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TreasureDAO to reopen NFT marketplace after critical exploit

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TL;DR Breakdown:

  • TreasureDAO is set to resume its NFT marketplace in the next 24 hours. 
  • The marketplace was taken down amid a critical exploit which occurred early March.
  • MAGIC token is up over five percent in the 24hrs chart.

Treasure, the biggest NFT marketplace on the Arbitrum blockchain, suffered a critical exploit on 3rd March, which resulted in the loss of non-fungible tokens on the platform. Since the attack, the marketplace was temporarily closed for a fix, which supposedly has been completed as the team has now announced a resumption date. 

TreasureDAO marketplace reopens Saturday

At the moment, there’s a notice on TreasureDAO’s marketplace section that reads, “The Treasure Marketplace has currently been disabled as we’re patching a critical exploit. Your NFTs are safe.” However, an announcement today from the team confirms that the NFT marketplace will be reopened for trading in the next 24 hours.

Following the announcement, the native cryptocurrency of the TreasureDAO, MAGIC increased 5.29% over the last 24 hours, while Bitcoin and other major altcoins saw less than 1% in the same timeframe. MAGIC decreased about 40% following the news of the project’s exploit. The token’s market capitalization currently sits around $81 million, per Coinmarketcap. 

Users expect Treasure’s volume to bounce back as it reopens tomorrow. 

NFT frenzy cools 

In other news, interest and volume in the NFT market are beginning to decrease. More recently, Cryptopolitan reported a decline in search interest for NFTs, according to data tracked by Google. In addition to that, the largest NFT trading platform OpenSea recorded the biggest decline in trading volume month-over-month. 

OpenSea recorded a trading volume of $3.57 billion in February, which accounts for a 27% decrease compared to the January volume of $4.95 billion. The two data somewhat paint a bearish picture for the NFT market, but the Ethereum blockchain sees relief from the calming market frenzy, given transaction fees are beginning to drop accordingly. 

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