security
About NFT Due Diligence
NFTs are today exchanging hands at a tremendous value, as evident from an artwork of an NFT artist Beeple selling for a whopping $69 million in a Christie’s Auction. On Axie’s Infinity, a gaming platform, a virtual property seller sold a digital estate at $1.5 million dollars. While these stupendous volumes are prompting the launch of new NFT projects and startups, it is also attracting artists, gamers, sellers, traders, and many more to test and try their luck.
Problem is – the lucrative terrain is also attracting cyber-criminals who want to make some quick money. There are also some peculiar issues that threaten to wipe out the entire investment of the entrants. Due Diligence can protect the NFT entrepreneurs, investors, and traders from such loss.
SAFEGAURD
Threat vectors in NFT
Contrary to perception, the NFT is not the underlying item purchased itself, but a sort of certification about the ownership of virtual assets. Here are a few major threat vectors that might push your NFT venture off the rails.
Security
Problems like account hacking, creation of unauthorized NFT versions, plagiarism, and more have trickled into the ecosystem.
Coding Errors
Code mistakes may translate into gaping holes leaking out millions of the NFT owner.
Accessibility
Without contractual obligation, the virtual asset underlying the NFT may go inaccessible.
