How to Protect Your NFTs Against Theft and Forgeries: A Beginner’s Guide

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Over the past few years, the crypto industry has seen a huge surge in popularity – and if one thing is certain, new interest breeds innovation. Non-fungible tokens (NFTs) are an example of such an innovation, and they have swept the art world since their inception in 2015, but especially over the past twelve months.

According to Reuters, NFT’s sales in the first half of 2021 totaled more than $ 2.5 billion, attracting the interest of millions of artists, designers and investors around the world.

If you need a quick reminder, an NFT is a unique, immutable digital asset that can be sold with confidence over the Internet. Without NFT technology, getting your creative products online would be a very risky maneuver, as there wouldn’t be much to stop someone from making a cue and pretending it was their idea. In addition, direct theft is much easier when your goods are not backed up by NFT technology.

The sophistication of this type of technology has triggered the emergence of new online markets in which artists and creators can sell their work through websites like OpenSea and Axie Marketplace, providing a platform for artists who may not be able to. -to not have had the opportunity to present their art otherwise. To give you an idea of ​​how much money is invested in buying and selling NFT, let’s take a look at some of the top sellers.

Fusion

On December 2, 2021, The Merge sold for $ 91.8 million.

CryptoPunk # 7523

As the most expensive NFT CryptoPunks – selling for $ 11.75 million – is a prime example of the outrageous fees investors are willing to pay for these one-of-a-kind art collections.

See also

Facing the ocean of Beeple

Beeple is one of the most famous digital artists on the Internet. One of his best works, Ocean Front, sold for $ 6 million. The list is lengthened increasingly.

Now, with organizations like UbiSoft, Twitter, Coca-Cola, and even the NBA getting involved in the NFT industry, the market is certainly not showing any signs of easing anytime soon. However, for the industry to truly take off, there is still a lot of work to be done in order to build the infrastructure to a point where mass adoption becomes possible.

EverdreamSoft, a Switzerland-based game studio founded in 2010, is one of the companies leading this charge, as it uses its experience and perfected techniques in the blockchain gaming world to meet the growing demands of the world. NFT industry. Acting as one of the founders of the Blockchain Gaming Alliance, EverdreamSoft is focusing its efforts on producing a rich suite of tools and products that bring the use of NFT to the masses, with its ecosystem playing a central role. . Their built-in web browser and multi-channel wallet connects to NFT marketplaces, making it easy for players, investors and artists to deal and interact with NFTs, enriching the experience for all users.

However, despite all the exciting news coming out of the NFT space, it is important to prioritize safety when interacting with other people online, especially as the value of these digital assets increases.

How to protect your TVN

With all this capital entering the space due to the NFT mania, the unsurprising reality is that there are a lot of scammers, scammers, and opportunists lurking in the shadows. While no hacker can rip you off by making a copy and claiming it as their own (due to the nature of NFTs), there are still plenty of possibilities for theft and scams, which can be off-putting to them. new arrivals. On that note, here are some steps you can take to minimize your risk and protect your assets.

Use a non-custodial wallet

As a general rule of thumb, you should at least store your NFTs in a non-custodial crypto wallet and not on an exchange or market. Non-custodial wallets (also known as hot storage) are typically protected with a 12-24 word seed phrase and a combination of touch ID and passwords. For most people and scenarios, this is a very secure method of protecting your assets. However, they are hackable through various methods such as keylogging, malware, and phishing scams.

Here are some tips to minimize the risk of hacking:

  • Never give out your opening sentence.
  • Your password must consist of a complex combination of letters (upper and lower case), numbers and symbols.
  • Do not store your password or start phrase on your computer. Instead, you can write them down on a piece of paper and keep them in a safe place (but not so much that you forget where you put them).
  • A VPN can add a level of security by masking your IP address and encrypting your internet traffic.

Cold room

The safest way to store your NFTs is to use cold storage. Cold Storage is an external offline drive that keeps your assets out of the reach of hackers and crooks. Keeping your digital assets on these devices means that no one on the Internet can come into contact with your NFT unless they have access to both your physical cold storage device and your password. Think of it as a virtual safe for your NFTs.

If you are looking to purchase a cold storage wallet, there are several highly rated wallets available from around $ 50 to $ 150. Just keep in mind that using a cold storage wallet means you have to sacrifice convenience for safety. This is because you will have to log in and decrypt your cold wallet every time you want to make a transaction with the blockchain, which can take a long time.

Never trust a deal that sounds too good to be true

Con artists take advantage of complacency, misplaced hope and naivety. It’s a cruel world, and the crypto industry can be particularly ruthless, even at the best of times. While no one wants to believe that it will ever be hacked or cheated by a scammer, the truth is that even some of the smartest people still fall victim to their lures. On that note, the best defense against NFT scams is to always trust your gut when something doesn’t feel right. If something sounds too good to be true, it probably is.

Here are some quick tips to help you avoid scams in this space:

  • Never deal with someone who sends you an offer that sounds too good to be true
  • Always verify the identity and reputation of any buyer or seller you wish to deal with
  • Keep a cool head when participating in NFT Drops. Treadmill pull-ups are common in this space. Carpet prints occur when artists with little or no previous reputation create a collection, only to drop the project later and leave you with a worthless NFT, taking off with your funds in the process.
  • In general, it is advisable to stick to reputable markets such as OpenSea, Axie and Rarible

Final thoughts

NFTs have huge upside potential for all types of digital creators. However, it’s important to note that this new space presents fertile ground for crooks and fraudsters. That being said, by taking the proper precautions to protect your digital assets while keeping an eye out for scams, you won’t have to go through the heartache of losing your creations / investments.

Please note that this is an infomercial. Do your own research.

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