Need To Know Before Utopian Balloon Is Popped: Security Perspective Analysis of Nun-Fungible Tokens

Non-Fungible Tokens (NFTs) have exploded into the technological and blockchain worlds with millions of dollars’ worth of cryptocurrencies such as Ethereum and Bitcoin among others, being traded for with these NFTs by individuals. NFTs are utilized by most buyers and sellers to show authenticity and sole ownership of a rare piece of work which could be in the form of an art, a video, a game, an image, a collectible, or anything the individual deems to be of great value and of interest for other individuals to pay for and own. NFTs however are not immune to the security and privacy issues that are already affiliated with the blockchain. This research work therefore examines the existing vulnerabilities in the blockchain then specifically investigates vulnerabilities with NFTs. Not much of research effort has been put into this area but the ones that have been conducted centered on generic security issues related to Non-Fungible Tokens. Taxonomies are developed in this paper to classify the security threats and attacks as identified by investigating the vulnerabilities of NFTs. This work will be of great assistance to investors and developers who look to enter into the NFT market, as they will be provided with some adequate knowledge for them to be aware of the security issues related to the booming market of NFTs