Many NFT projects lack adequate smart contract testing, says nameless founder
Summary
Jimmy McNelis, the founder of Web3 tech firm nameless, says there are too many NFT projects rushing to market without proper smart contract testing — potentially leading to millions lost. Speaking with Cointelegraph, McNelis suggested that a lot of NFT projects often rush to market without fully simulating how its smart contracts will work, even skipping extensive audits in some cases. McNelis said while the NFT drop sold out, a major bug saw $33 million worth of Ether (ETH) generated from the sale locked up in a smart contract that the devs have no access to, explaining: McNelis emphasized the importance of getting the test phase right, given that smart contract bugs can’t be patched post-launch: McNelis explained that while projects can use public test nets to conduct trials for networks like Ethereum, many don’t as it could open the door for copycat scam projects. “The other thing is theres a lot of brands that may be wanting to explore the Web3 space but arent ready to announce publicly that theyre doing so.” Related: NFTs ‘biggest on-ramp’ to crypto in Central, Southern Asia and Oceania — report Nameless was founded by McNelis in mid-2021, and the project has so far received backing from popular entrepreneur and NFT proponent Gary Vaynerchuck among others. It is gearing up for a new product launch later this month with an NFT software called StealthTest, which provides private testnets for devs to trial smart contracts for Ethereum, IPFS, and Arweave.