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NFTs are suddenly everywhere, but they have some big problems

NFTs are suddenly everywhere, but they have some big problems



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  1. “Like anything else online, they’re hackable
    Then there’s the matter of NFTs themselves getting stolen. Several users on Twitter earlier this month reported that their accounts on the platform Nifty Gateway had been hacked and NFTs worth thousands of dollars were stolen.

    […]

    none of the impacted accounts had 2FA [two-factor authentication] enabled”

    So a user error. Why some people still don’t use 2FA to protect their valuable is beyond me 🤷🏼‍♂️

  2. tldr; Short for non-fungible tokens, NFTs are pieces of digital content linked to the blockchain, the digital database underpinning cryptocurrencies such as bitcoin and ethereum. The digital artist Beeple sold an NFT for more than $69 million, while the first-ever tweet by Twitter founder Jack Dorsey fetched $2.9 million. While all transactions on the blockchain are recorded publicly in an immutable digital ledger, there is no requirement that people attach their real names or identities to those transactions.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

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