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On Wednesday, supporters of the non-fungible token (NFT) discovered that NFT metadata hosted on the platform FTX US points to corrupted 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 display the NFT’s images, and marketplace listings on the Coachella NFT marketplace have disappeared.
This week, owners of FTX US-hosted NFTs are finding that they can no longer see NFT images or animations, as NFTs originating from FTX US point to corrupted metadata. A number of crypto and NFT supporters discovered the problem on Wednesday.
“Oh look, FTX hosted all the NFTs created on their platform using a Web2 API and now all those NFTs have broken metadata and the links go to a restructuring site,” Twitter account jac0xb.sol wrote on Wednesday. Jac0xb.sol added:
There is a lesson to be learned here, but collections still host metadata [Amazon Web Services].
In addition to Jac0xb.sol, the Twitter profile @web3isgreat, an account that highlights Web3’s special moments, also tweeted about the NFT issues hosted by FTX USA. Web3 is just fine Twitter account noted how the website nft.coachella.com/marketplace shows zero listings.
Furthermore, the account also described that FTX US-tethered NFTs from the Coachella NFT collection appear as listings on secondary markets, but they do not show images and the metadata is corrupted. The company behind the music and art festival, Coachella, partnered with FTX US in February 2022.
If a user visits an NFT marketplace, such as magiceden.io, and searches for NFTs originating from the Coachella collection, the listing page will display thumbnails of the collection’s artwork. However, when a user switches to view the details of the actual listing, the NFT’s images are not displayed.
Similarly, FTX US based NFTs listed on Opensea show the images on the main sales page, and even some of the details on individually listed NFTs still show the images, but many do not or show errors. The NFTs listed on Opensea show a floor value of around 100 ethereum (ETH) and the Coachella NFTs listed on magiceden.io are listed for prices between 1-100 SOL per unit.
What do you think about the broken metadata issue related to FTX USA based NFTs? Let us know what you think about this topic in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons
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