Jimmy McNelis, the founder of the unnamed technology company Web3, said that there are many NFT projects running on the market without proper smart contract testing, which could lead to millions of people.

Speaking to Cointelegraph, McNelis suggested that many NFT projects are rushing to market without first demonstrating how their smart contracts work, even skipping thorough research in some cases. McNelis said an example of this was seen during the February 2021 Akutars NFT auction - with 15,000 tokens sold on the Winklevoss-owned NFT market, Nifty Gateway.

McNelis said that when NFT ended, a huge bug saw $33 million worth of Ether (ETH) from the sale of locked-in smart contracts that developers didn't have access to, explaining:

"It's the kind of thing that they could have tested very well in a private testing environment and run tests that are sold at cost, which they may or may not have taken the time to do or think about doing on a public testnet. ."
McNelis emphasized the importance of passing the testing period, since bugs in smart contracts cannot be fixed after implementation:

"The test period of the project is very important because it will really determine the success of your start-up or start-up according to the technology and the market solution."
McNelis explained that although projects can use public testnets to conduct tests for networks like Ethereum, many do not because it can open the way to copy fraudulent projects. He also says that some don't want to test in a public place where there is no privacy.

"The other thing is that there are a lot of brands that might want to explore the Web3 space but they're not ready to publicly announce that they are."

McNelis founded Anonymous in mid-2021, this project has received support from the famous businessman and NFT promoter Gary Vaynerchuck, among others. He is preparing for the release of a new product later this month with NFT software called StealthTest, which provides private testnets for developers to test smart contracts for Ethereum, IPFS and Arweave.

Speaking of the NFT market, McNelis expects large companies to continue to fill the space with their own branded products, and interest in organic marketing continues to grow. grow up He said that in terms of investment, it is still too early for large financial institutions to want to speculate on NFT themselves.
Source: Cointelegraph

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