Sunday, December 4, 2022

Opensea phishing scandal reveals a security need across the NFT landscape By Cointelegraph


Despite the ongoing volatility plaguing the digital asset sector, one niche that has undoubtedly continued to flourish is the nonfungible token (NFT) market. This is made evident by the fact that a growing number of mainstream mover and shakers including the likes of Coca-Cola (NYSE:), Adidas (OTC:), the New York Stock Exchange (NYSE) and McDonalds, among many others, have made their way into the burgeoning Metaverse ecosystem in recent months.

Also, owing to the fact that over the course of 2021 alone, global NFT sales topped out at $40 billion, many analysts expect this trend to continue into the future. For example, American investment bank Jefferies recently raised its market-cap forecast for the NFT sector to over $35 billion for 2022 and to over $80 billion for 2025 — a projection that was also echoed by JP Morgan.

Diving into the matter

NFT marketplaces need to step up their security game

What can be done?