About NFT Due Diligence
Problem is – the lucrative terrain is also attracting cyber-criminals who want to make some quick money. There are also some peculiar issues that threaten to wipe out the entire investment of the entrants. Due Diligence can protect the NFT entrepreneurs, investors, and traders from such loss.
Threat vectors in NFT
Contrary to perception, the NFT is not the underlying item purchased itself, but a sort of certification about the ownership of virtual assets. Here are a few major threat vectors that might push your NFT venture off the rails.
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Benefits of Due Diligence
Conducting Due Diligence is imperative to prevent your NFT from turning into a bubble waiting to burst. Anyone wishing to participate in an NFT transaction needs to be aware what is transacting under the hood.
A few salient features of NFT Due Diligence are under-given:
Prevention of NFT Counterfeiting
Minting of the NFTs in the asset owner’s wallet without their knowledge happens because of an anatomical defect in smart contracts. Due Diligence can detect the issue, nipping it in the bud.
Simple mistakes while coding could result in unexpected consequences. Due Diligence helps in discovering the severity of errors in time and taking adequate remedial steps.
Check Gaps in Minting Process
Verifiable authenticity of an NFT is the direct outcome of how it was minted. Our team checks the process threadbare to ensure proper and secure minting.
Ensure accessibility of virtual asset
If the virtual asset beneath NFT is corrupted or removed, the buyer will lose access. To ensure this, we ensure the smart contract provides for hosting of virtual asset in an accessible format.
Our Due Diligence Process
NFT space is replete with incredible promise and might hold for you a fortune. However, to harness the space, you will require Due Diligence, backed by a thorough process. Here are various phases of our Due Diligence ignition process: