How To Secure Your NFTs?

A non-fungible token (NFT) is a type of financial security made up of digital data stored in a blockchain, a distributed ledger. The blockchain records the ownership of an NFT, which can be transferred by the owner, allowing NFTs to be sold and traded.

The interest in NFTs is growing daily, and hundreds of millions of dollars are pouring into this newfound love of the art, gaming, and crypto communities. The growing popularity of NFTs is attracting not only art and crypto enthusiasts but also thieves and hackers. The recent NFT marketplace Nifty Gateway hack demonstrated the importance of safeguarding your assets.

Here are a few ways to protect your NFTs to reduce risks:

• Keep NFTs in non-custodial wallets

Custodial wallets are cryptocurrency wallets in which you have complete control over your private keys. It lowers the chances of third-party hacking and infiltration. These wallets have multiple layers of security, including private keys, PIN words, touch identification, and a 12- to 24-word seed phrase, making them extremely difficult to hack. However, regardless of their security, they are vulnerable to phishing attacks and malware.

The best way to keep your wallets safe is to keep your seed phrase somewhere else, such as on a piece of paper. Never give anyone your private keys. Do not keep your private keys on the computer. Hackers could gain access to them via your internet or wifi network. Use a combination of letters, numbers, and symbols for your passwords. Using a VPN service, you can also hide your IP address from the internet.

Software wallets such as Metamask are considered standard safe wallets for storing NFTs. One of their major drawbacks is that all passwords and seed phrases are stored in the browser, which can be hacked. The best wallets for storing NFT coins or any digital assets, such as cryptocurrencies, are hardware cold wallets.

Hardware wallets can be hot wallets in the sense that they can be accessed via mobile internet. However, hardware wallets are a type of cold storage because they store all of your digital assets. Passwords and assets are stored offline in an external drive; once the internet connection is lost, there is no way to track or decrypt your assets. Popular hardware wallets include the Ledger and Trezor.

Spreading and storing your NFTs in multiple wallets is another good way to protect them. Similarly to how a person may have multiple bank accounts, we can store large amounts of NFTs in different wallets to spread the assets. This way, even if a hacker gains access to one of your wallets, the rest of your assets are safe.

• ?Be wary of fake accounts and untrustworthy websites

The internet is full of scammers who want to trick you into participating in a scam. Unfortunately, the crypto industry is extremely competitive, and even knowledgeable and experienced traders have fallen victim to scams.?

Keep an eye out for fake accounts and minting sites. Always use official sites that you can trust. Conduct some research. Don't rely too heavily on direct messages.?

?Some people are exceptional impersonators. Examine account holders' identities and online reputations. It probably is if you think the deal is unbelievable and too good to be true.

?There are several ways to reduce your risk:

1. Set your spending limits in your wallet.
2. Don't respond to cold emails, and double-check QR codes sent by strangers.
3. Unverified files and PDFs should be avoided because they may contain malware.
4. Use unique passwords for each wallet, as reusing passwords may compromise your wallet.

Remember that your wallet seed phrase is meant to be kept private; do not share it with anybody. Avoid downloading or linking to websites through your Twitter, Instagram, or Telegram account if you use a software wallet, as this may compromise the wallet.

• ?Use a reputable NFT marketplace

Choose reputable NFT marketplaces. Even well-known websites, however, are not without flaws. Millions of dollars were stolen in a recent OpenSea marketplace scam when hackers impersonated the platform and sent fake links to customers. Here are a few things to keep in mind:

A trustworthy market will never request a customer's password or seed phrase.

Websites use official email accounts. It's a scam if someone sends you an email from that company with the domains gmail.com or hotmail.com. Checking public audits is one of the best ways to assess a platform's legitimacy. It may be difficult for new platforms, but it is best to proceed cautiously.

Discord servers are also susceptible. It is possible to hack discord servers and announce limited edition stealth mints. Buyers become enthralled, invest, and are duped. Keep an eye out for specifics. Isn't that suspicious?

Fake mints are on the rise these days, so it's always a good idea to do your homework. You can, for example, check their Twitter accounts to see if their followers are genuine or chat and engage in the Discord server to see if they're genuine.

?Conclusion?

The best way to avoid NFT theft is to always be cautious. Passwords and antivirus software can help you protect your wallet and computer. Use reputable websites and platforms.?

Create a network and follow popular NFT Twitter accounts and Telegram news to stay current on what's happening in the NFT market. Look at what your peers are doing and where they are putting their money. If you're new, keep a low profile and research the market.?

Don't make investments that you'll come to regret later. Before investing, thoroughly research the market. Scammers and hackers have infiltrated the NFT space, looking for ways to steal NFTs. Because it is offline, a hardware wallet is the best way to store your NFTs. You can also use a software wallet or an IPFS.

A strong VPN and antivirus software are best practices for securing your NFT assets. Before investing in NFT projects, you should also conduct extensive research.

Nitro Network's NFM (Non-Fungible Miner) are highly secure and available on its native marketplace and at NFTrade for purchase.