In February, the world's largest NFT marketplace, OpenSea, was hit by a $1.7 million phishing attack. The hackers exploited a planned upgrade to trick users into signing a blank NFT check.
In the attack, approximately 250 tokens were stolen from 17 affected users. OpenSea initially believed 32 people had been targeted, but later changed its mind, claiming that 15 people had interacted with the phisher but had not lost NFTs.
The attack was a phishing attack which originated outside of OpenSea's website. The hacker duplicated an email sent to OpenSea users about the upgrade and directed them to a fake webpage. There, they were asked to sign what looked like a legitimate contract to migrate their NFT over to the new system. Given that users were expecting to receive an email from OpenSea about the migration, they were less likely to notice the spoof. This resulted in loss of assets of those who signed into the fake contract.
The OpenSea marketplace gained traction due to the growth of NFTs,however it is plagued with a variety of problems as stated below.
i. Incessant downtime and database outage.
ii. Centralized system of management which includes holding back user collections.
iii. High transaction fees of 2.5% of every transaction initiated on OpenSea.
iv. Siding with investors in Silicon Valley and Wall Street to share the enormous profits of the transaction fee, which was contributed by the community.
The challenges faced by OpenSea users led to the creation of the HelixMeta platform,which aims at delivering a better NFT ecosystem for users and creatives.
HelixMeta marketplace is a community-based platform that actively rewards its users for trading, creating, or minting NFTs in the marketplace. Our technical structure uses the finest on-chain technology like EIP-712 and ERC-2981 to secure transactions.
To curb the problem of continuous downtime, we created our platform using premium on-chain technology like EIP-712 and ERC-2981 to ensure speed, scalability, and platform compatibility.
Our platform is managed by a decentralized team of developers. Also, we do not own the rights to the assets owned by our users.
We charge just a 2% (in WETH) transaction fee on all NFT public sales.
We share the profits of the transaction fees made from public sales. 50% of these transaction fees are merged after each periodic 6,500 Ethereum block period (about 24 hours) and shared among the HLM stakers. We share according to traders' contributions to the total trading volume.
Benefit of staking HLM
Stakers of HLM token will share the revenue generated from the HelixMeta marketplace transaction fees.
HelixMeta collects a basic sales fee of 2% (in WETH) on all NFT sales excluding private sales.
50% of the WETH collected from these fees are consolidated at the end of each recurring 6,500 Ethereum block period (roughly 24 hours) and then distributed to HLM stakers in a linear format per block over the next 6,500 block period.
20% of the WETH collected from these fees will be distributed to Initial Strategic Sale participants who won't withdraw HLM from the smart contract.
30% of the WETH collected from these fees will be reserved for HelixMeta Ecosystem and Governance.
In conclusion,HelixMeta is a community-based NFT marketplace that facilitates the non-fungible tokenization of physical and digital assets and removes brokers, banks, and other centralized authorities from unjustifiably taxing the transactions and property of individuals. It is an NFT marketplace to keep an eye on.