Stakes rise high in the NFT game, as ownership of artworks swaps hands in exchange for millions of dollars. It seems, though, that blinded by all the hype, most of the artists and buyers are not asking the right questions. For example, “How secure is this technology?”
Then a person comes forward. He tries to warn a few companies about the weak spots of NFTs, but no one listens. “Okay,” says Monsieur Personne and uses the tactics of the best writers: “Don’t tell, show.” So what is the best way to make a statement here? Apparently, by creating a scandal around the most expensive NFT sold so far.
To forge the token for Beeple’s The First 5000 Days, the hero of our story had to do some coding. First, Personne created an Ethereum smart contract that let him mint a new token with the same ID as the original. Then, he faked transaction history using a “seizure” feature of his smart contract: i.e., dropped the fake token into Beeple’s account and momentarily took it out.
The result of the hack
Both tricks can be seen through by an expert, but does an average NFT buyer have enough knowledge not to be fooled by them? Most likely, no. According to Personne, that was the main point of the hack: to prove that the technology could use further development. That NFT buyers are at risk. Before non-fungible tokens reach their full potential, there’s much work to be done around improving the code, refining security, and increasing the quality of smart contracts.
And he certainly made his point.
What about you? Would you invest in buying an NFT?