# SECBIT Audit NFTX is a platform for creating liquid markets for illiquid Non-Fungible Tokens (NFTs). Users deposit their NFT into an NFTX vault and mint a fungible ERC20 token (vToken) representing a claim on a random or specific asset from the vault. SECBIT Labs conducted an audit from November 14 to December 8, 2022, including an analysis of the smart contracts in 3 areas: code bugs, logic flaws, and risk assessment. The assessment shows that the peripheral smart contracts of NFTX V2 we audited have no critical security risks. The SECBIT team has some tips on logical implementation, potential risks, and code revising (see part 4 for details). {% file src="" %}