On Wednesday, non-fungible token (NFT) supporters discovered that NFT metadata hosted on the FTX US platform references broken metadata, and the links now point to FTX’s restructuring website. Specific collections hit on the Solana blockchain via the FTX US NFT platform do not show the images of the NFT, and marketplace listings on the Coachella NFT marketplace have disappeared.
NFTs hosted by FTX in the US redirect metadata to FTX’s restructuring page
This week, owners of FTX US-hosted NFTs discover that they can no longer see their NFT’s images or animations, as NFTs derived from FTX US indicate broken metadata. A number of crypto and NFT supporters discovered the issue on Wednesday.
“Oh look FTX hosts all NFTs that are slapped on their platform using a Web2 API and now all those NFTs have broken metadata, and the links go to a restructuring website,” said the Twitter account jac0xb.sol wrote on Wednesday. Jac0xb.sol added:
There’s a lesson to be learned here, but collections still host metadata [Amazon Web Services].
Next to Jac0xb.sol, the Twitter profile @web3isamazing, an account that highlights Web3’s special moments, also tweeted about the FTX US-hosted NFT issues. The Web3 just goes great Twitter account noted how the website nft.coachella.com/marketplace shows zero mentions.
Furthermore, the account also details that the FTX US-tethered NFTs from the Coachella NFT Collection do appear as listings on secondary markets, but they do not show any images and the metadata is broken. The company behind the music and arts festival, Coachella, partnered with FTX US in February 2022.
If a user visits an NFT marketplace, such as magiceden.io, and searches for NFTs from the Coachella Collection, the listing page shows micro-images of the compilation’s artwork. However, when a user toggles to see the details of the actual listing, the images from the NFT are not displayed.
Similarly, FTX US based NFTs listed on Opensea show the images on the main sales page and even some details of separately listed NFTs still show the images, but there are many that don’t or have errors. The NFTs listed on Opensea have a bottom value of around 100 ethereum (ETH) and Coachella NFTs listed on magiceden.io are listed for prices between 1-100 SOL per unit.
What are your thoughts on the broken metadata issue associated with FTX US-based NFTs? Let us know what you think about this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
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