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Michał "rysiek" Woźniak · 🇺🇦Dec 8, 2022

> After FTX declared bankruptcy, the entire FTX.us domain was redirected to a page providing information on the bankruptcy proceedings.

> 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.

https://web3isgoinggreat.com/single/ftx-hosted-nfts-break-after-website-is-redirected-to-a-restructuring-page

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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

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Teknikal_Domain Dec 8, 2022

@rysiek Because all the NFT actually lays claim to... Is a URL.

Sometimes I question if humanity is either this shortsighted or smooth-brained. And then I remember I don't need to question that, I have plenty of evidence.

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Teknikal_Domain Dec 8, 2022

@rysiek Additional note: I forget who, but at least one person made an NFT that changed with image was loaded at that URL depending on which wallet / exchange was looking at it, probably just swapping files on the backend on the UA header.

It was promptly removed from existence as OpenSea(s?) went "No! That's not how you're supposed to play the game!" And because most wallets use their API... It dropped off for EVERYONE regardless of what the ledger says.

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Teknikal_Domain

@rysiek I believe part of what they were asking with that reaction, to further the "why is humanity so smooth brain" reasoning...

Why are we all celebrating how something is decentralized with no central governing authority and then ONE COMPANY'S API has the ability to change your current ownership and holdings for everyone, because if they decide to block it, nobody knows you have it without checking the blocks themselves. And nobody does, that's impractical.