Technology

NFT security issues prevent Americans from investing

NFT security issues are keeping 68% of Americans from getting involved, according to new data.

7/10 Americans are aware of the security risks of NFT

A new study by leading cybersecurity experts at NordVPN found that nearly half of Americans are now somewhat familiar with NFTs (non-fungible tokens), but nearly 7 in 10 of the “in the know” are also very aware of the security risks posed by NFTs. The study finds that increasing awareness of NFT security risks may be the reason only one in four Americans has bought, sold, or invested in them.

“NFTs have quickly become the digital format for owning the modern collectible,” said Daniel Markuson, digital security expert at NordVPN. “While a well-known investment risk, security volatility continues to escalate in terms of NFT numbers, as seen in the recent $200 million OpenSea NFT heist via a phishing email hack. “

Awareness of NFT issues

According to respondents to the survey of 1,002 US consumers, 47% of Americans say they know something about NFTs (27% don’t know and don’t care). Half of those familiar with NFTs have bought, sold, or invested in NFTs. However, 68% of those familiar with NFTs are also very aware that there are serious security risks associated with NFTS, including:

  • 51% fear someone could steal their NFT asset with no chance of recovering it
  • 49% worry that counterfeit NFTs could be sold in a counterfeit NFT shop
  • 48% worry people will impersonate a famous NFT artist and sell fake NFTs
  • 48% know there are fake NFT shops selling NFTs that are not even present in the digital world

Private browsing for NFT

In terms of security, the survey found that nearly half of those who have bought, sold, or invested in NFTs use private browsers when buying and selling NFTs online. Others use popular types of security technology such as password managers (43%), file encryption software (37%), a VPN/virtual private network service (34%), or antivirus software (33%). Only 8% do not use any safety technology when handling NFTs.

“As NFT technology As it evolves, we will surely learn about its potential for even more security risks,” continued Markuson. “But for now, as with any other information we store online, there should be very similar protections when dealing with NFTs like encryption, antivirus, and ad blockers that NordVPN can provide with Threat Protection.”

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Fry Electronics Team

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