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
Show threadTeknikal_DomainDec 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.

Show threadPaul ShreadDec 8, 2022
@tek_dmn @rysiek Still wondering why NFTs were ever a thing. #LateCapitalism
Show threadTeknikal_Domain

@pshread @rysiek I mean, the core concepts at play aren't that radical:

  • Here is some Thing™ that's unique and can't be substituted for anything else, and is cryptography verified
  • The history of this Thing™ is Distributed and Public†

    • The issue is when you try to use that Thing™ to represent real-world goods or objects one-to-one, especially for the purposes of ownership, on a system that, by design, is anonymous.

    Dec 8, 2022 at 12:54pmWeb
    Show threadTeknikal_DomainDec 8, 2022

    @pshread @rysiek

    †: as mentioned earlier, not perfectly true given how the entire Ethereum... Everything, works. We created something so decentralized (and complex), you need to rely on gatekeepers to use it

    Show threadTeknikal_DomainDec 8, 2022
    @pshread @rysiek Really if you take out "I own this, stop right clicking my JPEG," they're perfectly fine and usable for, for lack of a better term, "fantasy" applications... As a concept divorced from crypto. Add that into the mix, AND add the attempts to make them actual tokens of ownership, and... Web3 is Going Great.
    Show threadTeknikal_DomainDec 8, 2022

    If you want to be pedantic, every Strange item in Team Fortress 2 is literally, by letter of the acronym, an NFT: they can't be interchanged, and they're some Thing™ (a record in the TF2 database) associating your Steam account with the ability to use a certain item in-game.

    Every dog tag in Tarkov is an NFT. If you want to be outrageous, every *session cookie* that websites use to know *if you're logged in* is an NFT.

    Putting this concept on crypto was... Completely asinine.

    Show threadPaul ShreadDec 8, 2022
    @tek_dmn @rysiek How they ever became an "investment" bubble is what blows my mind...a sure sign that some people have too damn much money and need to be taxed