Purchasing NFTs is only the first step. You need to learn how to keep such digital assets away from prying eyes. Read on to discover how to secure NFT assets and learn about the various NFT storage options and their use cases.
Because the NFT space is still experimental and regulations are unclear or lax, it has attracted a flood of hackers and scammers who are on the hunt for a payday. If you own digital assets or you’re looking to dip your toes into the market, you need to learn how to secure NFT assets.
HOW NFTS CAN BE STOLEN
Scammers’ favorite way to steal your NFTs is through phishing scams. Once they enter your account, they’ll drain it. Others bait users to invest in fraudulent or nonexistent NFT schemes, only to disappear once investments pour in.
Follow along as we dig deep into proven ways to store your NFTs in a way that shuts out all kinds of swindlers
Another way hackers and scammers steal NFTs is through deceptive NFT projects. These fraudulent characters often set up an NFT project and hype it across various social media platforms. Once investors take the bait, the scammers shut up shop and disappear with the funds — a practice known as a rug-pull scam.
Other popular NFT scams include bidding scams, pump-and-dump schemes and plagiarized NFTs
SECURE YOUR NFTs ASSETS: BASIC SAFETY TIPS
A) Store Your NFTs Securely: The common methods include;
• Cold Storage Hardware wallet
• Software Wallets ;
Metamask. Other useful software wallets include Trust Wallet, Rainbow, Enjin Wallet and Math Wallet.
• Interplanetary Fìles System ( IPFS) :
This is a decentralized protocol that stores your NFTs off-chain, making it hard for hackers to access your NFTs. IPFS utilizes a content-based addressing system instead of the usual location-based address system
B) Use a virtual private network (VPN) to encrypt and anonymize your traffic. We recommend ExpressVPN, the best VPN on the market
C) Avoid clicking suspicious and dodgy links. You might end up on a malware-ridden or phishing site.
D) Never share your seed phrase or login credentials with anyone or on any site.
E) Do your own research
Before investing in an NFT project. Check the profile and background of project founders before investing
F) Only trade on reputable NFT marketplaces and use a safe digital wallet.
G) Use two-factor authentication to add an extra layer of security to your crypto wallet.
The VPNs to Secure Your NFT Assets
▪︎ EXPRESSVPN
▪︎NORDVPN
▪︎ CYBERGHOST
IN CONCLUSION: A CRYPTO WALLET is a must-have if you want to secure your prized digital assets. If you trade often, then a software wallet is your best bet. However, for the best security and to store NFTs for the long haul, use a hardware wallet
Thank you for Reading ❤
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