How to Keep Your NFTs Secure
While NFTs and cryptocurrencies are gaining immense popularity, it also attracts many scammers and opportunists who like to cheat beginners. While no scammer can make a copy of an NFT and claim it as their own thanks to the characteristics of NFTs, there has however been a lot of theft and scammers in the vicinity which is off-putting to newbies. Our team recommends a few things you can do to reduce your risk and safeguard your investments.
Make use of a non-custodial wallet (hot storage)
Generally speaking, you should keep your NFTs in a non-custodial crypto wallet rather than on an exchange or marketplace. Non-custodial wallets (also known as hot storage) are often secured by a 12- to 24-word seed phrase and a combination of touch identification and passwords. This is a pretty secure approach to protecting your assets for most people and scenarios. They can, however, be hacked using a variety of methods, including keylogging, malware, and phishing scams.
Here are some suggestions for reducing your chances of being hacked:
- Never reveal your word seed phrase to others.
- A complicated combination of letters (upper and lowercase), numbers, and symbols should make up your password.
- Keep your password and seed phrase off of your computer. Instead, write them down on a piece of paper and keep them somewhere safe (but not so safe that you forget where you put them).
- By masking your IP address and encrypting your internet data, a VPN can provide additional security.
Use a cold storage
Cold storage is the most secure method of storing NFTs. Cold storage is an external drive that is kept offline to keep your assets safe from hackers and scammers. Because you keep your digital products on these devices, no one on the internet can access your NFT unless they have both your physical cold storage device and your passcode. Consider it a virtual vault for your NFTs.
If you wish to buy a cold storage wallet, there are a number of highly-rated wallets ranging in price from $50 to $150. Keep in mind that using a cold storage wallet requires you to give up convenience in exchange for security.
This is because every time you want to transact with the blockchain, you’ll have to connect and decrypt your cold wallet, which can take a long time.
Is a deal too good to be true? It’s best to stay away!
Scammers play on complacency, inexperience, and mistaken hopefulness. Even in the best of circumstances, the world can be harsh, and the crypto sector is no exception. While no one wants to believe they will ever be hacked or duped by a con artist, the truth is that even the most intelligent people are susceptible to their schemes. On that topic, the greatest method to avoid NFT frauds is to always trust your senses when something doesn’t seem or appear to be right.
Here are a few brief guidelines to help you avoid falling victim to a scam in this area:
- Never do business with someone who sends you a DM with a deal that appears too good to be true.
- Always verify the identity and reputation of any buyer or seller you desire to interact with. In this room, rug pulls are common. Rug pulls happen when artists with little to no prior repute build a collection, only to abandon it later and leave you with a worthless NFT while stealing your money.
- In general, reputable marketplaces such as OpenSea, Axie, and Rarible are recommended.
Conclusion
For gamers, beginners, digital artists, collectors, and investors, NFTs hold enormous upside potential. It’s crucial to remember, however, that this new environment provides a fertile breeding ground for scammers and fraudsters. Taking the necessary precautions to safeguard your digital assets while also keeping an eye out for scammers will ensure that you do not have to suffer the grief of losing your creations/investments.
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