A Hong Kong government-run internet security watchdog has listed risks associated with non-fungible tokens (NFTs) and the metaverse as a top “must watch” security threat this year, while both trends continue to thrive in the city.

Fast facts

  • The Hong Kong Computer Emergency Response Team Coordination Centre said in a statement last week that criminals may steal sensitive user information as the value of cryptocurrencies grows.
  • Information security of NFT and metaverse-related networks will receive more attention, the agency said.
  • The cybersecurity agency’s concern comes as Hong Kong is experiencing a boom in NFT and metaverse industries.
  • Traditional auction houses are embracing NFTs, with the latest being Phillips launching an NFT auction on Monday to celebrate Valentine’s Day.