Top NFT-Related Cybersecurity, Phishing, Hacking and Other Risks in 2022

The continued growth of the market for nonfungible tokens (NFTs) in 2022 has helped shape the zeitgeist of what has been referenced colloquially by some as the “fourth industrial revolution,”[1] defined largely by network effect (e.g., virality); rapid innovation; social, creative and civic engagement; and evolved perspectives with regard to how rights and obligations between and among parties to automated agreements are defined and enforced.

Commonly used to identify and affix identifiable rights to otherwise fungible digital media files, NFTs, along with other cryptographic assets and blockchain technology generally, compose the infrastructure required to facilitate transactions between and among anonymous or pseudonymous counterparties without involvement by third-party intermediaries, such as banks. As a result, the nonfungible (unique) nature of NFTs has revolutionized conceptions of digital property ownership by demonstrating that digital property is not only real but has intrinsic value, similar to real property.

Consumers spent up to $44 billion on NFTs in 2021[2] and are on track to spend at least as much,

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