Exploring attacks in the NFT gaming industry: A study of risks and mitigation strategies

Abstract

Exploring the decentralized concept of NFT games implemented on blockchain to demonstrate possession of specific game elements, has enabled the integration of blockchain features technology where the developer enables a cross-platform inter change of gaming assets, with cryptocurrency transactions. Blockchain-based games using NFTs have been developing since 2021 and several games released in 2022. As the industry is expected to keep on growing with mass cultural adoption from 2023- 2024, it will give rise to many security issues as blockchain is vulnerable to different attacks. Thus, here we try to identify different types of attacks that might happen in the NFT gaming industry and also their possible countermeasures. Moreover, to prevent the fraudulent attacks on the ethereum network, we propose a hybrid fraud detection model using machine learning. Furthermore, we conducted a thorough breakdown of a relevant case study analyzing its hack mechanism.