Introduction
As one may well agree, the popularity of NFTs is unstoppable. That’s because NFTs come with interesting utilities which include exclusive access, special discounts and more!
NFTs don’t have a central authority to govern it and this is one factor that’s driving NFT’s growth. That’s not all: there are no intermediaries and everyone is treated as equal. However, NFTs are vulnerable to be exposed to fraud.
Although blockchains provide a high level of security, but the NFT ecosystem has been exposed to hackers and fraudsters. Therefore, in this write up we tell you how you can protect your NFTs from getting stolen.
5 ways to protect your NFTs from being stolen
Keep your important details confidential
One way to keep your data confidential is to have a private key. Private key is a secret recovery phrase that can help you recover your password. This key is typically a string of 12 to 24 words that can give users full control over their crypto wallet. Your crypto wallet is the one that contains all your crypto assets. The seed phrase is a mnemonic version of the private key. . Therefore, keep this private key extremely safe and never share it with anyone.
Be extremely cautious on the internet
Now that you know you shouldn’t ever share your private key, here are many circumstances you might face on the internet. Be wary of those and avoid accidentally divulging too many details. For this could result in your NFTs from being hacked.
1. Avoid Fake Wallet Recovery Sites
Forgetting passwords could cause a lot of panic and distress to users. Some fake wallet recovery sites try to precisely take advantage of this vulnerability. Such fake sites ask you questions which could result in you disclosing the seed phrase or the private key. Such sites could also gather hints to help them gain access to your crypto wallet.
Net net: avoid fake wallet recovery sites by sticking to the main site of the crypto wallet. Never approach someone whom you found through an internet search. Always remember: create your crypto wallet with trustworthy sites.
2. Avoid Fake Wallet Browser Extensions
In order to provide a seamless experience to the users, wallets often use a browser extension. This is often used to connect with various blockchains and authorise transactions. Always download the extension from the company’s official website. By the way, some hackers create fake extensions with very similar names. Never give access to them. If you do so you’ll end up giving them the access to your crypto wallet. Therefore, be extremely watchful and always cross-check before downloading any extension.
3. Beware of Email Phishing Scams
Email phishing scams are very common in stealing NFTs. Hence if you store your private key in a folder on your computer or mobile device, you could become prone to email phishing scams. Hackers send you attractive links through ads that seem very harmless at the first sight. Through these links though, they target the most obvious places where users might have stored their private keys unprotected.
To protect your NFTs and other crypto assets, make it a thumb rule to never store your private key or seed phrase on your devices.
4.Avoid falling trap to fake giveaways and imposters.
Fake minting sites could promise better returns and lower transaction fees. Avoid falling prey to those.
5. Use a password manager and frequently change your passwords
Password Managers create different passwords for different platforms, it’s a habit that all investors must maintain. Also, by changing passwords frequently, you can be least susceptible to crypto or NFT theft. Never use the same password across platforms.
6. Use cold wallets, specifically for valuable assets.
Cold wallets are not connected to the internet, which makes them safer. Since the cold wallets are either offline or physical storage methods like external drives, hackers will need to gain physical access to the cold wallet to steal the crypto assets. This adds another layer of security to protect your NFTs.
Further, air-gapped computers can also be used as cold wallets. These are computers that have been seldom connected to the internet before.
ZebPay uses the hardware security module (HSM) on air-gapped machines as cold wallets to store 98% of the cryptos owned by the users. You can trust ZebPay as their go-to cryptocurrency exchange. These machines are then stored in different cities and countries, adding an extra layer of security.
7. Limit approvals of smart contract
Customise your wallet by frequently reviewing spending limits and setting a limit for each currency for the transactions.
Enable 2-factor authentication (2FA) for all your apps that don’t rely solely on SMS authorisations since your device could be vulnerable to external attacks. A hardware-based 2FA works best for high-level security.
Parting Thoughts
Investors have the opportunity to make the most of NFTs and maintain a safe experience, provided they are careful enough. ZebPay understands the need to have stringent security controls in order to offer its users the safest transacting experience ever. Join ZebPay today!
