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.
How were the LiveArtX digital wallets hacked?
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 average price became $73.52 (0.56ETH) compared to its previous average price of $1,493 (1.14ETH). Additionally, the trading volume experienced a huge spike – before the hack, the trading volume was $5,946 (4.54 ETH). After the hack, trade volume increased by 659%, reaching $45,163 (34.48 ETH), indicating rapid selling activity of the Seven Treasures NFTs.
“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.
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.