Solana’s Largest NFT Marketplace Reacts to Security Concerns
Magic Eden, the most significant non-fungible token (NFT) marketplace in Solana, has lately reacted to its critics.
In a conversation with Decrypt, Magic Eden has refuted the rising number of accusations about the platform’s security and custody procedures.
In a June venture capital investment round, Magic Eden, which began last autumn and currently accounts for almost 90 percent of Solana’s trading activity, was valued at $1.6 billion.
Members of the Solana NFT community have criticised the platform’s centralization. Developers and customers have specifically complained about the platform’s restriction of third-party tools and how the marketplace manages NFT custody. Some detractors assert that the platform has security issues that might expose user assets to attack.
“Marty,” the phoney founder of Web3 company Zion Labs, told Decrypt that consumers must be informed of the substantial security dangers.
People should be mindful that hackers may get the Magic Eden keys and “rug” every one of their NFTs. If it was decentralised and their code was open-source, this would not occur.
Magic Eden replied to its criticisms by informing Decrypt that the marketplace plans to move to an escrow-free arrangement in the future. However, according to the NFT platform, the present technology is not “secure enough yet.”
The article mentions an OpenSea Twitter thread that seeks to explain why, unlike Magic Eden, OpenSea does not “require merchants to custody their advertised NFTs.”