Cryptoverse. NFTs: Growing market for skilled cyber pros or a bubble?
NFTs, also known as non-fungible tokens, have recently exploded in popularity. This new trend has attracted most attention with the proliferation of digital art, where NFTs are used to sell artworks. However, most people are still confused when they hear about NFTs, trying to figure out how they actually work and what value they represent — as well as the possible risks behind this tech. Is this a growing market that will offer a lot of opportunities for professionals with cybersecurity skills?
First of all, what are NFTs? An NFT is a digital asset that is stored in a blockchain. In simple terms, a blockchain is a database that is shared between many participants and cannot be interfered with by third parties.
According to Thomas Barrett, a Founder of EnCirca, blockchain offers a high level of trust, security and privacy to individuals and allows them to keep control over their personal data.
An NFT, in turn, is a unique virtual representation of any element or even a service that can be monetized. It contains a link to digital files that it represents, such as photos, for example, which are stored on other platforms.
However, NFTs do not automatically attribute ownership rights over the digital files they are linked to, said Petko Karamotchev, CEO of Industria, speaking at the European Cybersecurity Skills Summit Week organized by the Youth IGF.
In the case of digital art, users only buy a receipt and do not own the piece of art itself. This is why NFTs currently generate a lot of copyright and consumer protection issues. Another important point is that users can make transactions in the blockchain, like selling and buying NFTs, via digital wallets. These wallets contain the keys to all the user’s digital assets, such as cryptocurrencies and NFTs. If lost, access to the assets can longer be restored, and there is no legal way to claim ownership over previously acquired NFTs. There is also a range of blockchain security issues, namely scams related to NFTs. Users buying non-fungible tokens have to be extremely cautious so as not to fall victim to fraud.
So, what value do NFTs have for our society? These digital assets offer us a unique property of goods and services, while digital wallets in blockchain constitute a new way of payment for these goods and services in a more secure and anonymous way. In addition, NFTs can allow content creators, like musicians, to directly monetize their pieces of work without intermediaries.
Blockchain, NFTs and cybersecurity clearly intersect. Security risks that already exist and continue to emerge in this field will require the creation of new skills, including cybersecurity skills, according to Petko Karamotchev.
Professionals will be needed to protect the rights of consumers to digital assets and prevent any kind of fraudulent activities. These skills will make cyber pros more competitive in the job market in the long run.
Finally, are NFTs just a bubble, or a growing market?
“The NFT and blockchain market is going to continue to grow”, says EnCirca founder Thomas Barrett, who encourages people to educate themselves about it.
What is evident is that cybersecurity professionals will undoubtedly find their way in this field as it continues to develop.