NFTs or Non-Fungible Tokens have seen a rise in popularity over the last few months, with their trading volume reaching $11 billion during the third quarter of 2021. Hackers are increasingly targeting NFTs, much like cryptocurrencies. This asset is valued at billions of dollars by investors, and in the long run, it can be costly to use poor authentication measures to protect digital assets such as NFTs.
NFTs, which are blockchain-based methods of claiming ownership of digital assets, are an example. The most prominent application for NFTs is digital artworks, and investors can purchase digital renderings, paintings, and photos online. Furthermore, NFTs don’t just cover art and visual media; they also include music, sports highlights, trading cards and collectibles, virtual fashion, and other online pop culture items.
NFTs cannot be exchanged or fungible like other cryptocurrencies. NFTs have a unique digital signature created with distinct identifying codes on the blockchain that cannot be duplicated.
Hackers could also target digital assets like NFTs. Bad actors can make digital wallets or exchanges a lucrative target if they have easy access. Digital assets like NFTs can be compromised by weak authentication practices and methods, such as solely using passwords instead of more secure authentication methods like kyc authentication.
A more straightforward authentication method such as FIDO key passwordless authentication is a better option to protect digital assets, like NFTs, from hackers. FIDO2 protocol uses a combination of public and private key cryptography. Users are asked to provide biometric information such as their fingerprints and facial scans during registration. The biometric data is stored in a particular and secure combination with the device that acts as the private key to unlock the account. Users will need to provide their biometric information to access their accounts.
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