverified NFTs on ME. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Magic Eden, the largest Solana-based NFT marketplace was repeatedly bombarded with user reports due to sales of unverified NFTs from verified collections on the platform, according to the official statement by Magic Eden. Meta Bets Go Bust As Digital NFT Land Prices Plummet: Are Investors Wasting Money? The marketplace said that those unverified NFT transactions appeared in the activity tabs of the collections and their web page. The marketplace confirmed that the issue was resolved. For example, Magic Eden works hand-in-hand with creators on its Launchpad to help them create, mint, market, and successfully launch projects. On Jan. 3, several users of Magic Eden observed that clicking on a collections page brought up a pornographic image rather than the typical NFT thumbnail. However, the team has since resolved the issue in a short turnaround time. The company claimed that unsavory photographs were made public after a third-party image hosting service it was using had been compromised. The team also adds that they are continuously monitoring the situation to ensure this issue does not occur again. Edens activity indexer did not properly validate the originator address for these two tools. Individuals are required to fully research any product prior to making any kind of investment. Before making financial investment decisions, do consult your financial advisor. pic.twitter.com/35RYHOKVxd. App NFTs Upvote 144 Nonfungible token (NFT) marketplace Magic Eden has pledged to refund all users who were duped into purchasing fake NFTs on its website as a result of an exploit. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Join Our New "To The Moon" daily Newsletter. The latest moves in crypto markets, in context. BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back. Discover the best and latest NFT collections today. The source of the technical issue was confirmed to be a UI issue due to a new feature deployment. Magic Eden Ventures Investing in Web3 Gaming Projects. Reports were emerging from the crypto community on Jan. 4 related to fake NFTs. The creator(s) may still need to submit a listing request form, or the request form may still be being processed by our listing team. Magic Eden is one of the most user-friendly platforms on the market. Upon being alerted to the issue by NFT buyers and creators, Magic Eden reportedly resolved the problem and indicated that it had been fixed. In this tutorial, we teach you how to buy an NFT on Magic Eden. This tool does what Snappy Marketplace tools do, but with even more stats to aid collectors in their decision-making. Our official collection of ships, camos, utilities and weapons will be released on Magic Eden next month, but had to be pushed back for scheduling reasons. Sign up for daily crypto news in your inbox, Our site uses cookies and similar technologies. var absrc = 'https://servedbyadbutler.com/adserve/;ID=177750;size=0x0;setID=588602;type=js;sw='+screen.width+';sh='+screen.height+';spr='+window.devicePixelRatio+';kw='+abkw+';pid='+pid588602+';place='+(plc588602++)+';rnd='+rnd+';click=CLICK_MACRO_PLACEHOLDER'; Type above and press Enter to search. ON YOUTUBE. document.write(''); NFT marketplace Magic Eden has fixed an issue where unverified NFTs would appear in verified collections. Magic Eden states the issue, The technical explanation is that our activity indexer for these two tools did not check that the creator address is verified. The platform has since resolved the issue and states that no one will be able to buy unverified NFTs anymore. Create an account to follow your favorite communities and start taking part in conversations. MoonPay, a web3 infrastructure company, has joined forces with Magic Eden, one of the biggest NFT marketplaces, to help make NFTs more accessible through old-school tricks, the companies announced . Magic Eden fixed a bug where unverified NFTs would appear in verified NFT collections. Because of that, dupes of NFTs from various collections were able to get listed in the marketplace. Discover the best and latest NFT collections today. The marketplace said that those unverified NFT transactions appeared in the activity tabs of the collections and their web page. Upon being alerted to the issue by NFT buyers and creators, Magic Eden reportedly resolved the problem and indicated that it had been fixed. The Magic Eden exploit is the latest setback for the NFT market, which saw global monthly sales plummet 86 percent in December compared to their all-time high of more than $4.9 billion in January of last year, according to blockchain data tracker CryptoSlam. The UI bug was present in both of those deployed features. CoinDesk journalists are not allowed to purchase stock outright in DCG. Basically, every single collection is fake on Magiceden, a massive exploit is happening ongoing.High-value NFTs are suffering the most, as attackers choose to exploit higher-value NFTs first. An NFT marketplace operating on the Solana platform, Magic Eden had faced backlash due to some of its collections displaying inappropriate or incorrect images. It's the original peer-to-peer alternative to buy and sell non-fungible tokens online. Magic Eden Magic Eden's Fake NFT Listing Shows Need for Better Authentication By David Andrews January 13, 2023 Just four days into the New Year and the NFT market had suffered its first bit of reputational damage in 2023, an exploit allowing scammers to sell fake NFTs as part of popular verified collections on the Magic Eden marketplace. What financial advisors need to know about crypto. However, there was a bug deployed in an update that affected the entire platform creating a massive exploit. Join 25,000+ NFT enthusiasts & stay on top . We are confirming impact beyond the last 24h". NFT Plazas 2023. However, what is unique is the asset id - a unique number given to the asset by the blockchain as part of the asset creation step. Magic Eden recently updated some features on its platform. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. The NFT platform confirmed that it temporarily resolved the problem, disabling both tools and eliminating the entry points that allowed unverified NFTs to pass through. Secondly, a list of all minted NFTs (a hash list) for the release needs to be sent over by the creator/minter . Did you miss our previous article https://nft.magnewsblog.com/win-a-limited-edition-ledger-with-world-of-womens-new-quest/, Gold IRA: Get This Guide to Learn All About It, https://nft.magnewsblog.com/win-a-limited-edition-ledger-with-world-of-womens-new-quest/, Museum of Fine Arts, Boston, and laCollection Launch Second NFT Collection of Rarely Seen French Impressionist Pastels, Danny Cole Launches Creator World Fashion Label during NYFW, Celo blockchain uses Soulbound tokens to power a new identity system, WeGo Battle Pods Arrive Selling Out At Light Speed, You Can Now Buy NFTs That Help Rebuild Brazils Rainforest. According to the official report, the impact of the exploit was 25 unverified NFTs sales across 4 collections. News and analysis for the professional investor. (Animated Explainer). The Snappy Marketplace tool allows users to explore all newly listed and sold items. Magic Eden Ventures is the VC arm of cross-chain NFT marketplace Magic Eden and has recently invested in 11 blockchain gaming studios as part of its commitment to promote the growth of the . The Magic Eden team has verified that the impact was contained to 25 unverified NFTs sold across 4 collections. The NFT collection is not updated: If the collection is already listed, but some NFTs are still appearing as Unverified, the project creators may need to send us a collection update request form with an up-to-date hashlist. According to the statement issued by Magic Eden, over 25 fraudulent NFTs were sold across four collections in the last 24 hours. Optimism [OP]: Social hype reaches new heights: Is a cool-off looming? Updated over a week ago Why was my NFT auto-delisted /offer cancelled by ME? Magic Eden said that in the last 24 hours, 25 unverified NFTs were sold across four collections . In the last day, impact was contained to 25 unverified NFTs sold in 4 collections. Scammers managed to breach the platform after the update and listed these fake NFTs alongside genuine ones on the platform. Benzinga does not provide investment advice. Snappy Marketplace, a feature of Magic Eden designed to improve the shopping experience, displays newly posted and sold products on the homepage in near real-time. Understanding why certain items are not tradeable on ME. 04 Jan 2023 17:22:27 We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Official Plutonians IOU NFT. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions. The root cause appears to be a UI issue related to a new feature deployment released to the Snappy Marketplace and Pro Trade tools. Collectibles. Further actions to reinforce the security measures were also taken by the team via adding extra verification steps to eliminate similar attacks. It assured investors by acknowledging that it had added verification layers in an attempt to resolve the issue. The Solana-based NFT marketplace Magic Eden closes a business deal with 11 gaming platforms to stimulate the growth of Web3 projects. 223Magic Eden11Web3Web3. This initiative rewards users with Magic Points based on the secondary trading transactions on the platform. Pros & Cons Revealed. Magic Eden aims to be your destination for discovery, expression, and ownership across digital cultures. Although the system mainly runs in the . To resolve the issue, the team first disabled entry points to eliminate new unverified NFTs. These cookies do not store any personal information. Magic Eden declares that the problem has been fixed and that affected individuals will get refunds. Twitter Discord What is Magic Eden? But i think i found it. NFTevening is the biggest website for NFT news. A Polygon Launchpad gaming project called Shatterpoint also launched on the platform recently. The Majority of Voyager Customers Agree with Binance.US Restructuring Tel Aviv Stock Exchange Takes a Step Towards Offering Crypto Trading S French Lawmakers Pass Stricter Licensing Rules For Crypto-Related Firm Coinbase Launches National Advocacy Campaign For Crypto-Friendly Polic BitDegree Crypto Reviews aim to research, uncover & simplify everything about the latest crypto services. News, Events, Advertising and Much More. Looking for more latest crypto news on related topic? Magic Eden The NFT Marketplace Solana deserves, smooth as silk & fast as Solana. Measures were also taken by the creator/minter on 4 January 2023, the company claimed that unsavory photographs were public... Product prior to making any kind of investment is one of the collections and them! 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