OpenSea NFT Attacks Could Benefit Solana

February 20, 2022 3:49 pm

The CEO of OpenSea recently announced that there was a large scale phishing attack that affected a total of 32 OpenSea users where a total of $3 million worth of NFTs were stolen.

These types of attacks have been increasingly concerning for users of the NFT marketplace and could potentially slow the growth of this industry until the proper security measures are put in place.

The company has stated that the attacks did not actually originate from the NFT marketplace platform itself and that it was investigating the case.

All of this happened during a time where users are getting annoyed about the high gas fees that Ethereum has which currently has the majority of the NFT industry market share on OpenSea.

AMBcrypto reports:

According to CEO Devin Finzer, the affected users ended up signing a malicious payload from the attacker. And, ended up losing their NFTs. 

Furthermore, it’s been four hours since the attacker was last active. OpenSea is continuing their investigation and have explicitly stated that the attack was in no way originated from OpenSea. And, none of the Opensea services were responsible in any way.

This is the second time in February that OpenSea users have had to witness losses. In a recent exploit in January some $1.3 million worth of NFTs were sold due to unsanctioned listing at older prices.

The fix that OpenSea released in a follow-up further resulted in $14,000 worth of NFTs stolen in a similar fashion. 

Now, although OpenSea is the home of NFTs, instances of exploit combined with the always high gas fees of Ethereum will be a matter of concern for users. 

Curiously, February is already witnessing 44% lower NFT sales. The 1.4 million NFTs sold managed to fetch around $2.7 billion.

This shows that either the traders may not be pushing for NFTs right at this moment or that they might be looking elsewhere.

The fact that there are lower NFT sales being recorded on the platform might indicate that users and traders are looking for a new alternative for NFTs.

When it comes to the NFT marketplace, the second largest ecosystem for it is Solana where it has been a large volume of NFT sales in just the last 20 days.

Solsea, Solanart, and Magic Eden together had a total record of 3.3 million NFT sales in 20 days on the Solana blockchain.

The reasons that some select Solana for their NFTs may be attributed to the transaction speed and lower costs in general.

With that being said, OpenSea is still the largest NFT marketplace despite the fact that all these Solana marketplaces are starting to grow.

Upjobsnews reports:

Additionally, Solana is considerably extra succesful than Ethereum contemplating the transaction speeds, transaction prices, and the latest progress in worth and dApps on the community. BitMEX even predicted Solana would find yourself overtaking Ethereum in 2022.

This doesn’t imply that Solana NFT marketplaces would find yourself operating OpenSea out of enterprise.

OpenSea will proceed to stay the most important market, however such conditions function a butterfly impact which might over time result in Solana receiving increased choice. And, on the finish of the day, it will likely be Ethereum that must bear the brunt.

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