The digital asset market is experiencing significant growth, with non-fungible tokens (NFTs) leading the way. In 2021, NFT sales exceeded $2.5 billion, and this trend is expected to continue as more industries adopt NFT technology to improve efficiency. The NFT market is projected to grow from $3.0 billion in 2022 to $13.6 billion by 2027(opens in a new tab), with a compound annual growth rate of 35%. This growth is fueled by several factors, including the increasing influence of celebrities driving NFT adoption, the transformation of the gaming industry through NFTs, and the growing demand for digital artworks. As more people become aware of the benefits of using NFTs, we expect to see an even greater need for these types of assets.
NFT Protect is designed to protect digital assets from theft and private key compromise, making it a valuable solution for digital asset owners looking to safely and securely manage and transfer their assets.
Problems & opportunities
As the market for non-fungible tokens and other digital assets continues to grow and mature, it is crucial to ensure the security and ownership of these assets. Unfortunately, incidents of theft and private key compromise are too common, resulting in significant losses for asset owners.
Over $100 million worth of NFTs were publicly reported as stolen through scams between July 2021 and July 2022, according to the report(opens in a new tab) by top blockchain analytics firm Elliptic. Theft is becoming rampant in the crypto space. Crypto users deal with attacks like website hijackings, social engineering scams, and social media misinformation almost daily. Installing unreliable applications, losing the seed phrase, or banal inattention makes it easier for crypto criminals to work. At the same time, it is impossible to return the lost assets due to the nature of the technology.
Currently, there is no comprehensive security solution for NFTs on the market. However, more solutions are emerging to address different aspects of NFT security.