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Many NFT projects lack adequate smart contract testing, says nameless founder

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Jimmy McNelis, the founder of Web3 tech firm nameless, says there are too many NFT projects rushing to market without proper smart contract testing — potentially leading to millions lost.

Speaking with Cointelegraph, McNelis suggested that a lot of NFT projects often rush to market without fully simulating how its smart contracts will work, even skipping extensive audits in some cases.

McNelis said an example of this was observed during the sale of the Akutars NFT collection in February 2021 — featuring 15,000 tokens that went up for sale on Winklevoss-owned NFT marketplace Nifty Gateway.

McNelis said while the NFT drop sold out, a major bug saw $33 million worth of Ether (ETH) generated from the sale locked up in a smart contract that the devs have no access to, explaining:

“That was the sort of thing that they could have tested more completely in a private test environment and run the tests against those sales and edge cases, that they may or may not have taken the time to do or thought to do on a public testnet.”

McNelis emphasized the importance of getting the test…

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