Magic Eden NFT Marketplace Resolves Fake NFT Bug Issue

Magic Eden, a Solana-based NFT marketplace, has started the year on a sour note. According to reports, users have bought over 25 fake NFTs after a recent bug.

However, the team has resolved the issue, and users can now continue trading on the platform. Also, the NFT marketplace promised to refund affected users who bought fake NFTs.

Magic Eden Team To Refund Affected Users

On January 5th, the Solana team confirmed that only 25 unverified NFTs were sold in the verified collections. Usually, the NFT collections on Magic Eden are in two sets – the verified and unverified.

Users are advised only to buy verified NFTs as they are safer and more secure. Meanwhile, the Magic Eden team is closely monitoring the incident to ascertain if there has been more damage.

The team asked users to even hard refresh their browsing applications and clear their cache. Presently, no user can purchase unverified NFTs on the platform.

Reports of the fake NFTs on Magic Eden emanated on January 4th. Observers in the crypto community stated that hackers were going after top-leading NFTs.

A UI problem with a newly deployed functionality for the Pro Trade tools and Snappy Marketplace was the primary cause of the issue. Snappy Marketplace displays newly listed NFTs and sold NFTs in real time, while Pro Trade allows users to see statistics in real-time.

Both features had UI problems when they were released. In particular, it expanded the NFT collections by including unverified NFTs. Responding to the incident, Magic Eden said:

“The technical answer is that Magic Eden’s activity indexer did not verify the developer address for the two tools. Meanwhile, the marketplace’s smart contract is still secure as a UI issue caused the recent incident.”

Pornographic Contents Displayed On Magic Eden 

Furthermore, there was also a pornography case on the platform. Users saw pornographic content on Magic Eden NFT Marketplace. The platform also displayed pictures from the famous Big Bang Theory.

According to Magic Eden, a compromised third-party service that helps cache images led to the issue. The platform reiterated that it was not an attack and that users could continue to trade.

Despite this setback and the bearish crypto market, Magic Eden has released new features on its platform. Recently, the Solana-based NFT platform launched a loyalty rewards initiative called Magic Eden Rewards.

Users are given ‘Magic Points’ according to the number of their trading transactions on Magic Eden. Other perks include exclusive content, discounts, and NFT giveaways. Similarly, the platform also launched Shatterpoint, a Polygon-based Launchpad gaming initiative, a free-to-play multiplayer game that can be downloaded on mobile devices.

Afterward, Magic Eden launched another gaming called Infinite Drive, a racing game where players get to race with cars in the metaverse space.

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