For the past 12 months since its beginning in 2021, investors have been flocking in this new trading method known as NFTs or Non-Fungible Tokens, and people are investing billions in them. And just like cryptocurrencies, NFTs are susceptible to weak authentication that pushes for a more robust authentication measure on the part of the key players in the NFT market.
But first, what is an NFT?
NFTs are blockchain-based and are uniquely coded to declare ownership for most digital artwork; this allows them to act as a digital signature on the blockchain and makes them valuable assets. Because beauty is subjective even for digitally rendered art, it can be considered a prized possession is proving that people are willing to buy it.
Investors can use Non-Fungible Tokens to purchase digital artworks, digitally designed paintings, famous tweets, or even the following:
- Video Games Items
- Trading Cards and Collectibles
- Sports Highlights
- Memes and GIFs
- Culture Products
- Virtual Fashion
Which Security Vulnerabilities Are There in the NFT Market?
Like how they target cryptocurrencies, hackers also see a person’s digital wallet in response to the rapid increase in NFT market investments. There are many stories about digital wallets being hacked because users don’t know how to use strong authentication to protect their digital properties.
What can you do to protect NFTs from hackers?
Everybody who uses a digital wallet should know that passwords can be hacked, and accounts are taken over through phishing, SIM swap attacks, and other forms of digital hacking. People who learned better ways to protect their accounts use FIDO2 passwordless authentication like biometrics and face recognition. This type of authentication acts as a private key to cover all their digital versions.Learn more about how to protect your digital accounts and NFTs through this infographic. And for a secure, private authentication for the future – LoginID.