The first known non-fungible token was a short video clip minted on May 3, 2014. Since then, NFTs have grown rapidly from amusing trifles to serious stores of value. In 2021, a work by the artist Beeple sold for a whopping $69.3 million. That was just a portion of the estimated $40 billion valuation of the entire NFT market in 2021. Whenever any type of industry or asset class puts up those types of numbers, criminals are sure to follow. As a result, the NFT market is increasingly under attack, from everyday scammers to increasingly sophisticated hackers. In fact, according to research firm PrivacyHQ, fully half of NFT owners have lost access to one or more of their digital collectibles at some point. In about three hours in February 2022, more than $1.7 million in NFTs were stolen from OpenSea users via a simple phishing attack. Users were asked to sign online contracts allowing them to trade tokens, but vital portions of the authorizations were left blank. This allowed scammers to complete the forms and transfer NFT ownership from the original users. Just as with any financial asset, you should never sign incomplete forms or respond to unsolicited email requests without directly contacting the supposed sender.
Read more : Biggest Security Concerns Around NFTs.