User:Jjunsoo

Security Concerns of NFTs

In spite of NFTs’ original goal which is to secure ownership of the digital assets, there are remaining security concerns such as intellectual property rights, privacy issues, and security flaws. First of all, there are some uncommon issues regarding possession of NFTs due to the decentralized characteristic of blockchain technology. Paradoxically, it is because NFTs are saved in digital places of blockchain rather than at home like physical arts. These digital assets are not going to be inherited to anyone when the owners of the arts die (Caswell and Furtado, 2021). Caswell and Furtado (2021) highlight it is utterly essential to create a security system to access and protect NFT assets by enabling clients to track their personal keys or passwords. Also, as aforementioned in the previous section, the value of NFTs would go for naught if the platform goes out of business. In other words, the artists’ livelihoods are highly dependent on the platform that provides a market to transact the NFT assets. Therefore, there is a likelihood that the notion that NFTs are the safest asset could lose its legitimacy.