Seven Treasures NFT: Floor Price Drops After LiveArtX Hack
LiveArtX, an NFT-powered platform focused on curating fine art NFTs, saw the floor price of its Seven Treasures NFT collection drop by 95% after the digital wallet was hacked. Accordingly, the official wallet was compromised on October 16th at 19:00 UTC, and things have been downhill ever since. While the team struggled to find a solution, NFT collectors began to doubt its validity in the market.
How LiveArtX digital wallet was hacked?
On October 16th, LiveArtX suffered a hack that compromised its official wallets The related announcement, posted via Twitter after 19:00 UTC, worried the platform’s NFT collection Seven Treasures.
In fact, the average value of digital assets on OpenSea has fallen by 95.07%. To clarify, the average price went up to $73.52 (0.56ETH) compared to the previous average price of $1,493 (1.14ETH). Additionally, trading volume experienced a huge spike – before the hack, trading volume was $5,946 (4.54 ETH). After the hack, the trading volume increased by 659%, reaching $45,163 (34.48 ETH), indicating the rapid selling activity of the Seven Treasures NFT.
“We are doing our best to fix the issue with the compromised wallet and we will keep the community updated,” The team wrote a short tweet.
Of course, the NFT community responded quickly. Many collectors have accused the platform of scamming its NFT holders and some users have even asked for refunds. However, the LiveArtX team did not reply to any messages, nor did they update the community.
What is LiveArtX?
In short, LiveArtX is a digital marketplace for fine art NFTs. Launching in early 2022, the platform supports the journey of traditional and digital artists into the Web3 universe.
For example, its white label feature allows artists to create their own NFT marketplace depending on each gallery’s niche. Meanwhile, the LiveArtX Developer Lab facilitates smart contract customization for all users
Considering its fully-docked 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 event.
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