The NFT-powered platform LiveArtX focused on curating fine art NFTs, had its Seven Treasures NFT collection’s floor price drop by 95% after a digital wallet hack. Accordingly, the official wallet was compromised at 19:00 UTC on October 16th, and things have been going downhill since. While the team is struggling to find a solution, NFT collectors are starting to doubt its legitimacy on the market.
The art-focused NFT platform LiveArtX experienced a 95% floor price drop with its Seven Treasures collection after a digital wallet hack. Credit: FreePik
How did the LiveArtX digital wallets fell victim to a hack?
On October 16th, LiveArtX fell victim to a hack that compromised its official wallets. The concerning announcement, posted via Twitter after 19:00 UTC, has worried minters of the platform’s NFT collection Seven Treasures.
In fact, the digital assets’ average price on OpenSea had dropped by 95.07%. To clarify, the trading volume went down to $73,52 compared to its previous price of $1,493.
“We are doing all we can to resolve the issue with the compromised wallet and we will keep the community updated,” the team wrote in a short tweet.
Of course, the NFT community quickly responded. Many collectors accused the platform of scamming its NFT holders, and some users even asked for a refund. However, the LiveArtX team didn’t reply to any message, nor did they update the community.
The platform addressed the worrying hacking incident a single time, breaking Seven Treasures NFT holders’ trust. Credit: Twitter
What is LiveArtX?
In essence, LiveArtX is a digital marketplace for fine art NFTs. Launched at the beginning of 2022, the platform supports traditional and digital artists’ journeys in the Web3 universe.
For instance, its White Label feature allows artists to create their own NFT marketplaces depending on each gallery’s niche. Meanwhile, the LiveArtX Developer Lab facilitates smart contract customization for all users.
Considering its fully-doxxed founding team and promising progress throughout the year, the LiveArtX team’s response to the hack surprised many collectors. Seven Treasures NFT holders are waiting for updates, while the community is still debating the incident.
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