The SaneDec 8, 2022
web3 is going just great

FTX-hosted NFTs break after website is redirected to a restructuring page

December 7, 2022
https://web3isgoinggreat.com/?id=ftx-hosted-nfts-break-after-website-is-redirected-to-a-restructuring-page

FTX-hosted NFTs break after website is redirected to a restructuring page

After FTX declared bankruptcy, the entire FTX.us domain was redirected to a page providing information on the bankruptcy proceedings.However, NFTs that had been minted on the FTX platform relied on metadata from an API at that domain, meaning that the NFTs are now pointing to broken links. Owners of these NFTs can still see that the NFT exists, but images no longer work—even when viewing the NFTs in their own wallets, or when listing them for sale on other platforms.Other projects that rely on the FTX NFT platform's API, such as the Coachella NFT project, also broke: the Coachella NFT platform shows 0 NFTs in existence. Those NFTs still show up where they are listed on external NFT platforms, although the images and metadata are broken.

Web3 is Going Just Great
Dec 8, 2022 at 4:39amWeb
Show threadJohn WoodsDec 8, 2022
@web3isgreat so much for decentralization.
Show threadᴚ uɐᗡDec 8, 2022
@zenbanjoman @web3isgreat love that you posted this on mastodon too
Show threaddtanzerDec 8, 2022

@web3isgreat What a pity noone told us that this could happen.

Oh, wait... EVERYONE with a bit of computer science knowledge said that this WOUD happen!

Show threadBaral'heia Stormdancer ΘΔ🐲Dec 8, 2022
@web3isgreat Womp womp.
Show threaddrdirtbagDec 8, 2022
@web3isgreat This is why you should always right click and save any apes you care about...
Show threadTom WildDec 8, 2022
@web3isgreat So ‘investing’ in vaporware is ill-advised? Who knew?
Show threadPete WrightDec 8, 2022
@web3isgreat

Hahahahahahhahahha
Gasp…wipes tear from eye
hahahahahahahahaha
Show threadJohn Spounias  Dec 8, 2022
@web3isgreat RVN still is decent IMO for this core reason, its only the network and IPFS, no program 'smart contract' layer. IPFS has its issues, but they are all understood in advance.
Show threadGay Debord 🏳️‍⚧️🌱🏴Dec 8, 2022
@web3isgreat lmaaooooo
Show threadSteve TorrenteDec 8, 2022
@web3isgreat Who could possibly have predicted this.
Show threadKee HinckleyDec 8, 2022

@web3isgreat

I still have trouble wrapping my brain around the idea of spending zillions of dollars on something that requires a link to stay around forever.

Show threadFluffgar 🏴󠁧󠁢󠁳󠁣󠁴󠁿 HAS MOVEDDec 9, 2022
@nazgul
Same from an artist's point of view. All the fuss about buying a piece of art that only belongs to you sounded scammy af. You could already have that (outside of a computer at least). Just commission/buy a physical piece. Normally I'd warn that could be expensive. But given some of the figures I've seen flying around it might actually save a person some money.
@web3isgreat
Show threadMike OlsonDec 8, 2022
@web3isgreat Non-functioning tokens.
Show threadEric VitielloDec 8, 2022
@web3isgreat lololololololol
Show threadChristian GudrianDec 8, 2022
@web3isgreat Non-findable tokens.
Show threadliljenstolpeDec 8, 2022
@web3isgreat umm, wait a second, wasn't the block chain and all of web3 supposed to be distributed to avoid exactly this problem?!?  
Show threadDon StewartDec 8, 2022
@web3isgreat you buy a link, and eh sometimes a link breaks. 404 right there. Waddya gonna do.
Show threadPrincess Pixel LightDec 8, 2022
@web3isgreat hey look the thing that everyone said would happen happened
Show threadRalph J.MayerDec 8, 2022
@web3isgreat Popcorn anyone?
Show threadRob RicciDec 8, 2022
@web3isgreat 
Show threadtippenringDec 8, 2022
@web3isgreat I thought everyone knew that was the expected behavior. Did someone miss that email?
Show threadOliver HuntDec 8, 2022
@web3isgreat I was legit stunned when I discovered that they're literally just a URL, and that URL could become a 404. (or .. 502? in this case). Like crypto is stupid but NFTs are just another level.
Show threadJohannesDec 8, 2022
@web3isgreat This is simply beautiful 🥰
Show threadmekka okereke Dec 8, 2022

@web3isgreat

So NFTs are like a star registry, only if stars can be seized by the state in bankruptcy proceedings and replaced with a boilerplate message to account holders. Got it!

Show threadJeremy KahnDec 8, 2022

@mekkaokereke @web3isgreat

It's okay, the coordinates on the star registry never pointed to a real astronomical object in the first place

Show threadFluffgar 🏴󠁧󠁢󠁳󠁣󠁴󠁿 HAS MOVEDDec 9, 2022
@trochee
XD And don't even get me started on those "you can buy a title in Scotland" scammy bast... Eh.. Companies.
@mekkaokereke @web3isgreat
Show threadJeremy KahnDec 9, 2022

@fluffgar @mekkaokereke @web3isgreat

"… but i repeat myself," eh?

Show threadVincent 🌻🇪🇺 en 🌹☘️Dec 8, 2022
@web3isgreat NFTs are the ‘I am rich’ app of the 2020s
Show threadMrs. Buck TurgidsonDec 8, 2022
@web3isgreat
Show threadAstraDec 8, 2022
@web3isgreat it's almost as if we knew this was going to happen 😂
Show threadRocket Dec 8, 2022
@web3isgreat that's hilarious
Show threadtezos.casaDec 8, 2022
@web3isgreat no IPFS?
man...
Show threadPierce Nichols, Yak BarberDec 8, 2022
@web3isgreat ROFLCOPTR... Entirely fucking predictable and indeed predicted by anyone with a lick of sense who looked at the structure of NFTs.
Show threadRobert von Burg  Dec 8, 2022
@web3isgreat one can only laugh over these NFTs...
Show threadTyler SmithDec 8, 2022

@web3isgreat this might be my favorite one yet 🤣

This was always gonna be how this played out, and we never needed the blockchain to have jpegs

Show threadFarshid Hakimy / فرشیدDec 8, 2022
@web3isgreat 💀
Show threadTom ParslowDec 8, 2022
@web3isgreat sure they’re still worth just as much because it’s the blockchain entry that has the value right…. Right?!?
Show threadpsklfDec 8, 2022
@web3isgreat
So called decentralized
Show threadNour Agha Dec 8, 2022
@web3isgreat idk, seems kinda fungible to me
Show threadElias MårtensonDec 8, 2022
@web3isgreat But NFT's are non fungible. It protects the art, or whatever.
Show threadJake Jarvis Dec 8, 2022

@web3isgreat RIP to the proud owner of this non functioning token 💀

https://hypebeast.com/2021/9/ftx-nft-handwritten-test-270k-usd

An NFT of Handwritten "Test" Sold for $270,000 USD

A test NFT listing from the FTX US CEO.

Hypebeast
Show threadsnowflakeanonDec 8, 2022

@web3isgreat Remember, if you bought an NFT but not the copyright for whatever the NFT is, you essentially purchased a link.

Don't buy into the #NFTscam

Show threadDave ByrneDec 8, 2022
@snowflakeanon @web3isgreat It’s not clear to me that you have bought anything at all. Not even the link. As far as a legally enforceable sale/contract is concerned.
Show threadAlex ChaffeeDec 8, 2022

@web3isgreat @AndrewO

just like everyone said at the very very beginning of this mess

“wait, it’s just a link?” “always has been”

Show threadPete Dec 8, 2022
@web3isgreat the amount of hate I received every time I said “NFTs in its current state is stupid” was incredible, I don’t feel bad for them at all.
Show threadThePsion5Dec 8, 2022
@web3isgreat Wow, who could have possibly foreseen this entirely unpredictable outcome.
Show threadEric Bowen (public)Dec 8, 2022

@web3isgreat

I don't think "Nonfungable" means what they think it means... 😂

Show threadStephanieDec 8, 2022
@web3isgreat LMAO, who could’ve known that. 🤣
Show threadGojira1000Dec 8, 2022
@web3isgreat If only EVERYONE IN THE WORLD had warned them. More.
Show threadleblancdDec 9, 2022
@web3isgreat So much for "the internet never forgets".
Show threadGlobalaDec 19, 2022
@web3isgreat Bruh use IPFS??