As non-fungible tokens (NFTs) continue their rapid expansion across digital art, gaming, and the metaverse, cybersecurity experts are raising alarms about the growing threats facing investors. Check Point Software Technologies Ltd., a global leader in cybersecurity solutions, has highlighted the risks that accompany the booming NFT market, which now moves millions of euros worldwide.
While adoption accelerates, so do attacks targeting both technical vulnerabilities and investor psychology.
Evolving threats in a booming market
One of the most significant risks identified by Check Point is metadata manipulation. Many NFT projects store images and content on centralized servers, allowing creators—or malicious actors—to alter an NFT’s appearance after purchase. Buyers can suddenly find their assets transformed into something with little or no value, underscoring the hidden vulnerabilities of centralized storage in a supposedly decentralized market.
Fraud on NFT marketplaces is another major concern. With multiple cryptocurrencies in play (such as ETH, WETH, USDC, and USDT) scammers exploit the similarity of symbols and project names to confuse sellers. Transactions that appear to involve high-value assets can, in reality, be worth only a fraction of their advertised price. These schemes can inflict significant financial losses, especially for new investors unfamiliar with the ecosystem.
Visual representation of an NFT.
Phishing attacks have also grown more sophisticated. Cybercriminals infiltrate official project channels, such as Discord servers, creating high-pressure scenarios with messages about urgent migrations, exclusive drops, or time-sensitive launches. Fake airdrops are another vector: by accepting these offers, users unknowingly grant permissions that allow attackers to empty their wallets entirely.
Beyond the technical risks, attackers exploit human psychology. Fear of missing out (FOMO), trust in tight-knit communities, and the complexity of blockchain transactions create fertile ground for manipulative tactics. Many NFT users fall victim to hasty decisions under pressure, emphasizing that education and vigilance are as important as technical defenses.
Best practices for investors
Check Point offers a set of practical recommendations to reduce risk in the NFT market. Investors should segregate wallets according to purpose and value: a “hot” wallet for daily transactions, a “warm” wallet for higher-value operations, and a “cold” hardware wallet for long-term storage of the most valuable assets.
Applying the “five-minute rule”—taking time to verify the legitimacy of significant operations through multiple official sources—can prevent impulsive mistakes. Regular audits of granted permissions are also essential; forgotten authorizations can be exploited by attackers. Tools like Etherscan’s Token Approval Checker allow users to review and revoke unnecessary permissions efficiently.
Perhaps most importantly, NFT participants must cultivate healthy skepticism. Unexpected airdrops, urgent offers, and promises of extraordinary returns should automatically raise red flags. By approaching the market cautiously, investors can protect themselves from both technical exploits and psychological manipulation.
Knowledge as the greatest asset
“The biggest asset of any digital collector is not their rarest token, but their knowledge and vigilance,” said Eusebio Nieva, Technical Director of Check Point Software for Spain and Portugal. “NFT attacks combine technical and psychological factors, but with proper security habits, it is possible to protect assets and maintain trust in this new form of digital ownership.”
As the NFT ecosystem grows, the sophistication of cybercriminal tactics will continue to rise. Only informed, cautious, and security-conscious communities can ensure the sustainability of the market while safeguarding both digital property and investor confidence.
Sources:
- Check Point Software PR.
