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The non-fungible token (NFT) space spares no one, not even those who call themselves NFT God. An experienced investor like Kevin Rose also got duped in early-2023, losing NFTs worth $1 million or more. Cracks like these betray the troubled state of NFT security across platforms. Over 13,650 NFTs have been stolen since mid-2021, amounting to over $29.5 million.
Leading NFT marketplaces are adopting and implementing processes to mitigate thefts and scams, or at least minimize their impact, but with very limited scope. It mostly involves some compromise, either on the part of creators or victims.
There’s much debate around whether creators must compensate users who suffer NFT thefts. But one considerable aspect is that the stakes of swiping and flipping NFTs — especially the big, “blue chip” ones — are pretty high. So phishers constantly up their game and stopping them is a tough challenge.
It’s thus high time to revisit a very basic question — why does someone steal NFTs? To sell them for profit. And that’s also a soft spot for malicious actors. Their efforts are futile if not profitable. Most scammers will change their livelihood if they’re unable to sell stolen NFTs easily for good prices and without accountability.
This’ll be possible only with collective effort though. Any one marketplace or security company or developer can’t stop NFT scams and thefts. Industry stakeholders must collaborate to block the thieves’ profit-making pathways, much like stopping viruses in the human body.
Behind the scenes of NFT thefts
Robbie Acres’s case is an eye-opening Go to Source to See Full Article
Author: Guest Post
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