The NFT sector has seen several problems since it emerged which made a lot of people concerned that NFTs are not as safe as previously thought. However, the problem does not lie with NFTs themselves.
NFTs are actually smart contracts, and these contracts are subject to vulnerabilities. In their essence, smart contracts are just code, and the more complex the code is, the more room there is for errors to show up. Of course, developers tend to comb their code for errors and vulnerabilities time and time again, but even after extensive search — a flaw or two can still remain and cause problems down the road, especially if bad actors manage to identify them.
This is why security audits should still be carried out, as the code of the smart contracts requires a greater amount of attention. Then, and only then can smart contracts — and to some extent, the NFTs — be adequately secured.
Let’s take a look at some of the more common but still quite dangerous flaws that tend to be present in smart contracts:
NFT token sale vulnerabilities
The first opportunity that bad actors have to use…
