BlockSec and NFTGO jointly released the 2022 NFT Security Report, which concluded the following five conclusions:
- About 19.0% of digital assets in NFT projects are at risk of inaccessibility, with potential economic losses reaching about 330,200 ETH.
- Nearly 55.4% of open source NFT contracts have problems. Specifically, approximately 4,400 contracts had reentrancy and/or inappropriate access control vulnerabilities. About 54,500 NFT contracts have privileged functions, and privileged users can operate the assets of ordinary users without any permissions.
- The Sleepmint attack is to deceive ordinary users into buying worthless NFT tokens. The report found that 1,960 transactions involving 75 NFT contracts were Sleepmint transactions.
- About 61.8% of NFT projects are too concentrated, because there is a user who holds more than 50% of the tokens in the project.
- Wash trading is common in the NFT market. The total wash volume reached approximately 9.8 million ETH, accounting for 43.0% of the total volume of OpenSea, LooksRare and X2Y2. The majority (87.5%) of wash trades were conducted on LooksRare.