NFT projects fragile due to lack of audit – This specialist takes stock

A nameless imprudence – According to this entrepreneur in the web3, several NFT projects would be too rushed to conquer markets. They would neglect thus the phase of test. She is however crucial in terms of safety… to avoid suffering costly losses.

NFT and security audit: beware of blocked ethers

What if another 3.0 version of the NFT hare and turtle were told to you. In interview made by the media Coin Telegraph, Jimmy McNelisfounder of the company web 3 namelessunderlined the precipitation many NFT projects on the stairs. The latter do not bother to adequately test smart contracts. Moreover, they do not carry out in-depth audits.

These shortcomings can, however, generate losses which number in millions of dollars. Jimmy McNelis notably mentioned the major bug that affected the sale of the NFT collection ofAkutarsin February of last year.

The 15,000 tokens of the collection that have been put up for sale on the NFT marketplace Nifty had found takers. However, the bug blocked income up to $33 million in ethers (ETH) in a smart contract.

According to Jimmy McNelis, lack of audit can cause huge losses for NFT projects

According to the founder of nameless, “it was the kind of thing” that the developers, who could not access the blocked ethers, could have tested. They could have “run the tests against these sales and edge cases”.

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A lack of confidentiality in public tests

Jimmy McNelis emphasizes the critical nature of project testing. The bugs in smart contracts cannot be corrected post-launch. The test would thus make it possible to determine the success of a deposit or a launch, in terms of “technical and market solutions”.

These comments are intended to convince the web3 community of the importance of testing. The founder of nameless even adds, in his speech, other reasons which would dissuade the projects from carrying them out.

the lack of confidentiality tests in public environments would in particular partly explain this reluctance to carry out an evaluation phase. Brands may also want to explore web 3 discreetly, without wanting to reveal it publicly, intentionally or not, during a test.

The bill linked to a lack of rigor in terms of testing can therefore be particularly high. Yet the adoption of NFTs continues to grow. The major brands have decided to take the plunge. Some projects, however, seem ready to pay the price out of impatience or concern for confidentiality. Others are simply unaware of the danger.

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NFT projects fragile due to lack of audit – This specialist takes stock

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