NFT scams and theft have grown more prevalent. Let’s uncover how to keep your NFTs safe. we are covering the steps you can take to prevent them.
Last year was unprecedented for NFTs. From blue-chip collections to celebrities joining into a huge influx of community members. Further, this space has endured a meteoric rise compared to 12 months ago.
Although that’s brought liquidity to the space, opportunities, and vast potential to grow, it’s also attracted, potential scammers. Due to the decentralized nature of the NFT world, many have been left vulnerable to a number of scams. And in many cases, there’s been little anyone can do to counter them.
Further, scammers are becoming more sophisticated. Every day someone tweets about losing their most prized digital gems. Collectors need to be more cautious than ever. Here’s how!!
Prime Targets- How to Keep NFTs Safe?
The NFT space is still in its experimental stages. Even many have compared it to the Wild West. Further, there’s no overarching customer support, so you can’t report losses to “the authorities.” Yet the space still generated billions of dollars in 2021. That’s what makes it a perfect breeding ground for scammers.
Moreover, So-called “blue chip” NFTs are being targeted the most, perhaps none more frequently than Bored Ape Yacht Club. This now boasts a floor price of 96 ETH. This means a scammer could rake in hundreds of thousands of dollars with a single click in a space built on a solid sense of community and positivity. Further, it’s still frighteningly easy for anonymous scammers to infiltrate conversations and manipulate holders. All it really takes is one momentary lapse in judgment!!
In the end, blockchain and NFTs provided autonomy, but it also means we’re responsible for our assets. This also means no bank is watching over them for you. Understanding different types of scams will help keep your NFTs safe.
Security Best Practices
Theft is common in the NFT, but what are the ways to safeguard themselves NFT.
- Ensure you have verified links before clicking the. Never click on random or broken links sent by unknown sources.
- Never share your screen.
- Before minting anything, make sure to check the contract address, which should specify where the NFT was minted. If it’s been verified on OpenSea, it should be legit. If it looks too good to be true, it probably is.
- Never share your recovery phrase with anybody.
- Always confirm you’re minting on the verified website.
- For many, it’s easier and safer to turn off Discord DMs completely due to bots and scammers abusing them.
- Bookmark verified sites like OpenSea—it helps prevent landing on fake pages.
- If you need assistance, you will never be sent a DM first—turn to official sites for assistance, not social media.
- Ask trusted friends questions, turn to official teams for answers, and don’t be afraid to ask questions that prioritize your safety and security.
- Use two-factor authentication, an extra layer of security.
- Use strong and unique passwords. It’s wise to use a different password every time you create an account.
- Use a hardware wallet such as a Ledger or Trezor—these cold wallets are offline, so nobody can access it other than you through your private key.
