- Magic Eden has responded to the growing number of complaints about the platform’s security and custody procedures in an interview.
- According to Marty, the fictitious founder of Web3 company Zion Labs, consumers need to be made aware of the serious security risks.
- In a study, OpenSea, an NFT marketplace, seeks to explain why it does not demand sellers to custody their advertised NFTs, in contrast to Magic Eden.
Magic Eden Replies to Press
The biggest non-fungible token or NFT market on Solana, Magic Eden, has answered some of its detractors. Magic Eden has responded to the growing number of complaints about the platform’s security and custody procedures in an interview. A VC fundraising round in June valued Magic Eden, which happened last autumn and currently contributes almost 90% of Solana’s trading activity, at $1.6 billion.
Members of the Solana NFT community have criticized the platform for being too centralized. Developers and consumers have taken issue with the platform’s restriction on third-party tools and the way the market manages NFT custody in particular. According to some detractors, the platform’s security holes might expose user assets to danger. According to Marty, the fictitious founder of Web3 company Zion Labs, consumers need to be made aware of the serious security risks
The ‘Marty’ Statement
Everyone has to be aware that a hacker may get their hands on the Magic Eden keys and steal every NFT, according to Marty. This wouldn’t happen if their code was open-source and decentralized. In response to criticism, Magic Eden informed the reporters that it will eventually switch to an escrow-free structure. But according to the NFT platform, the technology is not safe enough yet.
In the study, OpenSea, an NFT marketplace, seeks to explain why it does not demand sellers to custody their advertised NFTs, in contrast to Magic Eden.
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— OpenSea (@opensea) July 27, 2022
Source: https://www.thecoinrepublic.com/2022/08/07/magic-eden-answers-the-critics-in-the-field-of-security-risks/