SNEAK PEEK
- Jimmy McNelis emphasizes numerous NFT projects rushing to the market without adequate smart contract testing, leading to the loss of millions.
- He mentioned the Akutars NFT collection sale that took place in February 2021, a collection featuring 15,000 tokens that went up for sale on Nifty Gateway.
- McNelis expects giants to continue to pile into the space with their own tokenized products, along with the organic retail interest to continue to increase.
The Founder of Web3 tech firm nameless, Jimmy McNelis, recently announced that many projects are rushing to market without proper smart contract testing. This rush to the market without completely stimulating how the projects’ smart contracts will function leads to the loss of millions of dollars.
He suggested that some projects skip extensive audits, an example of which was witnessed during the Akutars NFT collection sale in February 2021. The collection featured a total of 15,000 tokens that were up for sale on Nifty Gateway, the NFT marketplace owned by Winklevoss.
Discussing the Akutars NFT collection, McNelis mentioned that while the NFT drop sold out, a major bug witnessed $33 million worth of Ether that was generated from the sale locked up in a smart contract that the developers can not gain access to.
In an explanation to the same, he said that the kind of bug could have been sorted if they just had tested it entirely in a private test environment. The team behind the collection can have supposedly run the tests against those sales and edge cases, but they did not take the time to do it or even thought to do it on a public testnet.
As we are already aware that the smart contract bug can not be pathed following the launch, McNelis emphasized the importance of getting that test phase right. McNelis mentioned that the testing phase of a project is one of the more critical ones as it holds the potential to determine the success of the drop or launch.
Nameless, the Web3 firm founded by McNelis in mid-2021, is gearing up for a brand new product launch later this month along with an NFT software named StealthTest. As revealed, the software will be providing private testnets for developers to trial smart contracts for Arweave, IPFS, and Ethereum.
In sharing his views on the NFT market, McNelis expects big-name firms to continue to pile into the space with their tokenized products.
