Beginners Guide to Protect NFTs From Fake Copies
With the popularity, chances of security getting compromised is a cause of concern for several NFT holders. Therefore, similar to cryptocurrencies, users need to take precautionary measures for keeping their assets safe from theft. This article will help beginners to understand how they can protect their NFTs from theft and fake copies.
How to Protect Your NFTs?
With the highly lucrative space and lack of regulations, the chances of scams get magnified. NFTs are no different and hackers are spread over the web, waiting for their turn to make your NFTs part of a nexus of fake copies. In a situation like this, it is important to hold on to your nerves and play smart. Below listed are some of the ways which you need to keep in mind to protect your NFTs from scammers.
Non-Custodial Wallet
It is always prescribed to stack your NFT on the Non-custodial crypto wallet and not anywhere on the exchange or marketplace. These wallets are very protected since they are customized with a 12 to 24 words speed phase and a combination of touch for verification. So listed below are the things that one must remember while using this non-custodial wallet.
- Never share your word speed phase
- Make a strong password. It should contain symbols, uppercase lowercase alphabets, and numbers.
- It's better you do not store your password and word phase on the computer.
- You can use VPN. It will level up your security since it can hide your location.
Cold Storage
The safest and most secure way to stack your NFT is by using cold storage. It is an offline and external derivative that has a high reputation when it comes to the protection of digital assets. Once you keep your NFT in it then you can be sure that it won’t be touched. So never share your cold storage password or access to someone whom you don’t know. The only drawback that this wallet has is, the user has to contact the authority of the cold storage wallet whenever he wants to transact with blockchain and this process is very time-consuming.
Trustworthy People
There will be several people who will try to mislead you by false hope opinions and lucrative offers. Never fall for such traps. Just keep in mind, in this digital world once you lose your money or NFT reviving it is next to impossible. So think twice before sharing your wallet accessibility with anyone. Consider the following points before conducting any transaction
- Never conduct any business with someone who had already been leveled as a scammer. If anyone directly messages you with offers that are too good to be true then don’t make any deal with them.
- Always try to keep conducting transactions of NFT with the companies or brands that have high social reputations like OpenSea, Variable, Axie, etc.
Social Media Influence
Posts and comments from social media influencers or celebrities had the potential to influence the crypto world. One of the most infamous ways that the scammer uses is making fake tweets and social media posts of famous people. You need to be very cautious about what types of links you are going to click. Through discord, emails, or any other social media platform scammers will use different ways to make you prey for the unsolicited intention. On clicking them you will be directed to a fake website or the destination that they want you to go to. So think twice before clicking.
Deal Only With a Verified Account
Don’t deal with any account that is not verified or does not have a blue tick in it. Be very cautious while googling the project links. if you find any link too good to accept then research before clicking on it. Don’t share your screen with anyone that you don’t trust. Be skeptical, bold, and try using your basic instinct while answering any random DM.
Final Thoughts
In case, you are a digital creator the NFT space is for you. NFT's are digital tokens that are traded on blockchain to protect their real ownership of them. Anything can be converted to NFT's like digital art, music, videos, tickets, degrees, collectibles, etc. It's still into its initial stage, so do your own research and understand the risks involved, before investing in NFTs.