Complementing Launchpad is Magic Eden’s active secondary NFT market, which allows creators and collectors alike to access added liquidity and gain entry to over 10,000 listed collections. If you’re looking for a wide variety of digital assets and a safe and secure platform, OpenSea is an excellent option. However, if you’re also looking for a focus on community building and user experience, Magic Eden may be the better choice.
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. Ioconic offers solutions for brands and individuals entering the digital asset arena. “Magic Eden is safe for trading and we will refund all the users who mistakenly bought unverified NFTs specifically due to this issue,” it wrote. Through the Magic Eden marketplace, players can purchase their NFT cars and build out an unrivaled collection. If you’re interested in creating projects on Magic Eden, simply hit “Create Project” from the main menu.
- The company was founded in 2021 and is based in Cascais, Portugal.
- CoreStarter is a cross-chain fundraising IDO and INO launchpad with an NFT marketplace built on Solana Blockchain.
- On OpenSea, anyone can buy or sell crypto goods through a smart contract.
- Another essential thing to remember is that transaction speeds on Eden can vary depending on network congestion, as with any other blockchain.
- Like other marketplaces, it only takes a few steps to create an account on the platform and set your collection journey in motion.
To this end, the platform’s team centers the user experience on exploration and discovery rather than price indexes. The NFT marketplace has promised to refund all users who were duped into purchasing fake NFTs on its website. The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution. Described the issue as a “massive exploit,” and called on Magic Eden to temporarily shut down the marketplace until the issue is completely resolved. On Tuesday, users reported seeing pornographic images in place of their NFTs, an issue the marketplace identified as linked to its third-party image caching service. The fake listings began earlier this morning with the ABC collection, which the marketplace appeared to have solved by adding more verification layers, according to a tweet.
Digital asset ecosystems like Magic Eden usually have lower trading volumes and fewer users than generalized platforms like OpenSea. They often provide specialized features for their chosen asset class. In contrast, OpenSea enables digital assets to trade, including crypto collectibles, gaming items, and more. Counterfeit NFTs were listed and sold within real collections on Magic Eden, the leading NFT marketplace on the Solana blockchain, according to a company statement.
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Its website encourages content creators to “ump in, zero blockchain experience required, and allows users to purchase digital art with credit cards. NFT marketplace Magic Eden said it had been aware of the issue of users buying fake ABC NFTs. The team has added additional verification layers per NFT collection to resolve the issue.
On the morning of January 4 , the marketplace team saw “a handful” of reports saying that users were being shown unverified NFTs as part of verified collections on Magic Eden, said the announcement. Trading and investing in digital assets may involve significant risks including price volatility and illiquidity. Investors should be fully aware of the potential risks and are not to construe the content of the report as the only information for investment activities. None of the products or TokenInsight Inc, nor any of its authors or employees shall be liable to any party for its direct or indirect losses alleged to have been suffered on account thereof. In July, hackers attacked the popular NFT registration protocol Premint and made away with 320 digital artworks listed on the platform.
This game was followed by a racing game launching called Infinite Drive. Companies and startups in this collection leverage blockchain technology for crypto trading, decentralized finance , NFTs, and more. The team took a series of steps to resolve the issue, adding an additional verification step to completely block similar types of attacks, they said. To get exclusive access- Many artists offer collector’s editions or other exclusive items that can only be obtained through collecting. Finally, it is also worth noting that Eden has a relatively small community compared to other blockchains.
Tweeted that the issue is unrelated to the Metaplex protocol or NFT standard. Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3.
Magic Eden falls victim to exploit: Here’s why your NFTs are safe
It has quick processing times, solid security, and a host of compelling features that make buying and selling easy. For example, Magic Eden works hand-in-hand with creators on its Launchpad to help them create, mint, market, and successfully launch projects. Bitski is an NFT marketplace that aims to enable brands to easily create and sell non-fungible tokens through its platforms.
The NFT platform said it has rectified the issue by temporarily disabling both tools and eliminating the “entry points” that allowed unverified NFTs to get through. Basically, every single collection is fake on Magiceden, a massive exploit is happening ongoing. Meanwhile, Metaplex, which created the Solana token standard that defines the functionality of NFTs, said that the issue was not related to their protocol and offered assistance to Magic Eden. TokenInsight takes its due diligence to ensure news/articles/reports or other information we provide a true and fair view without potential influences of any third party. There is no association between TokenInsight and the subject referred in the contents which would harm the objectivity, independence, and impartiality of the reporting.
The Remnants is a post-apocalyptic survivor game featuring 8,000 PFP-esque NFTs. As a play-to-earn game, The Remnants offers trading, crafting, and battling mechanics unique to the Solana blockchain. Genesis Genopets is one of the first-ever “move-to-earn” NFT games. Featuring a playable collection of 3,218 limited-edition NFTs, Genopets is the highest earning of any Magic Eden game.
Magic Eden to refund users after 25 fake NFTs sold due to exploit
Each element has its strengths and weaknesses, and each type has different stats. Once you have some SOL tokens, you can browse the NFTs available on Magic Eden. When you find one you like, you can click “Buy” and purchase it with your SOL tokens. The announcement came after some of the company’s customers reported the incident on Twitter, asking the platform to explain what happened.
We do this by creating products that are easy to use and by offering resources and support that can help people learn about and use magic more effectively. A community-centric NFT marketplace where everyone can buy, mint, and list NFTs. Built on the power of the BSV blockchain, FabriikX offers expertly curated exclusive content from top creators within arts, sports, and music, as well as… Okay Bears is a PFP collection that has easily become one of the most successful NFT projects on the Solana blockchain. The project has continued to solidify its place on the list of top 50 NFT projects of all time and has provided a collection similar to BAYC for enthusiasts to identify with.
The native currency of iforex wiki is called MAGI, and it can be used to purchase in-game items or pay transaction fees. ME reported that their Snappy Marketplace and pro-trade apps had issues with their user interfaces when the firm published a new feature. 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. For NFT collections coming onto the primary market, Launchpad offers ultimate customization, marketing support, and operational execution.
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When NFTs first started to become popular, collectors often used OpenSea for everything. Whether for minting, collecting, trading, or auctioning NFTs, more often than not, the “world’s first and largest” NFT marketplace was the hub for it all. Plummeting prices for nonfungible tokens have not stopped certain individuals from scamming NFT lovers into buying fake digital artwork. On Jan. 3, several users of Magic Eden observed that clicking on a collection’s page brought up a pornographic image rather than the typical NFT thumbnail.
Magic Eden offers refunds after selling unverified NFTs
This community creates a sense of camaraderie and belonging that is rare in other gaming communities. Players are always willing to help newbies learn the ropes, and there is a real sense of competition and sportsmanship among players. If you’re interested in creating an NFT, you should know a few things.
The process is relatively simple and doesn’t require any coding knowledge. In the absence of options, platforms like Magic Eden became a sight for sore eyes to those who had grown tired of jumping through hoops to trade NFTs. Yet, as the need for more NFT marketplaces has subsided, the desire for more usability and operability has grown.
She joined the cryptocurrency space in early 2017 during her search for financial freedom and has remained devoted to the industry. A month after OpenSea’s attack, another NFT marketplace, TreasureDAO, suffered a massive best cryptocurrency pairs to trade security breach that saw hackers stealing over 100 NFTs from the platform. OpenSea suffered a phishing attack that affected at least 32 users. The hackers stole valuable NFTs worth around $1.7 million from the exploit.
Sharing the news on Twitter, the Solana-based NFT platform said it had not been hacked, assuring users that their assets were unaffected by the unsavory images. And this idea of longevity truly does seem to be front of mind for Yin and the rest of the bitsane team. Again, this is a more exclusive section of the Magic Eden marketplace, and only a select few make it in. In terms of content hosted on Magic Eden, the platform excels in both PFPs and gaming. As PFP NFTs continue to maintain popularity within the NFT market, a range of these types of collections continue to dominate Magic Eden, with Okay Bears being among the most successful.