Compromised NFT accounts highlight security concerns inherent in the design of centralized systems.
There s a new type of art heist in the world, one involving unique digital assets known as nonfungible tokens (NFTs) that are sold on blockchain-based marketplaces. A few weeks ago, NFTs hit the mainstream news when one was sold for nearly $70 million at Christie s, which the auction house said was the third-highest selling price for a piece of art by a living artist. In separate news the following week, several NFT owners reported that hackers had compromised their accounts on a digital art marketplace. While cryptocurrencies like Bitcoin have been targeted by hackers, this is a first for NFTs, and it highlights traditional security concerns inherent in the design of centralized systems.