There are several ways to mitigate 51% attacks in NFT transactions.
One approach is to use a consensus algorithm that is resistant to 51% attacks, such as proof-of-stake (PoS). In a PoS system, instead of using computational power to validate transactions, participants are required to hold a certain amount of cryptocurrency (the stake) as collateral for validating transactions. This makes it more difficult for attackers to gain control of the network by purchasing a large amount of computational power.
Another approach is to use a sharding system, which divides the network into smaller partitions (or shards) that are distributed across different nodes. Each node is responsible for only a portion of the network, making it more difficult for an attacker to gain control of a majority of the nodes.
A third approach is to use an NFT-specific protocol that is designed to prevent 51% attacks. For example, the ERC-721 protocol (which is used to create NFTs on the Ethereum network) includes a feature called “safe transfers,” which ensures that NFTs can only be transferred between two parties if both parties have agreed to the transfer. This prevents attackers from stealing NFTs by gaining control of the network.
In summary, avoiding 51% attacks in NFT transactions requires a combination of technical solutions, including using a resistant consensus algorithm, implementing a sharding system, or using an NFT-specific protocol that prevents attacks.
