FTX Hosted NFTs Break by chekohler

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hive-167922 · @chekohler · Dec 9 '22

$10.28

FTX Hosted NFTs Break

In today's edition of YIYL, we continue on the path of unraveling the dumpster fire that is FTX, as the company filed for bankruptcy swift action was taken, C-suite employees resigned and a new CEO was hired. The company has gone into restructuring and instead of leaving their website up like others that are in the same position, FTX operators chose to shut down the site.

This could be due to issues with managing the site or simply to not waste resources serving the site and its various pages when you cannot trade on the platform. A simple pop-up that cannot be closed would have worked just fine but at this point, I don't think anyone gives a fuck about the user or the user experience. 

The entire FTX.us and .com domain is now redirecting to a page providing information on the bankruptcy proceedings, while it seems that their hosting and servers have been shut down and redirected too, and while this isn't such a big deal for many sites, when it comes to crypto their interconnectedness and the larping in the space it can make a big difference.

## Solana NFTs fail 

I've said it before and I'll say it again, NFTs are nothing but vouchers that can expire at any time and Solana NFTs prove that fact. Many of the collections minted on Solana were using FTX's cloud storage account to manage the images and metadata, so while the hash is on-chain all the reference data lives on a central server because that's just how computers work.

Putting image files on a chain simply becomes unmanageable, and anyone that tells you differently has no idea how storage space works, how block space works, and the limitations of data storage. 

As is the case with Solana and other shitcoins, they tend to tether themselves to single points of failure and when FTX failed so did the projects living on the underlying infrastructure. 

## Minting NFTs on FTX

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.

![HIVE Blog Header.png](https://images.hive.blog/DQmerN3BoKhpS9eb1R97WG2RmgJGwDmVsjB9rRzqo2ifcHW/HIVE%20Blog%20Header.png)

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 are still show up where they are listed on external NFT platforms, although the images and metadata are broken.

If you want to see what they look like now you can check out one of the links below

- [magiceden.io](https://magiceden.io/marketplace/desert_reflections)
- [coachella.com](https://nft.coachella.com/marketplace)

![Screenshot 20221208 at 07.39.25.png](https://images.hive.blog/DQmVubC6YagDuM8AUCn7i2rhyAktFPPA8cfT9UmwMvpY7xu/Screenshot%202022-12-08%20at%2007.39.25.png) 

*An example of a broken NFT on magic Eden marketplace*

Other affected projects include major music and sports brands, including concert festival Tomorrowland, NBA star Steph Curry’s 2974 NFT collection, and Formula One-themed NFTs from the Mercedes-AMG Petronas racing team.

Considering the brands behind these NFTs I am sure they spent a fair bit on marketing and idiots spent a fair bit of money buying this overpriced garbage coupons and now are sitting with egg on their face known as reality.

https://twitter.com/jacobdotsol/status/1600526700982710273

## But I self custody bro

Now you're probably thinking well what if my NFTs are not on FTX I have them in my Solana or ETH wallet, I am a responsible shitcoiner, I self custody my assets. 

Well not exactly, your asset is only as good as the issuer and custodian of the meta data, all you've custodied in your wallet is a hash that says I can sign over the meta data held by FTX over to another user, if they pay me a fee I am happy with.

I would imagine that if the severs are paused, they could be spun back up and image paths and data can be retained but if they are shut down and wiped or even moved to another server with a different path structure you're shit out luck and those images and meta data referenced cannot be called by the hash you own.

Either they'll need to re-upload and allow you to re-mint your stupid ass NFTs or simply re-issue post snapshot so you can keep both worthless NFTs in your wallet. 

I doubt this will wake people up, they will see it as an isolated incident or claim that they can shard the files or use IPFS, but that's all just copium. If you did you would have to have some way to rent that space from someone and your NFT would cost you to hold it. 

Shitcoins and shitcoin projects are an idiot tax and boy is plenty of people lining up to give over their pound of flesh.

**Sources:**

- [decrypt.co](https://decrypt.co/114856/coachella-tomorrowland-solana-nfts-stuck-ftx)

## Have your say

What do you good people of HIVE think? 

So have at it my Jessies! If you don't have something to comment, "I am a Jessie."

## Let's connect

If you liked this post, sprinkle it with an upvote or esteem and if you don't already, consider following me @chekohler  and subscribe to my [fanbase](https://hive.vote/dash.php?i=2&fan=chekohler)


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## Have your say

What do you good people of HIVE think? 

So have at it my Jessies! If you don't have something to comment, "I am a Jessie."

## Let's connect

If you liked this post, sprinkle it with an upvote or esteem and if you don't already, consider following me @chekohler  and subscribe to my [fanbase](https://hive.vote/dash.php?i=2&fan=chekohler)


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Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@chekohler/ftx-hosted-nfts-break)

👍 leo.voter, hodlcommunity, city-of-dresden, holdonla, pele23, onealfa, zuerich, forykw, pouchon, jaynie, abh12345, tattoodjay, vlemon, bnb-hive, celestal, drax, jskitty, brianoflondon, teammo, manniman, trincowski, tomaszs77, merlin7, the-bitcoin-dood, steemaction, gniksivart, bitrocker2020, cmplxty, onealfa.leo, roleerob, dlike, mistakili, raiseup, jmsansan.leo, uyobong, mimismartypants, steembasicincome, bozz, paradoxtma, penderis, d-company, karinxxl, break-out-trader, niallon11, megavest, hivehustlers, filotasriza3, gadrian, mraggaj, steemexperience, r0nd0n, leofinance, ew-and-patterns, podping, thefalcons, j85063, rufans, hivelist, enjoyinglife, hykss.leo, trezzahn, richardcrill, anomadsoul, steem.leo, and 218 others
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properties (23)vote details (284)

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the-bitcoin-dood	99,029,297,289	42%
uwelang	12,297,458,128	6%
richardcrill	19,830,594,378	22.2%
abh12345	386,597,524,462	15%
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l337m45732	1,532,363,805	3%
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bitrocker2020	93,056,442,469	7.5%
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tomaszs77	114,471,362,063	100%
arrliinn	3,639,666,044	3%
jaynie	485,009,800,299	25%
ew-and-patterns	25,523,081,318	10%
joeyarnoldvn	559,790,559	1.66%
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shebe	725,107,064	8%
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silwanyx	971,757,348	15%
tsurmb	4,345,535,881	7.5%
alt-runner	7,251,811,277	75.1%
rollandthomas	437,479,751	2%
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coffeebuds	6,855,664,833	22.2%
jacuzzi	10,727,162,214	6.25%
ragnarhewins90	493,721,940	10%
flyingbolt	1,028,126,316	15%
apokruphos	3,438,620,138	1%
holdonla	962,475,511,249	100%
dknkyz	3,999,635,887	40%
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d-company	45,257,299,907	12%
thefalcons	23,037,309,897	100%
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bastter	2,471,380,496	25%
shauner	2,627,237,994	7.5%
travelwritemoney	8,126,062,332	15%
misschance	15,429,405,682	100%
ssiena	2,739,597,916	10%
steem.leo	18,419,524,411	15%
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leo.voter	10,975,835,466,241	15%
leo.curator	559,645,532	12%
onealfa.leo	84,716,070,084	15%
no-advice	13,494,473,983	100%
bala-leo	47,592,570	30%
bearjohn	1,638,956,695	75%
mktmaker	682,862,687	72.75%
babytarazkp	4,337,710,255	40%
driedfruit	1,149,879,475	100%
asteroids	1,083,793,548	15%
agro-dron	1,472,067,151	15%
dfacademy-sports	2,182,139,625	35%
maddogmike	14,827,908,332	10%
successchar	3,490,299,161	10%
pouchon.tribes	15,290,362,786	11.25%
vipservice	1,903,201,300	2%
coinlogic.online	2,318,600,204	7.5%
chloem	2,231,410,337	15%
leotrail	1,127,935,908	30%
cd-leo	509,926,143	100%
enison1	796,056,272	100%
pjansen.leo	0	100%
sacrosanct	6,674,173,014	15%
breaking-nugs	11,071,674,618	100%
onestop	1,503,899,317	7.5%
moonappics	1,148,084,454	15%
paradoxtma	46,261,208,731	100%
drew0	425,767,348	12.5%
leofinance	26,164,660,898	15%
x9ed1732b	5,387,338,253	13.5%
politicalhive	320,185,355	100%
jskitty	176,888,448,035	100%
penned-bullshit	491,638,410	50%
f0x-society	1,344,206,637	50%
hivexperiment	891,889,279	100%
hodlcommunity	1,530,322,512,132	100%
holoferncro	4,414,303,894	10%
hivelist	21,900,104,701	10%
defi.campus	12,868,067,521	50%
hivehustlers	38,391,017,552	20%
beehivetrader	534,364,621	7.5%
forkyishere	7,442,276,595	50%
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cmplxty.leo	243,373,404	46%
eddie-earner	708,266,876	7.5%
borniet	3,943,570,263	21%
ztfo	2,211,180,926	100%
bepresent	1,931,208,458	100%
optional	3,486,233,621	100%
officialhisha	885,473,321	3.75%
dalz.shorts	606,958,468	11.1%
grosh	896,332,738	7.5%
meta.condeas	1,922,493,616	50%
torrey.leo	608,363,590	100%
reonarudo	1,033,544,502	7.5%
yousaf-sports	993,071,668	10%
netaterra.leo	793,858,281	25%
jmsansan.leo	66,173,357,980	50%
leo.tokens	1,261,816,982	15%
adamada.leo	806,200,273	100%
moeen.leo	1,098,063,894	100%
rondonshneezy	1,013,045,920	7.5%
cielitorojo	7,916,633,767	7.5%
hykss.leo	20,692,693,720	2.25%
belemo.leo	2,706,130,416	100%
amongus	525,459,689	15%
elgatoshawua	3,098,060,368	7.5%
zdigital222	1,572,916,457	100%
proofofbrainio	17,762,442,236	22.2%
b-leo	2,731,146,340	15%
leoball	850,642,261	15%
aswita	7,661,653,591	36.1%
investing-dude	5,196,436,486	15%
impurgent	680,628,070	40%
brume7	1,129,717,622	7.5%
rqr4	3,064,670,341	25%
mattbrown.art	608,098,740	7.5%
magnacarta	1,175,088,900	7.5%
joseph23	5,175,090,487	44.4%
photolovers1	4,990,621,403	9%
podping	24,065,608,140	5%
paulyoung1	3,841,332,340	100%
hankanon	1,054,804,488	20%
steentijd	2,925,296,281	7.5%
flamistan	495,037,828	22.2%
bella76	540,550,799	7.5%
itsmiessyonpeakd	8,458,120,610	51%
solominer.leo	746,549,181	100%
jocieprosza.leo	3,990,773,702	100%
trezzahn	20,337,002,161	100%
funshee	962,764,759	11.1%
hyun-soo	10,047,324,952	50%
cugel	3,700,406,487	7.5%
kushyzee	661,682,031	7.5%
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barizon	1,231,438,429	100%
trasto	802,578,918	7.5%
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yoxd	0	100%
bigbraincurator	552,359	100%
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khoola	611,915,098	22.2%
attentionneeded	1,629,578,532	20%
vyb.pob	949,018,942	22.2%
lolz.ctp	1,395,456,247	100%
india-leo	242,067,504	30%
saboin.leo	83,804,461	19%
vyb.curation	532,811,091	22.2%
femcy-willcy	607,454,274	7.5%
mireyalara	2,127,667,353	100%
netvalar	4,253,121,435	50%
gwajnberg	1,088,940,721	10.5%
grabapack	4,168,051,333	7.5%
khaltok	1,226,233,563	15%
isabel-vihu	4,299,866,634	15%
mallorcamum	694,032,914	15%
thedrummerboy	352,734,358	100%
kam5iz	479,650,655	5.25%
crazygirl777	2,556,968,665	22.2%
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@brianoflondon · Dec 9 '22

Thank you for your support before, will you support now?

Thank you so much for your support of my @v4vapp proposals in the past, my previous one expired this week.

I'd be really happy if you would continue supporting my work by voting on this proposal for the next 6 months:

- [Proposal 244 on PeakD](https://peakd.com/me/proposals/244)
- [Proposal 244 with Hivesigner](https://hivesigner.com/sign/update-proposal-votes?proposal_ids=%5B244%5D&approve=true)
- [Proposal 244 on Ecency](https://ecency.com/proposals/244)

Additionally you can also help this work with a [vote for Brianoflondon's Witness using KeyChain or HiveSigner](https://vote.hive.uno/@brianoflondon)

If you have used [v4v.app](https://v4v.app/) I'd really like to hear your feedback, and if you haven't I'd be happy to hear why or whether there are other things you want it to do.

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@ebingo · Dec 9 '22

When will the FTX shitstorm end? It's like every day we get new shit coming up the toilet whenever we try to flush it. My heart goes out to all those who are losing from all this.

👍 chekohler

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@chekohler · Dec 9 '22

Not for some time, the amount of bitcoin backing all these companies leveraged positions while they burn through cash will eventually see a lot of bodies swept away. People who lost money in FTX or any of these other ponzis only have themselves to blame

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@ebingo · Dec 9 '22

Right?? cause they saw the signs and stayed or stayed ignorant. Regardless they are the ones who stayed there while things were going bad

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2 replies

@ganjafarmer · Dec 16 '22

$0.02

Don't forget the radical vegan had his girlfriend turned States evidence. 

On top of it his CEO threw him under the bus.

The crypto creep now is more famous than anybody else for the fraudster title.

And then on top of it binance and Justin sun are involved? 

I'll never have a binance account especially after what they did to us. 

Centralized exchanges are extremely dangerous. I won't ever keep my funds there and I'm more excited that our blockchain is weathering the storm than other ones. 

And thank you very much for your content today!

👍 dustbunny, chekohler

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@chekohler · Dec 16 '22

I am sure we're only getting half the story here and I hope we do get the full story once the trials are done

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@ganjafarmer · Dec 16 '22

With the new CEO and crypto creeps ex-girlfriend testifying everything is going to come out....

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@india-leo · Dec 9 '22

Indiaunited Curation 1670593670558

This post has been manually curated by @bhattg from Indiaunited community. Join us on our [Discord Server](https://discord.gg/bGmS2tE). 

Do you know that you can earn a passive income by delegating your Leo power to @india-leo account? We share 100 % of the curation rewards with the delegators. 

<sub>**Please contribute to the community by upvoting this comment and posts made by @indiaunited.**</sub>

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@johnuko · Dec 9 '22

RE: FTX Hosted NFTs Break

> The company has gone into restructuring and instead of leaving their website up like others that are in the same position, FTX operators chose to shut down the site.

This is a great news, I just hope their project will recover soon and stable.

> 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.

What then could be the solution to this problem?

This is an informative post, I must say. We are hoping #Hive as a project will being worthwhile and the NFTs on #Splinterlands   won't have such a sad experience like the FTX platform.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@johnuko/re-chekohler-6rvl2s)

👍 chekohler

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@chekohler · Dec 9 '22

Lol what are you smoking? FTX is toast, anyone who handed them money will be lucky to get 1-2 cents for every dollar they put in, this isn't a "project" this was a 40 billion dollar business that was a ponzi

There is no solution for distributing large images at scale, NFTs will always be centralised by an issuer thats just how they work,

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@johnuko · Dec 9 '22

> Lol what are you smoking? FTX is toast, anyone who handed them money will be lucky to get 1-2 cents for every dollar they put in, this isn't a "project" this was a 40 billion dollar business that was a ponzi

I don't smoke though. If at all I do, it would be too early for me to smoke, lol.

Whatever, as long as you got the message I was passing. Thank you for replying, lol.

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1 reply

@poshtoken · Dec 9 '22

https://twitter.com/1413161729106776065/status/1601190282225225728
<sub> The rewards earned on this comment will go directly to the people( @no-advice ) sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.</sub>

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@trincowski · Dec 9 '22

$0.02

Well, maybe people can still sell them as... Invisible Monkeys? 🤪

👍 dustbunny, chekohler

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@chekohler · Dec 9 '22

Lol They can try if theres a sucker thats willing to buy it from them, or they can keep it as a memento of 2022 when they were once paper rich

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@veeraa · Dec 14 '22

A lot is really happy in the crypto world today, just when you think you've found something decent to invest in you see yourself , downing into some really bad things

👍 chekohler

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@chekohler · Dec 15 '22

Lol theres no decent investments in crypto its a zero sum game, if you're winning its based on someone else losing

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