Non-fungible tokens (NFTS) and their security challenges

Abstract

The Non-Fungible Token (NFT) market has been exploding in the past years. The notion of NFT originated with Ethereum's token standard, which aimed to differentiate each token using distinguishing signals. Tokens of this type can be associated with virtual or digital properties to serve as unique identifiers. Using NFTs Non-Fungible Token (NFT) is a new technology gaining traction in the Blockchain industry. In this article, we examine state-of the art NFT systems that have the potential to reshape the market for digital virtual assets. We will assess the security of existing NFT systems and expand on the opportunities and prospective uses for the NFT idea. Finally, we discuss existing research challenges that must be overcome before mass-market penetration may occur. We hope that this paper provides an up-to-date analysis and summary of existing and proposed solutions and projects, making it easier for newcomers to stay current.