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NFT - How to keep your NFT Safe

How to Keep your NFT Safe

Five strategies to keep your NFTs safe.

1. Avoid interacting with strangers on social media

There are few things easier than this. It's never a good idea to give strangers access to your sensitive information, especially via social media. Social networking sites like Discord, Twitter, and Instagram let you interact with strangers in a public space to get to know them before chatting to them privately.

It is often advised to steer clear of such conversations about your financial issues and other sensitive details for your own safety and sanity. Your right to privacy should always come first.

 

2. Never reveal your recovery phrase to anyone

Well, it'll be clear to all crypto veterans, but there's never too much of a good thing. The secret recovery word for your wallet must be a secret you'll keep to your death. NFT sites such as OpenSea never ask for wallet recovery words, therefore be on the lookout for such scams.

 

3. Watch out for fake minting sites on Twitter and Discord.

As NFT supporters increase, so does the volume of cybercrime they experience. On Twitter and Discord, fake minting sites are everywhere, ready for their next victim. You should always use caution while using any website. The fake websites seem exactly like the legitimate ones, but when you attempt to mint an NFT, your wallet security is put at risk. Your assets can be destroyed as a result of this.

Every credible channel's website lists official links, and only those connections should be used. Never click on links that other chat room users provide. Searching for official project links on the project's official Twitter handle is typically a good option. To spot fake Twitter accounts, look at the type of content posted and the number of followers on the account.

4. Use a password manager and often change your passwords.

It is difficult for everyone to remember too many passwords, especially if they are excessively long. Every one of us has used the same passwords on several sites at some point in our life. You can lose a lot of money as a result of this minor act of insolence on your behalf.

Using the same password across many websites makes your account vulnerable. If you struggle to keep track of all of your passwords and remember them all, you might want to use a password manager like LastPass or 1Password. These tools can significantly simplify your life if you worry that you'll forget your password.

5. Approval of smart contracts should be limited

If you use MetaMask, it's critical that you keep an eye on your spending limit as you approve transactions. By modifying the permission, you can change the spending limit for each currency. Apart from that, you must use two-factor authentication for all of your apps. 

Avoid using SMS 2FA since it makes your device exposed to assaults. For individuals seeking increased security, a hardware-based 2FA device can be an alternative. Thesis, Yubico, and Google Titan are some of the possibilities.

Beginner 5 Hours

How to Keep your NFT Safe

Five strategies to keep your NFTs safe.

1. Avoid interacting with strangers on social media

There are few things easier than this. It's never a good idea to give strangers access to your sensitive information, especially via social media. Social networking sites like Discord, Twitter, and Instagram let you interact with strangers in a public space to get to know them before chatting to them privately.

It is often advised to steer clear of such conversations about your financial issues and other sensitive details for your own safety and sanity. Your right to privacy should always come first.

 

2. Never reveal your recovery phrase to anyone

Well, it'll be clear to all crypto veterans, but there's never too much of a good thing. The secret recovery word for your wallet must be a secret you'll keep to your death. NFT sites such as OpenSea never ask for wallet recovery words, therefore be on the lookout for such scams.

 

3. Watch out for fake minting sites on Twitter and Discord.

As NFT supporters increase, so does the volume of cybercrime they experience. On Twitter and Discord, fake minting sites are everywhere, ready for their next victim. You should always use caution while using any website. The fake websites seem exactly like the legitimate ones, but when you attempt to mint an NFT, your wallet security is put at risk. Your assets can be destroyed as a result of this.

Every credible channel's website lists official links, and only those connections should be used. Never click on links that other chat room users provide. Searching for official project links on the project's official Twitter handle is typically a good option. To spot fake Twitter accounts, look at the type of content posted and the number of followers on the account.

4. Use a password manager and often change your passwords.

It is difficult for everyone to remember too many passwords, especially if they are excessively long. Every one of us has used the same passwords on several sites at some point in our life. You can lose a lot of money as a result of this minor act of insolence on your behalf.

Using the same password across many websites makes your account vulnerable. If you struggle to keep track of all of your passwords and remember them all, you might want to use a password manager like LastPass or 1Password. These tools can significantly simplify your life if you worry that you'll forget your password.

5. Approval of smart contracts should be limited

If you use MetaMask, it's critical that you keep an eye on your spending limit as you approve transactions. By modifying the permission, you can change the spending limit for each currency. Apart from that, you must use two-factor authentication for all of your apps. 

Avoid using SMS 2FA since it makes your device exposed to assaults. For individuals seeking increased security, a hardware-based 2FA device can be an alternative. Thesis, Yubico, and Google Titan are some of the possibilities.

Related Tutorials

Frequently Asked Questions for NFT

An NFT (Non-Fungible Token) is a unique digital asset stored on a blockchain, representing ownership of digital or physical items like digital art, music, or collectibles.

Investing in NFTs can be profitable but carries risks. Factors like NFT rarity, market demand, and the reputation of NFT creators influence value.

The most expensive NFT sold is "The Merge" by Pak, fetching $91.8 million. Another notable sale is Beeple's "Everydays: The First 5000 Days," sold for $69 million.

NFT flipping involves buying NFTs at a lower price and selling them at a higher price for profit, requiring market knowledge and timing.

An NFT collection is a series of related NFTs, often with shared themes or characteristics, like the Bored Ape Yacht Club.

NFT utility refers to the functional benefits an NFT provides, such as access to exclusive content, events, or services.

You can buy and sell NFTs on NFT marketplaces such as OpenSea, Magic Eden, and LooksRare, which operate on various blockchain networks.

NFT tokenization involves converting real-world assets into NFTs, enabling digital ownership and trading on the blockchain.

NFT rarity refers to how uncommon an NFT's attributes are within a collection, affecting its desirability and market value.

Gas fees are transaction costs on the blockchain incurred during NFT minting or transfers, varying based on network congestion.

NFT fractionalization allows an NFT to be divided into smaller parts, enabling multiple investors to own a fraction of a high-value asset.

 Minting an NFT involves converting your digital file into a token on the blockchain using smart contracts, making it purchasable and tradable.

An NFT roadmap outlines the future plans and developments for an NFT project, providing transparency to investors and the community.

An NFT airdrop is a distribution of free NFTs to wallet addresses, often used for promotional purposes or rewarding community members.

NFT provenance tracks the ownership history of an NFT, ensuring authenticity and verifying its origin.

NFT metadata contains information about the NFT, such as its name, description, and properties, stored on or off the blockchain.

To create an NFT, you can use NFT marketplaces like OpenSea or Rarible, where you upload your digital art or content and mint it using smart contracts.

NFT royalties are payments made to NFT creators each time their NFT is resold, enforced through smart contracts.

NFT staking allows holders to lock their NFTs in a platform to earn rewards, integrating DeFi elements into NFT ownership.

An NFT wallet is a digital wallet like MetaMask that stores your NFTs and allows interactions with NFT marketplaces and blockchain applications.



The NFT floor price is the lowest price at which an NFT from a particular collection is available on the market.

NFTs derive value from their uniqueness, ownership proof via blockchain, and demand in the digital art and collectibles markets.

NFT lending allows NFT owners to use their assets as collateral to borrow funds, integrating DeFi mechanisms.

NFTs are subject to taxation, with implications for NFT taxes depending on your jurisdiction. It's advisable to consult with a tax professional.

NFT insurance provides coverage against potential losses or damages to NFTs, offering security to investors.

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