As NFT space matures every day, the trading platforms encounter greater risks. February 2022 saw a hacking incident in OpenSea, where many users found that their accounts had been hacked. The incident left rumors flying that the hackers had stolen NFTs worth $200 million.
The incident, of course, raises concerns regarding the NFT trading mechanism in the marketplace platforms. However, it’s not a sort of unsolvable problem/issue.
I want to base my views on a white-label NFT marketplace platform and how it can drive the hack-proof trend in the NFT space. Let’s get started.
The 5-step Hack-proof Model
You can be anyone reading this blog: an NFT space observer, an NFT enthusiast, or even an NFT marketplace owner.
First and foremost, let’s be real, no platform/technology is completely hack-proof amidst this growing digital revolution. However, I can highlight some viable ways to control/bypass the hacking incidents.
Here are the top five steps to implement while you launch your white-label NFT marketplace or thereafter:
#1 Audit Your Marketplace Platform Regularly
Audits are relatively inexpensive and can detect a variety of common flaws. Sometimes there may be traces of hacks - which the platform would have bypassed automatically. After such instances, you need to safeguard your NFT marketplace platform with hack-proof installations.
#2 Exercise Care While Choosing Your Payment processor
Most NFT marketplace platforms rely on third-party payment processors while accepting fiat payments. Ensure that you deploy PCI-compliant payment processors & card companies to ensure best-in-class data security.
On the other hand, accepting crypto payments wouldn’t deal with problems as the transactions are entirely peer-to-peer and decentralized.
#3 Back Up Your Data
Again, we hear about it all the time, so this may seem basic. The problem isn't with site backups; many people now do them regularly. The issue is that most people do not test the backup to ensure it is functional.
#4 Deploy Multi-layer Security
Layering various security features on your white-label NFT marketplace platform helps you ensure safety. Ensure that every NFT page on your platform has the SSL (Secure Sockets Layer) certification.
#5 Exercise care during Smart Contract Upgrades
A smart contract upgrade is a quintessential process in the marketplace to make significant upgrades to the product (NFT). It is one place where there is a need for mutability on a rather immutable blockchain ecosystem. OpenSea encountered the same reason, which the hackers bypassed to steal the NFTs.
Conclusion
I don’t think I have to stress much about the importance of a hack-proof white-label NFT marketplace platform. Do you have an existing marketplace? Try ‘white-labelling’ your platform that deploys security-intensive functionalities.
Try AppDupe if you wish to hack-proof your NFT marketplace platform anytime soon!