Magic Eden offers refunds after selling unverified NFTs

Hit “connect wallet” on the top right of the site – no need to create an account – then click on a collection and bid on a project. It’s an interface for Solana NFTs, so any Solana NFT project is hosted on the platform. Our mission is to make magic more accessible and user-friendly for everyone.

The pieces were thus included in the complete collection without further action. Eden’s activity indexer did not properly validate the originator address for these two tools. Magic Eden reassures that its smart contracts are still safe to use; the hiccup in the user interface was an isolated issue. The marketplace said that those unverified NFT transactions appeared in the activity tabs of the collections and their web page.

The latest exploit is now the second incident that users of best bitcoin gambling sites has had to go through this week. We adhere to high standards and values of reporting news, and we do our best to be objective and unbiased at all times. To support the artists- By purchasing art from an artist on Magic Eden, you are directly supporting their work and helping them continue to create beautiful pieces. We also offer various resources and support services that can help you learn about and use magic more effectively.

• Players can choose to create their Edenites or trade for them with other players.
• It assured investors by acknowledging that it had added verification layers in an attempt to resolve the issue.
• 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.
• While the exploit did not lead to theft or loss of assets, hackers are continuously targeting NFT users and marketplaces.

“We have identified in the last 24 hours, the impact was contained to 25 unverified NFTs sold across 4 collections,” developers said. “These unverified NFTs showed up on the collection pages and transactions of unverified NFTs showed up in the activity tabs of the collections.” Non-fungible token marketplace Magic Eden on Wednesday said an unresolved issue has allowed fake NFTs to be listed and sold as part of real collections.

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Magic Eden brings dynamic cultural moments onto the blockchain, empowering users across thousands of digital communities to create, discover and collect unique NFTs. /PRNewswire/ — Today, Magic Eden (“The Company”), the leading cross-chain NFT platform, announced the expansion of its Launchpad and marketplace to support Polygon NFT minting and trading. 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.

This means anyone can buy, sell, or trade their NFTs without going through a centralized third party. The project has been live since January 2021 and is currently the largest NFT-related project on Solana. While the exploit did not lead to theft or loss of assets, hackers are continuously targeting NFT users and marketplaces.

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But when OpenSea, sometimes called BrokenSea, would crash or otherwise go offline, there were only a few significant alternatives for most NFT endeavors. Users were forced to choose between Nifty Gateway, Rarible, MakersPlace, and a handful of other niche platforms. And the centrality of it all left NFT enthusiasts begging for more options. Nyan Heroes is an NFT battle royale third-person shooter featuring cats and robots. Although the game itself is still under development, the project’s philanthropic mission to save one billion cats supercharged its path to success on Magic Eden.

Billed as a more exclusive section of the marketplace, Magic Eden only accepts 3 percent of all Launchpad applications in an endeavor to feature only the best genuine and innovative projects. The next most important aspect of Magic Eden is its focus on community. Magic Eden first drew the public’s attention to the fraudulent NFTs in a tweet on 4 January. The tweet further cited community reports that people had purchased fake ABC NFTs. It assured investors by acknowledging that it had added verification layers in an attempt to resolve the issue. 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.

In addition, they want to make it easier for people to find the NFTs they’re looking for. To do this, they’ve implemented a search engine and tagging system. Magic Eden is a decentralized NFT marketplace built on the Solana blockchain.

No matter what your reason for collecting, Magic Eden is a great place to start or add to your collection. With its wide selection of artists and art styles, there’s something for everyone on Magic Eden. To give back- Many collectors donate their collections to museums or other institutions where the public can enjoy them. To build a personal collection- Collecting is a great way to start your art collection or to add to an existing one. It’s also a great way to meet other collectors and learn more about the world of art collecting. Another essential thing to remember is that transaction speeds on Eden can vary depending on network congestion, as with any other blockchain.

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However, if you want access to a greater variety of assets, then a platform like OpenSea may be a better choice. First and biggest marketplace for NFTs and crypto-collectibles launched on Cardano network. CADALAB is a community-driven NFT DeFi platform building a NFT Minting Dapp on the Cardano network to enable digital artwork collectors mint their works as NFTs and connect them to sellers to trade… And when it’s time to mint an NFT, creators can simply list their collections on the Magic Eden platform. Whether you’ve already launched a project or have a mint coming up, you can head over to the Magic Eden Creator Hub, follow a few prompts, and submit your collection for verification. Watch the video below for an in-depth look at how this process works.

Our website contains articles, tutorials, and other resources that can help you understand the basics of magic and how to use it more effectively. We also offer one-on-one coaching and consulting services for those who want more personalized assistance. When creating an Edenite, players must choose a name, element, and type for their creature.

Magic Eden falls victim to exploit: Here’s why your NFTs are safe

The announcement said that this was a user interface issue that occurred due to a new feature released to the marketplace’s Snappy Marketplace and Pro Trade tools. Any opinions or expressions herein reflect a judgment made as of the date of publication, and TokenInsight reserves the right to withdraw or amend its acknowledgment at any time in its sole discretion. bitcoin bubble burst is one of the most user-friendly platforms on the market.

Reports were emerging from the crypto community on Jan. 4 related to fake NFTs. These individuals noted that attackers were intentionally going after high-value NFTs. Magic Eden competitors are Fractal, OpenSea, Starly, Solanart, and LooksRare. Buyers use our vendor rankings to shortlist companies and drive requests for proposals . Reach 1000s of buyers who use CB Insights to identify vendors, demo products, and make purchasing decisions. Please enable JavaScript or switch to a supported browser to continue using twitter.com.

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The latest exploit is the second incident that Magic Eden users have had to deal with this week. NFT marketplace Magic Eden has promised to refund all users who were duped into purchasing fake NFTs on its website as the result of an exploit. OpenSea operates as a peer-to-peer marketplace for crypto goods, which include non-fungible tokens , collectibles, gaming items, and other virtual goods backed by a blockchain. On OpenSea, anyone can buy or sell crypto goods through a smart contract. Two of the affected projects were the high-priced and popular Solana-based collections ABC and y00ts. Nonfungible token 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.

BetaBlocks is a technology company focused on providing a robust and secure platform granting instant and 24/7 access to digital assets across the globe. Rarible is a community-owned NFT marketplace where users can create, sell, or collect digital items secured with blockchain. Discussion around the exploit flared up early this morning on Twitter, where users alleged that Magic Eden was listing fraudulent NFTs from popular collections like ABC and y00ts. Sellers were apparently able to pass off the NFTs as being part of those projects, and sell them for hundreds of dollars’ worth of SOL or more.

Finally, the diversity of projects on Magic Eden gives it a leg up on the competition. Mainly, this comes down to the variety of NFTs and experiences available on the platform and the ability to collect items cross-chain on Ethereum and Solana. Enthusiasts are further incentivized to participate in decision-making by collecting one of Magic Eden’s Magic Ticket NFTs.

It also advised users to perform a hard refresh to ensure that the unverified listings no longer appeared in their browser session and, as a precaution, to stop purchasing unverified NFTs. As per cryptocurrency investing bible, 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. There was also the case of users seeing pornographic images and shots from the TV show the Big Bang Theory on the platform. Magic Eden said that a third-party service for caching images was compromised. The team also emphasized that there was no hack and Magic Eden is safe for trading. The root cause appears to be a UI issue related to a new feature deployment released to the Snappy Marketplace and Pro Trade tools.

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And we can deliver them cross-chain experiences that there are actually meaningful for them,” said Huang. The team’s community-centric focus is also readily seen within the Magic Eden Discord server. At 80,000+ members strong, the Discord almost feels like the hub of operations for the crew behind the influential marketplace.