This article provides three simple ways on how to safeguard your Non-Fungible Tokens (NFTs) and protect them from potential threats.
Non-Fungible Tokens, or NFTs, have exponentially risen in the crypto space and the digital art industry. These unique digital assets, which are verified using blockchain technology, have gained massive popularity among collectors, artists, and investors alike. However, with their increasing value and popularity, it is important to know how to safeguard them.
Here are three ways to safeguard your NFTs and protect them from potential threats:
Keep your NFTs off public networks
One way to safeguard your NFTs is to keep them off public networks. Avoid accessing your NFTs or your private keys while connected to public Wi-Fi or other unsecured networks, as these networks may be compromised by hackers who could gain access to your digital assets. Instead, use a secure, private network and consider using a Virtual Private Network (VPN) to further protect your online activities. Additionally, avoid sharing your private keys with anyone and make sure to keep them stored safely offline or in a secure hardware wallet. By keeping your NFTs off public networks, you reduce the risk of them being compromised or stolen by malicious actors.
Use a reliable NFT marketplace
When buying or selling NFTs, use a reliable marketplace that has a good reputation and is trusted by the community. There are several marketplaces out there that specialize in NFTs, such as OpenSea and Rarible. These marketplaces have established themselves as reliable platforms, however, it is best to do your own research and due diligence before using any marketplace. Look for reviews, ratings, and feedback from other users to ensure that the marketplace is trustworthy and reliable.
Segregate your NFTs in different wallets
By separating your NFTs into different wallets, you reduce the risk of losing all your NFTs if one wallet is compromised. For example, you could use one wallet for NFTs that you plan to hold long-term and another wallet for NFTs that you plan to trade or sell in the near future. Furthermore, make sure to keep your private keys safe and secure for each wallet, and backup your private keys in case you lose access to your hardware wallet.
Safeguarding your NFTs is essential to protect them from potential threats and ensure that they retain their value. Therefore, it is important to stay informed about the latest security measures and best practices, as new threats may emerge over time.