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TOP 6 NFT VULNERABILITIES TO WATCH OUT FOR!
PUBLISHED BY ERIKA ON NOVEMBER 15, 2022NOVEMBER 15, 2022
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Non-Fungible Tokens (NFTs) have stolen the limelight since the beginning of
2021. NFT projects have evolved as a staple in this volatile industry and will
not be going anywhere too soon! Nevertheless, people are still apprehensive
about NFT security and how to make it more secure.
Worry not, for you will get all your answers in this article.
NFTs also play a significant part in making formerly illiquid addresses more
liquid. Despite all the buzz around NFTs, numerous security issues and NFT
vulnerabilities may go unnoticed.
Trending
How Enterprise Blockchain Is Reshaping Finance Industry
Do you know what those NFT security issues are? Let’s demystify the
vulnerabilities to clear your doubts! This article will give you a rundown of
those issues related to Non-Fungible Tokens that causes a significant loss to
the blockchain space. Furthermore, we will also let you know the easiest ways
how you can prevent and eliminate those security issues within the NFT space.
So, let us get started.
MAIN SECURITY VULNERABILITIES IN NFTS
Let’s look at some problematic issues posing a threat to NFT securities.
#1 SMART CONTRACT VULNERABILITIES
Every blockchain must include smart contracts. They facilitate ownership
transfers and all NFT transactions. As a result, it is challenging for hackers
to alter a Smart Contract that has been carefully programmed. If smart contract
issues are not fixed, hackers may use them to their advantage.
In 2017, a fault in Crypto Punks, a well-known NFT project, allowed the attacker
to purchase a crypto punk and withdraw the money from the contract.
Additional Read: List of Top 10 Smart Contract Vulnerabilities
#2 MARKETPLACE AND NFT VULNERABILITIES
NFTs are decentralized marketplaces where users can trade digital assets. On the
other hand, an NFT collector stated that his tokens, valued at $2.2 million, had
been stolen. Users began to doubt the platform’s decentralization and its
conflict with crypto-philosophy.
Centralized platforms can also be problematic. The private keys for all assets
on centralized platforms like Open Sea and Nifty Gateway are owned by such
platforms. This implies that if their platform is compromised, many accounts
might be quickly hacked.
#3 CYBERSECURITY ISSUES
When users click on some suspicious links, it leads to fraud.
A hacker used Rarible’s security flaw to steal a user’s NFT and crypto tokens
simultaneously. The malicious NFT runs JavaScript code and attempts to send the
user a setApprovalForAllrequest. The hacker has complete access to the NFTs or
crypto tokens after the user accepts the request. Before giving an
authentication, users should reject questionable requests and further
investigate them.
Some con artists sometimes plan NFT airdrops, asking participants to send
cryptocurrency solely to pay transaction fees even though the required quantity
is much larger.
#4 AUTHENTICATION PROCESS
Since the actual names of the artists and avatars are still unknown, NFTs are
anonymous. This gave artists a new platform to present their work without fear
of criticism.
NFTs are perfect for concealing illicit funds because they are not subject to
any laws or regulations. Even the biggest NFT markets disregard KYC protocols.
Despite worries, no such cases have been reported.
#5 EDITABLE METADATA
Metadata is organized reference information that classifies and identifies
characteristics of the data it describes. NFTs are digital assets that contain
metadata that defines them because the prefix “metadata” typically denotes an
underlying definition or description. An NFT’s rarity component could be
destroyed, and its value could be impacted by editing its metadata.
#6 VALUATION CHALLENGE
Owners of NFTs may exaggerate the worth of an asset to profit by selling it. The
ensuing value fall will hurt the other collectors.
These are the 6 top vulnerabilities that you need to watch for! Now that you
know about the NFT vulnerabilities, it will be easier to think of some ways to
protect them.
SOME EFFICIENT MEASURES TO SECURE YOUR NFTS
Within the domain of NFT, if you wish to avoid losing a fortune, taking
additional precautions is mandatory. These are some of the measures that can
help you save your NFTs.
1. Go for smart contract auditing services.
Before you decide to deploy a project, make sure to assess the code and analyze
it thoroughly to eliminate the flaws, if any. In this situation,
a smart contract auditing company can help you work on your NFT security. The
erudite auditor will ensure that your smart contracts are devoid of bugs and
errors.
* Stick to the decentralization principle
NFT marketplaces should be decentralized and not allow access to private keys.
All private keys on centralized platforms are kept on the platform itself, which
is dangerous. Because of this, you should use multi-signature to access NFT.
CLOSING THOUGHTS
Swindlers and fraudsters are always on the lookout to extract easy money. And,
what can be a better place than an NFT marketplace?
NFTs offer chances for investment, brand collaboration, collecting digital art,
and boosting the creative economy. NFTs can be taken advantage of through
various vulnerabilities, just like any other asset.
Protecting these priceless assets requires security audits and the application
of security best practices throughout an NFT project. It is crucial that those
developing NFT initiatives comprehend the risks and how to reduce them to
protect communities, regardless of whether the defects are in the marketplace,
social media accounts, or smart contracts.
The NFT market is evolving quickly. With sales on OpenSea reaching over $4.8
billion, the NFT business will flourish and reach new heights. NFT has a bright
future, and the market will expand rapidly.
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What are Non-Fungible Tokens? A non-fungible token (NFT) is a type of digital
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July 4, 2022
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Categories: Blockchain
Tags: blockchainnftNFT security issuesNFT Vulnerabilities
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