Cyber Security Issues and Challenges on Non-fungible Tokens

Blockchain Technology helps buy and sell digital assets known as Non-Fungible Tokens (NFT). It is an asset that is not fungible. It is a different type of asset that exists in the virtual world and uses cryptocurrencies. Unique individual cartoons, like the ‘Bored Ape Yacht Club’, are made available through the NFT collection with unlimited, choices. The owners of such NFTs exhibit them with pride as avatars on social media. These tokens are not merely images. They include assets in the form of art, music, video game items, collectibles, sports memorabilia, domain names, and tweets, on various websites such as ‘Decentraland’ and the ‘Sandbox’. It is interesting to note that even land in the virtual world using NFT. This process of recording the ownership details of a digital asset is sure to revolutionize the thinking in the minds of people. This paper aims to study the overview of NFTs in detail. It further focuses on the advantages and limitations of NFTs. An attempt has been made to compare NFTs with Blockchain and cryptocurrencies. This paper also deals with the standards and protocols used for NFTs. Further, the issues and challenges with cyber security and privacy in NFTs are discussed. This paper focuses on the future scope of NFTs in the context of the ‘Metaverse’.