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.