Nearly 55.4% Of Open Source NFT Contracts Have Problems

BlockSec and NFTGO jointly released the 2022 NFT Security Report, which concluded the following five conclusions:

1. About 19.0% of digital assets in NFT projects are at risk of inaccessibility, with potential economic losses reaching about 330,200 ETH.
2. 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.
3. 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.
4. 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.
5. 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.