Non-fungible tokens (NFTs) have taken the art world and the broader digital space by storm. They offer an exciting opportunity for creators and collectors alike to monetize and exchange digital assets. However, like any form of digital property, NFTs are also susceptible to security risks.
In this article, we will discuss the top NFT security tips that can help you protect your digital assets from theft, hacks, and other malicious activities.
1. Choose a Reliable NFT Marketplace
One of the most crucial steps in securing your NFTs is to choose a reputable and trustworthy marketplace to buy and sell them. Look for marketplaces that prioritize security, have transparent policies, and use robust encryption technologies. Be sure to double check the URL as well.
2. Use a Strong Password and Enable Two-Factor Authentication
When creating an account on an NFT marketplace or any other platform that deals with digital assets, use a strong password that is difficult to guess. Additionally, enable two-factor authentication (2FA) to add an extra layer of security to your account. It is important to note that if a marketplace does allow you to create an account, it is likely that it is custodial vs. a non-custodial interface. This means that they would be managing your assets on your behalf.
3. Secure Your Digital Wallet
In some cases, your NFTs are stored in a digital wallet, which is a software program that stores your private keys. To secure your digital wallet, use a reputable and secure wallet provider and avoid sharing your private keys with anyone. Additionally, consider using a hardware wallet for added security, or a security product like Webacy.
4. Beware of Scams and Phishing Attempts
NFTs have attracted a lot of attention from scammers and hackers looking to exploit vulnerabilities in the system. Be cautious of unsolicited emails, social media messages, and other forms of communication that ask for your private keys or other sensitive information.
5. Regularly Update Your Security Software
Make sure to keep your security software, such as antivirus programs, VPNs, and firewalls up-to-date to protect your devices from malware and other security threats.
6. Educate Yourself on NFT Security Best Practices
Stay informed and educated about the latest NFT security best practices and news. This can help you stay ahead of potential threats and ensure that you are taking the necessary steps to secure your digital assets. NFT and crypto degens gather in Twitter, which is the best platform to be up-to-date with the latest web3 news, insights and community feedback. Some great news sources can include NFT Now, Metav3rse, NFT Evening, and more, and there are hundreds of weekly and monthly email newsletters which will educate you on your journey to master the web3 space.
7. Know where to store your assets
It is crucial to know where to store your crypto because the security and control of your assets depend on it. Centralized exchanges hold your funds on your behalf, while decentralized exchanges allow you to maintain control of your funds through self-custody. Centralized exchanges can be convenient and easy to use, but they are also vulnerable to hacking and can freeze your account or restrict your access to your funds. In contrast, decentralized exchanges give you control over your funds, but require you to take responsibility for their security by managing your own private keys.
Self-custody is critical as it ensures that you are the only one with control over your funds. If you don't have control over your private keys, you are essentially trusting a third party to hold your funds for you, which comes with inherent risks. By maintaining self-custody, you can protect your funds from hacking, theft, or loss of access.
Add Webacy to Your Security Tools
In the world of blockchain technology, self-custody has become a popular way to manage digital assets securely. However, self-custody can be complicated and risky, especially for those who are new to the field. That's where Webacy comes in - our suite of tools is designed to make self-custody easy and secure, without the need for complicated keys or seed phrases.
Our protection layer is designed to work seamlessly with your entire self-custody management system. Bring your own wallet, and get set up with our easy-to-use tools like a Backup Wallet, Panic Button, and Wallet Watch. With Webacy, you can backup and protect as many wallets as you want, giving you the peace of mind you need when managing your digital assets.
Our platform currently supports Ethereum, including ERC-20, 721, and 1155, with multi-chain support coming soon. We conduct 2+ annual audits to ensure the highest levels of security. We've already protected over $60M in assets in a very short period since launch.
One of the key features of our platform is Wallet Watch. This feature allows you to stay informed of any inbound and outbound activity, as well as approvals, across all your wallets via SMS and email notifications. You can easily set up a backup wallet in case you lose access to your original wallet, and in the event of a security compromise, you can transfer your assets to a backup wallet immediately using Webacy using the Panic Button.
At Webacy, our focus is on securing your blockchain-based digital assets. With our suite of tools, you can take control of your digital assets and manage them with confidence. Whether you're new to self-custody or an experienced user, Webacy has the tools you need to protect your assets and stay ahead of the curve.
Get started with Webacy today.