Cybersecurity firm ESET warned creators and investors alike by sharing that creativity cannot be turned into value without security in the digital world, and NFTs can be stolen too.

We live in a time when virtual galleries are becoming a reality. Digital art is gaining popularity and Qualified Intellectual Property (NFT) is becoming a more revenue-generating space for artists. However, cybersecurity can be neglected. Cybersecurity firm ESET warned creators and investors alike by sharing that creativity cannot be turned into value without security in the digital world, and NFTs can be stolen too.

In 2022, there were multiple cases of cybersecurity breaches in the NFT domain. One of the most recent attacks was via a phishing attack on OpenSea (an NFT trading platform) in February 2022. A cybercriminal emailed users to sign a contract and send crypto assets to their wallets. The total amount stolen was US$1.7 million. A vulnerability has also been found in OpenSea, one of the trading platforms. The vulnerability allowed NFT artworks to be sold for less than $1 off the reserve price, causing problems for creators.

NFTs have been around since 2015

NFTs have become popular lately. We’ve been hearing a lot about NFTs over the past few months. NFT is a piece of digital data embedded in a file that is unique only to that piece. Like a physical work of art, a digital work cannot be copied with NFT. Being the only one of its kind is the feature that adds value to it. These parts are not replaceable. Just as physical art cannot be exchanged for a similar work of equal value.

This new development has the potential to revolutionize the art world. NFTs act as a digital certificate of ownership of a work of art. Once an NFT artwork is created, it is converted into tokens on a blockchain. This proves that the artist is the legal owner of the created piece. Since the blockchain is secure and difficult to get into the hands of hackers, ownership is quite easy to track. This helps the artist gain popularity and spread his art around the world. Anyone online can view, even share and copy the artwork. You might think this situation contradicts the goal.

You have to pay to have

The trick is, unless you buy NFT, you can’t have it. As with physical art, you can take a picture of it or even make a copy of it. However, if you do not have the original part with certificate, your copy/photo will not be worth as much as the original.

When you buy an NFT, you own that artwork and can do whatever you want with it. However, the buyer does not own any Intellectual Property Rights such as the right to modify or reproduce. This is the exclusive right of the creator. Creating digital art breaks the boundaries on which artists depend. Artists can now work more freely and independently. They have the right to sell their parts at the price they think they deserve, to set conditions before selling them, and much more. They also have the authority to rent out and display their art as they please. It also makes it easy for them to distribute their art worldwide with no location restrictions.

The future also holds risks

However, every digital development involves risks. NFTs are sold on digital trading platforms. These work in the same way as online stores. Vulnerabilities in these platforms are often caused by poor security considerations during development. These omissions, once noticed, become the target of criminals. They can upload artwork with malicious code, steal people’s accounts or make a profit by buying and selling NFTs at a low price.

As technology evolves relentlessly, ESET is by your side to protect it.

Today there are no limits to innovation and creativity. NFTs and digital art prove that progress is unstoppable. Progress will continue to exist and evolve. Where there is progress, there are also risks. ESET has been progressing and evolving for over 30 years since its inception. The security of digital users is the number one priority; this means making sure that the progress we’ve made is protected so we can face the future with confidence.

Source: (BHA) – Beyaz News Agency