NFTs: Functional Innovation or Cyber Weapons of Mass Destruction?

While the culture and buzz surrounding Web3 can be overwrought, it’s more than hype: after all, the concept has won enthusiastic support from Silicon Valley giants and venture firms alike. Unfortunately, there is a darker side to the technology, that has been overlooked, especially when it comes to Web3’s novel file-exchange format: NFTs. Despite lofty claims, Web3 will not be invulnerable to cyberattacks and malicious or fraudulent activity. And – unless cybersecurity is built into the technology before it becomes mainstream – it will not be able to deliver on its promises of a safer Internet. NFTs are a ticking time bomb waiting to explode, and the time to fix that is now. In the current year, it isn’t hard to see why governments, businesses, and consumers are chasing a better Internet: since the time of its inception, Web 2.0 – the collection of technologies, platforms and norms which comprise the Internet today – has been burdened by digital safety issues that are notoriously hard to solve from the position of the present.

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OODA Analyst

OODA Analyst

OODA is comprised of a unique team of international experts capable of providing advanced intelligence and analysis, strategy and planning support, risk and threat management, training, decision support, crisis response, and security services to global corporations and governments.