NFT users prevented from viewing their FTX-backed NFTs | The Financial Express

NFT users prevented from viewing their FTX-backed NFTs

According to Cointelegraph, jac0xb.sol, engineer, Solana, highlighted how the metadata of FTX-oriented NFTs now aims towards redrafting websites that give data around bankruptcy proceedings

NFT users prevented from viewing their FTX-backed NFTs
Certain users gave comments to highlight the problems around Web3.0 companies

On account of effects of FTX collapse on the cryptocurrency industry, users are unable to view their FTX-hosted non-fungible tokens (NFTs), as reported by Cointelegraph.

According to Cointelegraph, through a tweet, jac0xb.sol, engineer, Solana, highlighted how the metadata of FTX-oriented NFTs now aims towards redrafting websites that give data around bankruptcy proceedings. As reported by jac0xb.sol, NFTs minted on FTX were hosted through utilisation of a Web2.0 application programming interface (API), that gives results in images not showing.

On the basis of information by Cointelegraph, post FTX’s bankruptcy proceedings, the FTX.us domain was completely redirected towards the bankruptcy proceedings section. Reportedly, images of the NFTs can’t be seen anymore even when they are viewed using wallets or listing them on NFT trading platforms, but can see their existence. Further, certain users gave comments to highlight the problems around Web3.0 companies and their reliance on centralised services such as AWS or the Google Cloud platform. 

Moreover, Cointelegraph noted that confidence still exists around the NFT industry on the future of the space, despite effects of the FTX collapse. In November, 2022, various NFT-based participants spoke of their belief that the space will eventually head for a recovery. Reportedly, the executive emphasised on the importance of NFT community to bring more utility to their collections.

(With insights from Cointelegraph)

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First published on: 08-12-2022 at 17:07 IST