an NFT royalty enforcement tool - Open Creator Protocol. Due to the malfunction, unsuspecting buyers have been tricked into purchasing fake NFTs for large sums of money. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Discussion around the exploit flared up early this morning on Twitter, where users alleged that Magic Eden was listing fraudulent NFTs from popular collections . The security checks in place at large marketplaces like OpenSea and Magic Eden are one of their biggest appeals, as they ensure that only verified assets can be listed. 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. Upon being alerted to the issue by NFT buyers and creators, Magic Eden reportedly resolved the problem and indicated that it had been fixed. Building the biggest and most liquid NFT marketplace globally and home to the next generation of digital creators. Earlier today, top Solana NFT marketplace Magic Eden faced an issue where unverified NFTs . Magic Eden NFT . All investment/financial opinions expressed by NFTevening.com are not recommendations. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. Magic Eden, which also supports . The unverified NFTs randomly popped up on the collection pages on different projects. All rights reserved. The marketplace confirmed that the issue was resolved. Scammers managed to breach the platform after the update and listed these fake NFTs alongside genuine ones on the platform. Magic Eden, however, assures that the company is secure for traders. Upon being alerted to the issue by NFT buyers and creators, Magic Eden reportedly resolved the problem and indicated that it had been fixed. She has a degree in Corporate Communications. Blur overtakes OpenSea in six months, more gains ahead? According to the statement, the case was related to the platforms user interface and stemmed from new features that were recently deployed. But this resolution only worked for a few users and on select browsers. The exploit resulted in the sale of 25 fraudulent NFTs across four collections in the last 24 hours, but it was unclear whether additional NFTs were affected. According to the official report, the impact of the exploit was 25 unverified NFTs sales across 4 collections. Specifically, it added unverified NFTs into the collections at large. This new hashlist should include your NFT, and once it is processed, your NFT will appear as a verified piece of the collection. Now, no one can buy unverified NFTs on ME. In other news, Magic Eden has also introduced an NFT royalty enforcement tool - Open Creator Protocol. Brendas passion brings her back to her elementary school years as a poet. The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. To resolve the issue, the team first disabled entry points to eliminate new unverified NFTs. Understanding why certain items are not tradeable on ME. To resolve the issue, the team first disabled entry points to eliminate new unverified NFTs. LIVE Prices for all cryptocurrencies related to Decentraland, Somnium Space and Cryptovoxels. We've added more verification layers per collection to resolve the issue. The NFT in question is not part of the collection: Sometimes if an NFT shows as Unverified, its possible that it may be a fake. *All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. The further added: "Update: Magic Eden is safe for trading. Can Bitcoin [BTC] defy the infamous March Chronicle in 2023? The scammers targeted popular NFT collections, mainly ABC and y00ts, listing fake NFTs and selling them for hundreds of dollars. Magic Eden Ventures Investing in Web3 Gaming Projects. Put simply, we are the best place for new and experienced non-fungible token fans making content fun & accessible. Read fact-based BitDegree crypto reviews, tutorials & comparisons - make an informed decision by choosing only the most secure & trustful crypto companies. Easily discover all details about cryptocurrencies, best crypto exchanges & wallets in one place. Go to Magic Eden. It also asked users to perform a "hard refresh" to get confirmation that unverified listings are not appearing on their browser extension. It assured investors by acknowledging that it had added verification layers in an attempt to resolve the issue. var pid588602 = window.pid588602 || rnd; 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. The UI bug was present in both of those deployed features. Earlier today, top Solana NFT marketplace Magic Eden faced an issue where unverified NFTs were showing up as part of verified NFT collections. 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 . Captain Tsubasa NFT Sale Starts Tomorrow! Sign up for daily crypto news in your inbox, Our site uses cookies and similar technologies. Do not buy these @y00tsNFT on @MagicEden, they are fake! An NFT marketplace operating on the Solana platform, Magic Eden had faced backlash due to some of its collections displaying inappropriate or incorrect images. Meta Bets Go Bust As Digital NFT Land Prices Plummet: Are Investors Wasting Money? You also have the option to opt-out of these cookies. document.write(''); NFT marketplace Magic Eden has fixed an issue where unverified NFTs would appear in verified collections. Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Thank you to the community for alerting us there was an issue where people could buy fake ABC NFTs. Next, Magic Eden added an extra verification step to completely block similar types of attacks. Her work has appeared on sites like BTCmanager and Blockchain Reporter. One of the most promising NFT marketplaces built on Solana - Magic Eden experienced a major security breach that led to listing fake NFTs on the marketplace. Official Plutonians IOU NFT. 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. Stay up to date with our weekly roundup of independent news, Join in live community chat & all updates as they happen. Home News Magic Eden Refunds Users Affected By Unverified NFT Bug. A day after Magic Eden suffered a technical glitch that resulted in 25 unverified NFTs being sold as part of verified collections, the company announced on Thursday it wouldbe refunding all users who mistakenly bought the unverified NFTs. Do Not Sell My Personal Data/Privacy Policy. It has asked users to hard refresh their browsers. 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. The NFT transactions are very similar to Ethereum, except that users will have a 0% listing fee and only 2% transaction fees, which lowers the entry barriers for new and seasoned NFT buyers and creators. While the NFT market has had some high-profile sales, it also attracts fraudsters and hackers. Alternatively, several people claimed to have seen a still from The Big Bang Theory. y00ts creator DeGods also tweeted to his followers about an exploit on Magic Eden that allowed unverified NFTs to be listed as part of the collection. 715SolanaNFTMagic EdenEden GamesLaunchpad35NFTEden GamesDeFi PiratesEverseedSkateX Magic EdenWeb3 Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month, The Story Behind BONK Token's Meteoric Price Rise And Why Its Liquidity Fee Rate Is Unsustainable. Magic Eden's unplanned entrance to the Web3 space compelled the firm to invest a measurable amount in online gaming.A statement from the Magic Eden team dated February 23 revealed that the firm conducted business with MatchDay, and Blockstar Planet, among others. Earlier today, unverified NFTs were being shown as part of verified collections on ME. 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. "Magic Eden is safe for trading and we will refund all the users who mistakenly bought unverified NFTs specifically due to this issue." Magic Eden also communicated with the users about the issue via their social media accounts. However, the team is currently confirming whether additional. Magic Eden fixed a bug where unverified NFTs would appear in verified NFT collections. Probing the intersection of crypto and government. Earlier today, unverified NFTs were being shown as part of verified collections on ME. The UI issue pertains to Magic Edens recently launched Snappy Marketplace and Pro Trade tools. 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. Magic Eden has become the latest victim of an exploit, leading to the listing and sale of fake NFTs via the platform. Collectibles. Looking for more latest crypto news on related topic? The source of the technical issue was confirmed to be a UI issue due to a new feature deployment. Join our Telegram Group and get trading signals, a free trading course and daily communication with crypto fans! Home to the next generation of creators. These items show up directly on the screen in real-time to provide a more seamless user experience. Join 25,000+ NFT enthusiasts & stay on top . Magic Eden, however, assures that the company is secure for traders. We also use third-party cookies that help us analyze and understand how you use this website. Brenda also covers other rapidly developing markets and economic and cryptocurrency studies. Magic Eden has become the latest victim of an exploit, leading to the listing and sale of fake NFTs via the platform. Solana-based NFT marketplace Magic Eden has fixed a bug where unverified NFTs would show up as verified. Magic Eden has also send refunds of the investments to those affected. On 4 January 2023, the company addressed an issue and released an update. Get crypto analysis, news and updates right to your inbox! NFT marketplace Magic Eden has fixed an issue where unverified NFTs would appear in verified collections. Magic Eden said that a third-party service for caching images was compromised. The platform then directed users to hard reset their browsers. The le-de-France tramways ( French: Tramways d'le-de-France) are a network of modern tram lines in the le-de-France region of France. Magic Eden Refunds Users Affected By Unverified NFT Bug. Read on to learn about this quick fix! The launch has been dubbed "Mint Madness," a nod to the NCAA college basketball . In any of these cases, it is best to reach out to the creators of the NFT collection or project to verify which of these instances may apply to you. According to social media accounts, the recent exploit has particularly targeted popular Solana collections like ABC and Y00ts. You have successfully joined our subscriber list. The team also emphasized that there was no hack and Magic Eden is safe for trading. Read Next:Meta Bets Go Bust As Digital NFT Land Prices Plummet: Are Investors Wasting Money? Our goal is to provide the most delightful platform experience for creators and collectors. 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. However, the team has since resolved the issue in a short turnaround time. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. As per Magic Eden, a bug in its newly deployed activity indexer for its Snappy Marketplace and Pro Trade tools allowed fake NFTs to bypass verification and appear alongside genuine NFT collections. Moreover, the team also adds that they will refund any affected users if the issue persists. However, the team has since resolved the issue in a short turnaround time. Magic Eden reassures that its smart contracts are still safe to use; the hiccup in the user interface was an isolated issue. 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 marketplace said that those unverified NFT transactions appeared in the activity tabs of the collections and their web page. Creators and collectors of Solana-based NFTs are up in arms today as a major exploit at leading marketplace Magic Eden appears to be allowing scammers to pass off and sell fake NFTs as being part of prominent, verified collections.. Meanwhile, Magic Eden said in a Thursday morning update that it would refund affected users. 04 Jan 2023 17:22:27 Disclosure: To ensure our site's review data always stays free & running up to date, sometimes we might receive a small commission if the reader purchases through our site links, at zero additional cost. 0% listing fee, only 2% transaction fee. Home to the next generation of creators. How to Mint an NFT and sell on Magic Eden 61,530 views Nov 25, 2021 591 Dislike Share Ike Amadi 42.2K subscribers How to mint a Solana NFT and sell on Magic Eden. This free-to-play action multiplayer game is available on mobile devices. Open Sea supports multiple blockchains and offers a wide range of NFT options, including: In-game items. 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