SafeNFT Mart: A DSR Approach to a Secure NFT Marketplace

Ashok Kasthuri, Aseem Pahuja, Zhiling Guo, Lingxiao Jiang, Richard Banach

Research output: Chapter in Book/Report/Conference proceedingConference contributionpeer-review

Abstract

NFT marketplaces have witnessed exponential growth. The unique attributes of NFTs, encapsulated by the acronym CRAVED (concealable, removable, available, valuable, enjoyable, disposable), make them susceptible to multifaceted thefts. In response, we introduce "SafeNFT Mart," an NFT marketplace architecture devised to thwart counterfeiting and uphold both asset and ownership integrity. We leverage Zero Knowledge Proofs (ZKPs) for ownership verification and integrate a stringent punishment protocol to deter illicit activities. Our design draws from the design science research (DSR) approach. Expert interviews were conducted to fortify our findings, focusing on relevance, adaptability, and technological viability in tandem with real-world and strategic implications. An initial analytical model is provided to gauge the efficacy of our punitive mechanism. This research culminates with future work, outlining the further development and refinement of the proposed marketplace solution.
Original languageEnglish
Title of host publicationProceedings of WITS, ​the Workshop on Information Technologies and Systems 2023
Publication statusAccepted/In press - 15 Oct 2023

Keywords

  • Blockchain
  • NFT Marketplace
  • Hyderabad
  • India 2023

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