Need to improve security for NFT

Technology NFT is a trend that is increasingly attracting the attention of not only the technology world, but also of investors. However, as NFT explodes, the market capitalization of NFT products increases, and the risks also increase as these projects become the target of many hackers. The world’s highest capitalization game Axie Infinity is the latest victim with an estimated stolen token value of over $600 million.

Blockchain technology is known to be one of the effective technologies in information transparency, safety and non-interference. However, according to experts, a problem of current NFT platforms is that the growth rate is too hot, so information security has not been properly evaluated.

NFT technology is a trend that is increasingly attracting the attention of technology circles as well as investors. (Illustration image – Photo: Reuters)

“Although blockchain technology with its ability to be distributed and transparent will reduce the risk of insecurity, but blockchain-based applications are still pure software and it always exists. vulnerabilities,” commented Mr. Dang Minh Tuan, Chairman of Blockchain Alliance, Vietnam Digital Media Association.

“Companies or groups are not really invested enough and mature enough to care about security. This leads to the fact that there may have been a vulnerability in the early stages and now will collapse when benefited. application,” said Mr. Nguyen Minh Duc, General Director of Cyradar Information Security Joint Stock Company.

The attack on Axie Infinity is the biggest but not the only one. Since 2021, up to now, there are 7 similar cases in the top 10 of the most damaging cyberattacks when blockchain, NFT are often associated with investors’ assets. Therefore, experts say that NFT has potential but needs to have commensurate investment in security technology.

VTV reporter contacted the founder Nguyen Thanh Trung of Sky Mavis, the agency that manages the game Axie Infinity. It is known that this unit is coordinating with network security organizations and other partners to handle this hacked incident. The official announcement on the handling direction will soon be posted on the official Sky Mavis channels.

* Invite readers to watch the programs broadcast by Vietnam Television on TV Online and VTVGo!