Things You Should Know About NFT Security

Non-fungible tokens (NFTs) are probably not new to anyone who uses social media or keeps up with current events from the past few years. Whether you think NFTs are a trend or a fantastic opportunity for artists and investors, they are frequently in the headlines and have even sold for millions of dollars.

NFTs are digital assets like cryptocurrency and can vary from everything to music, videos, art, and even NFT memes. As NFTs are new, there’s a lot of confusion: “What are NFTs and how do they work?” and “How to attain NFTs?” You may be asking yourself, “Are NFTs scams?” or ” Should I invest in NFTs?” In this article, we’ll discuss what an NFT is and how to make your NFTs more secure than ever.

What is an NFT?

NFTs stand for non-fungible tokens. Unlike cryptocurrency, NFT is a unique and non-interchangeable asset, which means it can’t be traded for another NFT.

NFTs have value and can be made from digital files that have been copied, such as photographs, videos, music, and writing. They are similar to physical works of art or collectibles. Collectors buy the file and proof of ownership rather than paying for a physical asset.

The main NFTs feature is their uniqueness. Tokens are used as digital identities, guaranteeing the uniqueness and validity of a physical or tokenized commodity, and the blockchain makes it easy to establish their legitimacy. In addition, NFTs can be used to verify the authenticity of a digital work of art or digital collectible, as well as its owner and any applicable copyright or commercial rights.

Where Do You Buy NFTs

If you’re looking for good NFTs to invest in, you can visit several platforms to find NFTs according to your requirements. For example, if you want to buy Avatars or wearables, Manialands has a variety of different types of NFTs.

In order to buy NFTs, you must link your storage wallet, where you keep your NFTs, to a payment card or cryptocurrency wallet, where you keep your money. When using the Ethereum (ETH) network to purchase and store your NFT, you will need to link a cryptocurrency wallet that is compatible with the ETH network, such as IDEA.

Due to the high demand for NFTs, sometimes they release in drops. Well, the drop is an event where different types of NFTs are available for a limited time. So, you should keep an eye on which upcoming NFTs to buy. This way you can get your hands on your favorite NFTs without being in the rush of buyers for nothing.

If you want to create and sell your own NFTs, hire a professional NFT artist. PlomX has a team of NFT experts that can provide you with NFTs tailored to your needs.

Can NFTs Be Stolen?

Yes! NFTs can be stolen if you don’t store them in a secure place. Phishing is the most common method that most hackers use to hack a user’s NFT wallet. For example, a hacker can get access to your account and steal your possessions if you click on a malicious link that seems transparent and then input your login credentials.

Fraudulent NFT projects are another entry point for cybercriminals looking to make off with your money. These con artists would typically create a fake NFT project and promote it across numerous social media sites. A rug-pull scam is one in which the perpetrators grab the money from their victims and disappear.

Steps to Take For NFT Security

Use Two-Factor Authentication

Users should use Multi-factor Authentication as the primary means of safeguarding their NFTs. According to the research, the majority of victims of hacking and other forms of fraud are those who do not have this protection in place.

Use Strong & Long Password

Don’t forget the importance of a secure password, especially when using multi-factor authentication. Your password should be long and complicated, and you shouldn’t reuse it for any other accounts. The ideal password is one that is generated randomly by a program, like Google Chrome’s built-in password generator, and is both long and difficult to crack.

Keep the Backup Phrase in a Secure Place

Firstly, don’t store the source of your wallet phrase digitally. You can’t take a picture on a smartphone and convert it into a text file or store it on a drive. Securing backup phrases is among the most significant NFTs security essentials. Password storage apps are not the best option. You can risk losing NFTs if this is hacked.

Back-Up Your Wallet Regularly

If you’ve lost your data due to a system crash or else, backing up your wallet can help you with fast recovery. It’s a smart move to create several backups and store them on different drives. Also, it’s more suitable to back up external hard drives that are not connected to your computer or the internet. This way, you’ll be sure of NFTs securities.

Update Your Software Regularly

Security patches are the most frequently released upgrades. In this way, it is recommended that you either set up automatic updates for your wallet, antivirus, operating system, email client, and other software, or that you check for updates manually once every few days.

Ensure That You Use a Secure Internet Connection

A strong and secure internet connection makes it impossible for a hacker to steal your data, unlike public Wi-Fi. If you don’t have another choice other than public Wi-Fi, make sure to use a VPN. This will secure your data. Also, don’t turn on your device’s visibility or Bluetooth!

Protect Your Digital Assets: Store Your NFTs Securely

Keeping your NFT secure is essential, so you don’t have to face security issues with NFTs. NFTs security matters as they are digital assets and worth money. So, it’s essential to store NFTs in a secure place. There are three best options for securing NFTs. Let’s begin:

Software Wallet

A software wallet is one of the most well-known NFTs security features for investors and collectors to store and secure their NFTs. The main reasons for its security are encryption, passwords, and a 12–24 word seed phrase. Software wallets may only be accessible via a web browser or cloud service, which is one of their major drawbacks. Software wallets provide the lowest security while storing files compared to other storage methods. Thus, you shouldn’t keep your NFTs there for a long period of time.

InterPlanetary File System

It makes sure to store your NFTs off-chain so there will be no chance of cyberattacks and hacks. Along with storing your assets securely, the InterPlanetary file system (IPFS) uses content identifiers that are pieces of data linked with your NFTs. It’s like taking security over NFTs as simple URLs are not used to access the NFTs. You might be thinking about what makes IPFS the most secure NFT storage option, right? Well, content identifier (CID) data hashes are locally stored on a computer, which makes them more secure. No doubt, IPFS is a secure storage option for NFTs, but it is still hackable through your computer.

Cold Storage Hardware Wallet

Store your NFTs offline through a cold storage hardware wallet, such as a USB stick. No one can access your digital assets or secret keys unless they have your device. Hardware wallets provide the highest level of security for keeping NFTs.

Since all of your private information is kept offline in a cold storage hardware wallet, it provides the highest level of protection for your digital assets. Also, a password protects all of your information for further safety. Hardware wallets for cold storage are often loaded with extras that consumers may find useful. If the device is ever lost, stolen, or breaks down and its contents are lost, as a result, you may use one of these options to get them back.

One of the best features of a cold storage wallet is that it can also function as a hot wallet by connecting to a mobile network. Because of this, you can look at your data and conduct transactions with the same assurance of safety.

Bottom Line

The NFT market is promising but risky. You should keep your NFTs in secure wallets. Verify the asset management marketplaces you use and implement the steps outlined above. It’s the best way to avoid losing money because of computer problems, theft, or other bad luck. To ensure your NFTs are secure, hire an NFTs security expert from PlomX.