How To Keep Your NFTs Safe

Have you recently purchased some NFTs and are wondering where to store them safely?

NFTs have gained immense traction over the last couple of years, with the trading value in the space increasing by over 21,000% between 2020 and 2021!

Unfortunately, as the NFT space becomes more mainstream, NFT scams and theft are becoming increasingly prevalent. In fact, OpenSea, one of the leading online NFT marketplaces, recently revealed that a staggering 80% of NFTs are spams, scams, or fraud.

So, we’ve put together this short guide to help you keep your NFTs secure and reduce hacking risks.

Put Your NFTs In a Cold-Storage Hardware Wallet

One of the most common places for storing NFTs is software wallets such as Metamask or Coinbase. However, the issue with these wallets is that the information you need to access them is stored directly on the software which, in turn, is stored online. This means that they can be compromised by hackers, and your NFTs could be stolen.

If you own expensive NFTs or NFTs that have sentimental value, the only safe place to store them is in a cold-storage hardware wallet such as Trezor or Ledger. Now, you might be wondering what makes cold-storage hardware wallets safer. Unlike software wallets, the key information you need to access them, such as passwords or seed phrases, is stored in the device itself (so offline), making it much more difficult for hackers to access.

To add an extra layer of security, use an “air-gapped” computer with your hardware device. An air-gapped computer is a computer that is not connected to the internet or to any other system connected to the internet.

Don’t Share Your Passwords or Seed Phrases

NFT phishing scams are on the rise, with one of the biggest phishing scams to date impacting 32 users in February 2022 for over $1.7 million.

An NFT phishing scam involves fake advertisements through fake websites, pop-ups and emails asking users to provide their private wallet keys or security seed phrases. Naturally, once hackers have access to your information, they’ll hack into your wallet and steal your NFTs.

So, one of the best ways to protect your NFTs is to never give out your 12-24 word seed phrase. Besides, you should never use your emails, pop-ups or links to access your wallet.

Instead, only use verified websites for any of your NFT-related transactions.

Avoid Visiting Malicious Sites

As mentioned before, you should avoid clicking random links to websites you don’t know, as this is one of the best ways for hackers to access your information.

Also, don’t visit high-risk websites such as illegal software, adults, or gambling sites. These websites are famous for being breeding grounds for hackers.

And when you visit a new shopping website, you need to check its security before entering any of your personal information.

To do so, check the address in the browser bar once you get to the checkout page. The address should start with "HTTPS", and you should see a little padlock icon which means the website is SSL encrypted. Click on the padlock icon and ensure the certificate type is listed as "extended validation".

Extra Tips To Keep Your NFTs Secure

Here are some additional tips to ensure your NFTs are secure:

• Create complex passwords that include numbers, phrases, and symbols.
• Don’t give your login credentials to anyone.
• Store all your passwords and phrases in physical form. Never store this information on your computer.
• Always log out of your wallet, and log out of sites your wallet may be connected to.
• Store your long-term digital assets offline and never online.
• Use a virtual private network (VPN) designed to hide your IP address and encrypt your internet traffic.

While hackers are becoming increasingly sophisticated, and it can be challenging to protect digital assets these days, implementing these tips will help mitigate the risks of losing your NFTs.