SafeNFT Mart: A DSR Approach to a Secure NFT Marketplace

Abstract

NFT marketplaces have witnessed exponential growth. The unique attributes of NFTs, encapsulated by the acronym CRAVED (concealable, removable, available, valuable, enjoyable, disposable), make them susceptible to multifaceted thefts. In response, we introduce "SafeNFT Mart," an NFT marketplace architecture devised to thwart counterfeiting and uphold both asset and ownership integrity. We leverage Zero Knowledge Proofs (ZKPs) for ownership verification and integrate a stringent punishment protocol to deter illicit activities. Our design draws from the design science research (DSR) approach. Expert interviews were conducted to fortify our findings, focusing on relevance, adaptability, and technological viability in tandem with real-world and strategic implications. An initial analytical model is provided to gauge the efficacy of our punitive mechanism. This research culminates with future work, outlining the further development and refinement of the proposed marketplace solution.