NFTs Non-Fungible Tokens Focus

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4 - - - - Tamper-resistance. The NFT metadata and its trading records are persis- tently stored and cannot be manipulated once the transactions are deemed as confirmed. Usability.EveryNFThasthemostup-to-dateownershipinformation,which is user-friendly and information-clearly. Atomicity. Trading NFTs can be completed in one atomic, consistent, iso- lated, and durable (ACID) transaction. The NFTs can run in the same shared execution state. Tradability. Every NFTs and its corresponding products can be arbitrarily traded and exchanged. Security Evaluation An NFT system is a combination technology that consists of blockchain, storage and web application. Security evaluation on the NFT system is challenging since each component may become an attacking interface that makes the whole system really vulnerable against the attacker. Thus, we adopt the STRIDE threat and risk evaluation [106], which covers all security aspects of a system: authenticity, integrity, non-repudiability, availability and access control. We investigate the potential security issues and propose some of the corresponding defense measures to address these issues (see Table 1). Spoofing. Spoofing is the ability to impersonate another entity (for example, another person or computer) on the system, which corresponds to authenticity. When a user interacts to mint or sells NFTs, a malicious attacker may exploit authentication vulnerabilities or steal the user’s private key to transfer the own- ership of NFTs illegally. Thus, we recommend having a formal verification for the NFT smart contract and to use the cold wallet to prevent private key leakage. Tampering. Tampering refers to the malicious modification of NFT data, which violates integrity. Assume that the blockchain is a robust public transaction ledger [85,86] and a hash algorithm is preimage resistance and second preimage resistance [104]. The metadata and ownership of NFTs cannot be maliciously modified after the transaction is confirmed. However, the data stored outside blockchain may be manipulated. Therefore, we recommend users to send both the hash data as well as the original data to the NFT buyer when trading/exchanging NFT-related properties. Repudiation. Repudiation refers to the situation where the author of a state- ment cannot dispute [121], which is related to the security property of non- repudiability [95]. In particular, the fact that a user sends NFT to another user cannot deny. This is guaranteed by the security of the blockchain and the un- forgeability property of a signature scheme. However, the hash data may be tampered by a malicious attacker, or the hash data may bind with an attacker’s 9

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