How secure are your NFTs? Non-fungible tokens are usually stored in crypto wallets, just like any other digital asset. However, many of these crypto wallets are connected to the internet, making it easier for hackers to manipulate them. Read on for valuable info on how to ensure security for your NFTs.
What are NFTs?
NFTs are collectible digital assets similar to cryptocurrency and can range from everything to pieces of art, music, videos, memes, and even screenshots of tweets. Since they’re non-fungible, NFTs can’t be interchangeable.
For example, the price of one NFT is never the same as the price of another one, while the value of one Bitcoin is equal to the value of another one. This makes each NFT unique.
When you buy an NFT, you’re given a key, which is stored on the digital ledger and grants you access to your NFT on the blockchain network. The key establishes proof that you own the original copy of the NFT and can be kept safely at all times. If you lose your private key, you will no longer be able to access your NFT assets.
Ways to Keep Your NFTs Secure
NFTs are often worth a lot of money, which makes them and their owners targets of bad actors. Malicious actors can spoof NFT platforms and steal your NFTs. Unfortunately, lost NFTs can’t be restored, which could result in a substantial financial loss.
Cybercriminals will try to gain access to your crypto wallet to steal your NFTs in two main ways: your private key and seed phrase. Scammers often use phishing tactics to access this sensitive information. This usually involves phony emails with malicious links and websites designed to steal your data. So be vigilant if you receive any DMs or emails providing a link to a giveaway or untrustworthy websites.
Keeping your NFTs protected is essential. One way to ensure your digital collectibles are safe is to store them in a secure digital wallet with the best security features. We suggest that you keep your private keys and seed phrases in a secure place, as they provide a gateway to your NFTs.
The following are some of the best NFT wallets that offer robust security and functionality for NFT collectors.
1. MetaMask
MetaMask is probably the most popular digital wallet for NFTs. It is a browser extension (also available on Android and iOS) that provides easy access to NFT marketplaces with just a couple of clicks.
MetaMask has a built-in swap feature that allows you to swap crypto to buy NFT. In addition, MetaMask offers robust security features allowing you to keep private keys securely on your device. This means that you have full control of your NFTs. Moreover, your passwords and Secret Recovery Phase are encrypted to enhance your wallet’s security.
2. Trust Wallet
Trust Wallet boasts a sleek and easy-to-navigate interface, making it one of the best crypto wallets for storing NFTs. The wallet supports both cryptocurrencies and NFT digital collectibles on Ethereum and the Binance Smart Chain.
Trust Wallet also has a built-in exchange feature that allows you to easily swap currencies in exchange for the NFTs you want to buy.
3. Ledger
Ledger is a hardware wallet (cold storage) that offers the best security for your digital assets since it stores your private keys offline in a safe physical device. It is simple to use and is built with specialized hardware to safeguard your private keys.
4. Trezor
Trezor wallet works the same way as Ledger and safely stores the private keys for NFT digital collectibles offline. It offers top-notch security features for storing crypto and NFTs. For starters, you need a PIN to access the wallet. In addition, the order of the keypad constantly changes with each use to defeat keyloggers.
5. Rainbow wallet
Rainbow is a streamlined and accessible mobile wallet that lets users trade crypto tokens, interact with decentralized apps (Dapps), and buy and view NFT collectibles. The wallet app is currently available for iOS devices, but there is an Android beta version.
Final Thoughts
While NFTs are secure by nature being on the blockchain, cybercriminals are continuously devising more sophisticated methods to steal your digital collectibles. So, make sure you’re doing what you can to keep your NFTs safe. Never give out your seed phase as it can greatly compromise the security of your NFTs.
