NFTs are becoming quite valuable, such as those linked to projects like Bored Ape Yacht Club. Hackers have been using different strategies to access such NFTs and transfer them to a wallet only they can use.
Given how valuable some NFTs are, it is essential to secure Non-Fungible Tokens because once they are stolen, they are gone forever. Furthermore, as they are based on blockchain, a transfer of an NFT from one address to another is permanent and cannot be reversed.
Here are some ways to safeguard your NFTs from intruders.
Check the URL
Hackers use a trick to steal digital assets like NFTs to create fake URLs that mimic genuine ones. Usually, these scam sites ask the user to sign a bad transaction or input their seed phrase.
Hide your seed phrase
The seed phrase gives the holder access to the digital assets contained in the wallet. Anyone with a seed phrase to a wallet can transfer assets to other wallets, especially a non-custodial one. Sometimes, scammers ask potential victims to type in their seed phrase to gain access to a fraudulent reward system. No genuine website or platform will ask for your seed phrase.
Apply caution while signing a transaction
A typical crypto enthusiast may be tempted to sign transactions quickly without checking. Hence, it is crucial to analyze what contracts and transactions you will complete.
Know about safety tips and tricks
The NFT space, and in extension, the blockchain ecosystem, is fast-paced, meaning that scammers are always on the lookout for new ways of robbing NFTs. Therefore, it is crucial to keep abreast of changes and safety tips to protect NFTs.