The founder of nameless (a Web3-based tech company), Jimmy McNeliis, stated that a lot of the projects dealing with non-fungible tokens are coming into the market without adequate smart contract assessment. According to him, this has resulted in losses of several million. McNelis recommended that many of the NFT projects frequently come into the market without completely representing the working of the smart contracts, even neglecting the comprehensive audits in a few cases.
Nameless Founder Asserts that Many NFT Plans Do Not Have Sufficient Smart-Contract Testing
McNelis referred to an instance of this being observed during February at the sale of the NFT collection named Akutars. In that collection, there were up to 15,000 tokens presented for sale on Nifty Gateway (an NFT marketplace owned by Winklevoss). McNelis described that on the sale of the NFT drop, a huge bug witnessed Ether’s (ETH) $33M worth kept in a smart contract and the developers did not have an access to it.
He elaborated that it was a thing that could have been tested beforehand in a comprehensive manner in a private environment of testing as well as operated the tests over the respective sales to ensure that no sufficient time would have been provided to them to even think of doing their activities on some public testnet. As stressed by McNelis, there is a great significance of having an adequate test phase, keeping in view that after launch no patches could be applied to the bugs of smart contracts.
Several NFT Projects Don’t Wish to Disclose Their Testing on Public Testnets, Says McNelis
He added that a project’s testing phase is the most critical time as it plays a great role in deciding the real effectiveness of a launch or a drop so far the marketplace-related or technical solutions. In the words of McNeslis, while the public testnets could be utilized on the behalf of the projects for carrying out trials in the case of the networks such as Ethereum, several do not wish to do testing in open environments where their confidentiality could get compromised.
Another vitally important thing is that several brands intend to delve into the Web3 sector but do not want to declare openly that they do so. The establishment of Nameless was witnessed in the previous year on the behalf of McNelis and after that, the project got substantial support from Gary Vaynerchuck (an NFT proponent and a well-known entrepreneur) along with others.
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