With the rise of NFTs, there has also been an increase in the theft of non-fungible tokens. The good news is that you can follow basic guidelines and tips to ensure the safety of your valuable digital assets.
Art theft has been around for many centuries with thieves using ingenuity. Now that art exists in digital forms, thieves have followed, and investors in digital art will have to be more cautious to avoid potential theft.
More Expansion and Growth of NFTs Means More Scams
Most experts believe that the rapid growth of NFTs will attract more cybercriminals. From Moonbirds collection to the BAYC collection, NFT scams have become more common than people realize. Once you get familiar with common NFT scams, you should take standard protective measures to keep your NFTs safe.
Understand Different Types of NFT Scams
Remember, there is more than one type of NFT scam. Some common NFT scams include phishing, plagiarized NFTs, bidding scams, the rug pull, and fake social media accounts. Despite the value of an NFT, any scams or fraudulent activity startles collectors.
As an NFT collector and investor, understand that cybercriminals don’t hesitate to violate laws. Since finance scams are not new, it makes perfect sense for NFT collectors to take proper measures. More and more NFT collectors pay close attention to the NFT market and better understand the reasoning behind major NFT frauds. This approach is the best way to avoid potential NFT thieves, frauds, and scams.
Most Effective Tips to Keep NFTs Safe and Secure
One of the best ways to keep your non-fungible tokens safe from a potential scam is to create a robust password. On the surface, it may sound like a basic precautionary measure, but most NFT collectors fail to understand what makes a strong password in the first place. For starters, make sure you create a unique password with capital letters, special characters, and numbers to increase the protection level of protection.
Don’t Click on Suspicious Attachments or Links
One of the precautionary measures for NFT collectors is to not click on links or attachments that might be suspicious. Even when a link directs you to a website that looks legitimate – it can still be fake. As an NFT collector, trust your natural instincts and don’t click on suspicious links or attachments.
Another safety measure to keep NFTs safe is for NFT collectors to set up and enable 2-factor authentication. Ultimately, 2FA works as MFA or multi-factor authentication. This, in turn, improves the protection level of your account and makes it difficult for hackers to steal your digital assets.
Follow the lead of experienced NFT collectors and verify and reaffirm NFT sellers. Since the NFT marketplace has become highly saturated, there are not enough security measures to protect you. The last thing you should do is mindlessly purchase an NFT from an unreliable seller. Instead, establish the reputation, market trust, and background of the seller before making a purchase.
Cross-Reference NFT Prices
Similarly, you should cross-reference current NFT prices from trading platforms like OpenSea, Mintable, or Axie Marketplace. If the offered prices are significantly lower or higher than the listed prices on these trading platforms, then it is probably a scam.
If you are a regular reader of our blog you will be well aware of the many scams that we have reported on. You can help safeguard your digital assets by following the above rules and read our latest news to keep abreast of new scams.