A proposal to minimize human errors when transferring non-fungible tokens (NFT) between wallets of the same owner was shared by a renowned collector and trader of these virtual assets. The user, who identifies himself as Punk6529 on social media, posted his recommendations in a tweet thread last week.
The user mentioned to three of the most popular marketplaces for NFT collectibles, such as OpenSea, SuperRare and Foundation, to draw your attention to your ideas for optimizing the transfer of NFT assets.
The NFT market moved value for USD 44,000 million last year, after a boom in popularity that began in March, as reported by CriptoNoticias. This implies that users are transferring thousands of dollars each time they mobilize their tokens.
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Punk6529, who has become popular for publishing information of interest to the NFT ecosystem, said that his proposal is part of his experience transferring around 1000 non-fungible tokens between wallets. In his post, he commented that he felt great tension every time he had to make an NFT transfer.
“I am quite sophisticated and quite careful and spent most of my time terrified of finding a cultural grail and, like the undead, sending it into the ether,” he wrote in one of his tweets, referring to the possibility of making mistakes when copying the address. from the receiving wallet and lose your NFT forever.
The risks and the solution for the transfer of NFT
The trader believes that currently the transfer function in the major NFT markets does not offer any level of confirmation or support. “You put an ETH address [Ethereum] in a box and voila. If you screw it up, well, it sucks to be you,” he pointed out.
In addition, he noted that the user is exposed to other risks, which are not limited to pasting the wrong wallet address or accidentally typing in an extra character. There are also malware that rewrite the addresses copied to the clipboard, or can be victims of social engineering, among other attack vectors.
To minimize these risks, Punk6529 proposed to the marketplaces add a two-step transfer process: the first to add the address as the user is used to and the second as a confirmation level.
In the latter, the platforms would extract confirmation data based on user activity, such as the ENS or account name, number of transfers or images of what the address contains. This information would give the user a reference that it is the correct address, before accepting the operation.
“Every BAYC monkey lost in an industry flop”
punk6529 urged the NFT industry to take action to make the software support the user. “It’s usually not socially acceptable to make a small mistake and lose $1 million. Therefore, we must treat every lost/stolen NFT as a manufacturing defect of the NFT industry,” he noted in one of the tweets.
The proposal seems to have convinced a group of users, since it has received almost 600 likes and has been shared more than 160 times, at the time of writing this article.