Magic Eden Refunds Users Affected By Unverified NFT Bug

Earlier today, top Solana NFT marketplace Magic Eden faced an issue where unverified NFTs were showing up as part of verified NFT collections. The platform has since resolved the issue and states that no one will be able to buy unverified NFTs anymore. ME has also refunded the investments to those affected. Read on to learn about this quick fix!

What Issues Did The Magic Eden NFT Marketplace Face?

The source of the technical issue was confirmed to be a UI issue due to a new feature deployment. The Magic Eden team has verified that the impact was contained to 25 unverified NFTs sold across 4 collections. The unverified NFTs randomly popped up on the collection pages on different projects. However, the team has since resolved the issue in a short turnaround time.

The UI issue pertains to Magic Eden’s recently launched Snappy Marketplace and Pro Trade tools. The Snappy Marketplace tool allows users to explore all newly listed and sold items. These items show up directly on the screen in real-time to provide a more seamless user experience. Furthermore, the Pro Trade tools are an exclusive toolkit for some collections on the platform. This tool does what Snappy Marketplace tools do, but with even more stats to aid collectors in their decision-making.

How Did Magic Eden Resolve The NFT Bug?

To resolve the issue, the team first disabled entry points to eliminate new unverified NFTs. But this resolution only worked for a few users and on select browsers. The platform then directed users to “hard reset” their browsers. Next, Magic Eden added an extra verification step to completely block similar types of attacks. The team also adds that they are continuously monitoring the situation to ensure this issue does not occur again. Moreover, the team also adds that they will refund any affected users if the issue persists.




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This article is educational material.

As always, make your own research prior to making any kind of investment.

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