FTX Hosted NFTs Break
In today's edition of YIYL, we continue on the path of unraveling the dumpster fire that is FTX, as the company filed for bankruptcy swift action was taken, C-suite employees resigned and a new CEO was hired. The company has gone into restructuring and instead of leaving their website up like others that are in the same position, FTX operators chose to shut down the site.
This could be due to issues with managing the site or simply to not waste resources serving the site and its various pages when you cannot trade on the platform. A simple pop-up that cannot be closed would have worked just fine but at this point, I don't think anyone gives a fuck about the user or the user experience.
The entire FTX.us and .com domain is now redirecting to a page providing information on the bankruptcy proceedings, while it seems that their hosting and servers have been shut down and redirected too, and while this isn't such a big deal for many sites, when it comes to crypto their interconnectedness and the larping in the space it can make a big difference.
Solana NFTs fail
I've said it before and I'll say it again, NFTs are nothing but vouchers that can expire at any time and Solana NFTs prove that fact. Many of the collections minted on Solana were using FTX's cloud storage account to manage the images and metadata, so while the hash is on-chain all the reference data lives on a central server because that's just how computers work.
Putting image files on a chain simply becomes unmanageable, and anyone that tells you differently has no idea how storage space works, how block space works, and the limitations of data storage.
As is the case with Solana and other shitcoins, they tend to tether themselves to single points of failure and when FTX failed so did the projects living on the underlying infrastructure.
Minting NFTs on FTX
NFTs that had been minted on the FTX platform relied on metadata from an API at that domain, meaning that the NFTs are now pointing to broken links. Owners of these NFTs can still see that the NFT exists, but images no longer work—even when viewing the NFTs in their own wallets, or when listing them for sale on other platforms.
Other projects that rely on the FTX NFT platform's API, such as the Coachella NFT project, also broke: the Coachella NFT platform shows 0 NFTs in existence. Those NFTs are still show up where they are listed on external NFT platforms, although the images and metadata are broken.
If you want to see what they look like now you can check out one of the links below
An example of a broken NFT on magic Eden marketplace
Other affected projects include major music and sports brands, including concert festival Tomorrowland, NBA star Steph Curry’s 2974 NFT collection, and Formula One-themed NFTs from the Mercedes-AMG Petronas racing team.
Considering the brands behind these NFTs I am sure they spent a fair bit on marketing and idiots spent a fair bit of money buying this overpriced garbage coupons and now are sitting with egg on their face known as reality.
https://twitter.com/jacobdotsol/status/1600526700982710273
But I self custody bro
Now you're probably thinking well what if my NFTs are not on FTX I have them in my Solana or ETH wallet, I am a responsible shitcoiner, I self custody my assets.
Well not exactly, your asset is only as good as the issuer and custodian of the meta data, all you've custodied in your wallet is a hash that says I can sign over the meta data held by FTX over to another user, if they pay me a fee I am happy with.
I would imagine that if the severs are paused, they could be spun back up and image paths and data can be retained but if they are shut down and wiped or even moved to another server with a different path structure you're shit out luck and those images and meta data referenced cannot be called by the hash you own.
Either they'll need to re-upload and allow you to re-mint your stupid ass NFTs or simply re-issue post snapshot so you can keep both worthless NFTs in your wallet.
I doubt this will wake people up, they will see it as an isolated incident or claim that they can shard the files or use IPFS, but that's all just copium. If you did you would have to have some way to rent that space from someone and your NFT would cost you to hold it.
Shitcoins and shitcoin projects are an idiot tax and boy is plenty of people lining up to give over their pound of flesh.
Sources:
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Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, "I am a Jessie."
Let's connect
If you liked this post, sprinkle it with an upvote or esteem and if you don't already, consider following me @chekohler and subscribe to my fanbase
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Posted Using LeoFinance Beta
This is a great news, I just hope their project will recover soon and stable.
What then could be the solution to this problem?
This is an informative post, I must say. We are hoping #Hive as a project will being worthwhile and the NFTs on #Splinterlands won't have such a sad experience like the FTX platform.
Posted Using LeoFinance Beta
Lol what are you smoking? FTX is toast, anyone who handed them money will be lucky to get 1-2 cents for every dollar they put in, this isn't a "project" this was a 40 billion dollar business that was a ponzi
There is no solution for distributing large images at scale, NFTs will always be centralised by an issuer thats just how they work,
I don't smoke though. If at all I do, it would be too early for me to smoke, lol.
Whatever, as long as you got the message I was passing. Thank you for replying, lol.
Yep your message that you have no clue what you're talking about come across loud and clear
When will the FTX shitstorm end? It's like every day we get new shit coming up the toilet whenever we try to flush it. My heart goes out to all those who are losing from all this.
Not for some time, the amount of bitcoin backing all these companies leveraged positions while they burn through cash will eventually see a lot of bodies swept away. People who lost money in FTX or any of these other ponzis only have themselves to blame
Right?? cause they saw the signs and stayed or stayed ignorant. Regardless they are the ones who stayed there while things were going bad
No, because ALL custodial services have risk baked into them like any business, and if you're an unsecured creditor you have pretty much jack all rights to the funds, when you use a service like an exchange you get and get out, the longer you linger the more trisk you take and clearly people mispriced the risk and paid the correct price for it
Yeah...Even on Binance keeping your money is still a bad idea.
https://twitter.com/1413161729106776065/status/1601190282225225728
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Well, maybe people can still sell them as... Invisible Monkeys? 🤪
Lol They can try if theres a sucker thats willing to buy it from them, or they can keep it as a memento of 2022 when they were once paper rich
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I'd be really happy if you would continue supporting my work by voting on this proposal for the next 6 months:
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A lot is really happy in the crypto world today, just when you think you've found something decent to invest in you see yourself , downing into some really bad things
Lol theres no decent investments in crypto its a zero sum game, if you're winning its based on someone else losing
Don't forget the radical vegan had his girlfriend turned States evidence.
On top of it his CEO threw him under the bus.
The crypto creep now is more famous than anybody else for the fraudster title.
And then on top of it binance and Justin sun are involved?
I'll never have a binance account especially after what they did to us.
Centralized exchanges are extremely dangerous. I won't ever keep my funds there and I'm more excited that our blockchain is weathering the storm than other ones.
And thank you very much for your content today!
I am sure we're only getting half the story here and I hope we do get the full story once the trials are done
With the new CEO and crypto creeps ex-girlfriend testifying everything is going to come out....