The US National Institute of Standards and Technology published the initial public draft of an internal report on the Non-Fungible Token Security.
Non-fungible token (NFT) technology provides a mechanism to sell and exchange both virtual and physical assets on a blockchain. While NFTs are most often used for autographing digital assets (associating one’s name with a digital object), they utilize a strong cryptographic foundation that may enable them to regularly support ownership-transferring sales of digital and physical objects. For this, NFT implementations need to address potential security concerns to reduce the risk to purchasers.
This publication:
- Describes NFT technology
- Identifies 11 properties that should be provided by most correctly functioning and secured NFT implementations
- Discusses 27 potential security issues
NIST requests feedback on the technical description, the properties for NFT implementations, the security analysis of those properties, and the enumeration of the potential security issues.