NFT Security
All You Need to Know
Don’t worry any longer over how to best protect and secure your NFT assets, read about best practice from our specialists’ hand-picked sources and research.
From low to high-valued NFT assets, read about not only what we recommend, but what others experienced securing their own NFTs.
Are NFTs secure?
NFTs are famously safe to buy, store and trade due to records of ownership and authenticity residing on the blockchain. However, this system relies on the owner adhering to relatively simple security measures. Even if you are new to crypto tech, securing your NFT should be your number one priority and you must do your due diligence to ensure you have put in place all safeguards to keep your property secured.
Since the explosion in popularity of NFTs, we have also seen a rise in NFT art theft, and sadly most of the time these crimes are entirely preventable. Below are some case studies with recent examples of NFT art theft. We will explain what went wrong and how to safeguard your own NFTs later on.
What are people saying?
How Can You Avoid This?
Since there are many cases of stolen NFTs, you may want to make them more secure. There are several ways to increase your NFT security:
Cryptocurrency Wallet
A crucial step to securing your NFT is choosing the correct wallet. It is not all about the features, like 2FA and multi-signatures, but considering other factors, like where it exists physically.
Experts agree there should be considerable focus on a couple of very important aspects:
The wallet to be non-custodial, which means you are the only person with access, and no company or website (especially centralized ones) should be able to access it.
A hardware wallet with hardware level encryption is the best place to store your NFT assets.
Multi-signature authentication
One of the methods to make your NFTs more secure is to use multi-signature authentication. This is like opening your bank account and doing translations – first you enter a password and when you transfer money, you are being asked to enter a PIN code, sent to your mobile phone.
Frequently Asked Questions
Below are few things we find people often asking about securing their NFTs:
What are NFTs?
NFTs are used to describe and verify the ownership of an electronic asset. They can be used as avatars, for trading, or to make collections. NFTs are a trending industry and it is foreseen that they will be part of the future.
What exactly is a hardware wallet?
A hardware wallet is a USB drive and a method of ‘cold storage’, meaning that it is not connected to the internet. It is a completely physical method of storing your NFTs and cryptocurrency by storing your private keys – meaning that as long as you have your hardware, you can completely secure your blockchain assets.
How safe is NFT storage?
Experts are still arguing about whether cloud storage or Interplanetary Filesystem (IPFS) storage solutions are best suited to handle the off-chain data of the NFTs, however we believe that due to the decentralized nature of the IPFS and its features matching blockchain technology’s traits to deliver on the missing piece of the puzzling question where NFT data should live.
About Us
We are a team of NFT fans, and we are concerned about the security of the art on the Internet. We created this web site to help you store your NFTs more securely. Contact us if you have any questions or ideas for more security options for NFTs.