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Non-Fungible Token Security: NIST Releases Draft IR 8472 for Public Comment
The initial public draft of NIST Internal Report (IR) 8472, Non-Fungible Token Security, is now available for comment. The deadline to submit comments is October 16, 2023.
The initial public draft of NIST Internal Report (IR) 8472, Non-Fungible Token Security, is now available for comment.
Non-fungible token (NFT) technology provides a mechanism to sell and exchange both virtual and physical assets on a blockchain. While NFTs are most often used for autographing digital assets (associating one’s name with a digital object), they utilize a strong cryptographic foundation that may enable them to regularly support ownership-transferring sales of digital and physical objects. For this, NFT implementations need to address potential security concerns to reduce the risk to purchasers.
This publication:
- Describes NFT technology
- Identifies 11 properties that should be provided by most correctly functioning and secured NFT implementations
- Discusses 27 potential security issues
NIST requests feedback on the technical description, the properties for NFT implementations, the security analysis of those properties, and the enumeration of the potential security issues.
The public comment review period is open through October 16, 2023. See the publication details for a copy of the draft and instructions on how to submit comments.
NOTE: A call for patent claims is included on page ii of this draft. For additional information, see Information Technology Laboratory (ITL) Patent Policy – Inclusion of Patents in ITL Publications.