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FTX-Hosted NFTs Point to Broken Metadata, Issue Illuminates Flaws With NFTs Tied to Centralized Clouds

  • Business

By Jamie Redman

On Wednesday, non-fungible token (NFT) supporters discovered that NFT metadata hosted on the platform FTX US points to broken metadata, and the links now point to FTX’s restructuring website. Specific collections that were minted on the Solana blockchain via the FTX US NFT platform do not show the NFT’s imagery and marketplace listings on the Coachella NFT marketplace have disappeared.

FTX US-Hosted NFTs Redirect Metadata to FTX’s Restructuring Page

This week owners of FTX US-hosted NFTs are discovering they can no longer see their NFT’s imagery or animations, as NFTs that derived from FTX US point to broken metadata. A number of crypto and NFT supporters discovered the issue on Wednesday.

“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 also detailed that the FTX US-tethered NFTs from the Coachella NFT collection do show up as listings on secondary markets, but they don’t show imagery and the metadata is broken. The company behind the music and arts festival, Coachella, partnered with FTX US in Feb. 2022.

If a user visits an NFT marketplace, such as magiceden.io, and searches for NFTs stemming from the Coachella collection, the listings page will show micro-images of 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.

Source: Bitcoin News

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