NFTs or Non-Fungible Tokens are booming commodities and digital assets in the blockchain and crypto space. In the same way, you protect your cryptocurrencies, you need to secure your NFTs from theft or copies. In this guide, we show you how you can protect your NFTs.
How to protect your NFTs from theft or copies
You can protect your NFTs or Non-Fungible Tokens from thefts or fake copies, in the following ways.
- Opt for a non-custodial wallet
- Cold Storage
- Deal with potential buyers wisely
- Use only trustworthy marketplaces
Let’s get into the details of each one.
1] Opt for a non-custodial wallet
Non-custodial wallets are a secure way of storing your NFTs. They are protected by a 12-24 word seed phrase and also a combination of touch identification and custom passwords. Instead of storing your NFTs in the wallet of the marketplaces you use, it is recommended to stack them on the Non-custodial crypto wallet.
Even the Non-custodial wallets can be hacked if you are not vigilant using many methods such as malware, keylogging, and phishing scams.
To fully protect your non-custodian wallet,
- set a password that you do not use for any other account or wallet
- never share it with anybody or store it on a password manager
- don’t open untrustworthy links
- use a premium VPN with a better encryption service
2] Cold Storage
Cold Storage is nothing but an offline and external derivative that cannot be connected via the internet or reachable by hackers through the internet. It keeps your digital assets like NFTs from the reach of hackers and thieves. The only flipside of Cold Storage is you have to connect the authority of Cold Storage every time you want to make a transaction which is very time-consuming.
3] Deal with potential buyers wisely
Many people on the internet contact you with lucrative offers. You need to have a clear-cut opinion and a gauge on the market situation to analyze the person. A scammer might be behind a lucrative offer you get. Do not share your wallet accessibility with anyone as a transaction can never be traced or reversed on the blockchain.
4] Use only trustworthy marketplaces
As the crypto and NFT business is booming, many marketplaces have come up. A lot of them are bad at offering security and protection to the users from theft or scams. You need to use only trustworthy NFT marketplaces to do transactions with your crypto wallet and NFTs. Analyze the level of security a marketplace offers before signing up with them.
These are the ways you can secure your NFT from scams and copies.
How do you store NFTs?
You can store your NFTs on your wallets on Marketplaces as well as Cold Storage derivatives. Generally, it is not recommended to store your wallets connected to marketplaces as they can be hacked easily.
Can someone steal your NFT?
Absolutely yes. Many NFTs scams are happening every day on the internet. You need to be vigilant with the type of people you are dealing with. You must secure your NFTs in Cold Storage or non-custodian wallets.