Is NFT the new hot for hacking?

Currently, the NFT marketplace is overflowing with a large number of creators, collectors, and investors. With this much amount of money flowing through, how can’t it be the hot target of hackers?  Recently, it was reported that OpenSea, the biggest NFT marketplace, was compromised by attackers in May 2022. The hackers probably hacked one of the administrators of OpenSea Discord and were able to post in their announcement channel. In the announcement channel, they posted links to phishing sites; however, there was no further information about how this situation occurred. At the same time, we can say that if the discord server was compromised there are chances that their other channels were also attacked. After hearing this type of hacking news, we can conclude that the next hot target of attackers is the NFT marketplace.

What is NFT and how can it be hacked? The Non-fungible tokens, also called NFT, are developed utilising the same kind of programming that is used in cryptocurrencies. It conveys that the user owns the unique and original copy of the digital asset. As we all know, the NFTs have been trending since the start of 2021. The highest striking NFT was worth nearly $69 million that brought the NFT in highlight. Now, as we talk about the security of NFT, we can say that the NFT is not completely secure. In technical terms, the NFT can’t be simply stolen unless the attackers gain access to the user’s wallet in which the NFT is stored. However, there are several ways in which the NFT can be compromised. The most common technique used by attackers is phishing. For instance, the hackers may send emails to the user telling them that there are some suspicious activities recorded on their accounts. There will be several users who will fall for this and will log in to their wallets using the given link in the email. This will allow the attackers to get access to the user’s wallet.

So, how can you secure the NFT from hacking? There are various ways that the user can use to secure their NFTs, such as never use links that you don’t trust, don’t share the secret phrase with anyone, trying to store secret phrases on offline devices, etcetera. It is also recommended to enable two-factor authentication on every device as it adds an extra layer of security. As precautions are better than cure, the users should implement precautions and make sure that their NFTs are safe.

If you want to develop a secure and scalable NFT marketplace, PrimaFelicitas is one of the leading blockchain development companies that offers extensive features to their audience. We facilitate the audience with NFT Marketplace Consulting, NFT Marketplace Design and Development, NFT Smart Contract Development and Audit, and NFT Development. 

Contact us by visiting the link below:

Multi-Chain NFT Marketplace Development – PrimaFelicitas

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