NFTs minted on FTX break, highlighting Web2 hosting flaws

NFTs minted on FTX break, highlighting Web2 hosting flaws

The Shiba Inu metaverse has announced a giveaway and its “Holiday Chit Chat Special,” the Ryo Plaza Chit Talk. The developer of Shiba “Trophies” posted a cryptic tweet suggesting active development to wrap up the year. He wrote: “Small Tuesday update: V1 design complete; Content completion was in progress: Release is planned to be phased to support content flow. Whales are also seen hoarding last-minute tokens from the Shiba Inu ecosystem. According to WhaleStats data, SHIB is in the top 10 Acquired fortunes for the largest ETH whales and regained the top spot for the top 100 ETH whales.

After the FTX exchange filed for bankruptcy, the domain was redirected to the bankruptcy page. Because of this, NFT owners can still see that their NFTs exist. However, the images can no longer be viewed even when viewed in wallets or listed on NFT trading platforms. So that jac0xb.

Sol also named collections that still host metadata on Amazon Web Services and hinted that there was a “lesson to be learned” from how FTX hosted its NFTs using a Web2 API service. Furthermore, some users commented that this highlights the problems with Web3 companies that rely on centralized services like AWS or Google Cloud Platform.

On August 5, NFT executives raised the issue of NFTs not living on the blockchain. In a interview, Jonathan Victor, Web3 storage head at Protocol Labs, and Alex Salnikov, co-founder of Rarible, explained that tokens are technically stored elsewhere. The duo emphasized that large chains are often very small and that storing data on the blockchain costs more. Despite the problems caused by the FTX collapse, the NFT industry remains confident about the future of space.

On November 22, several players within the NFT space spoke and expressed their confidence that the space would eventually recover. Executives emphasized that it is important for the NFT community to focus on bringing more value to their collections.

Share to Social Media

Recent Articles

Join Our Newsletter