How To Tackle Security Risks In Selling And Purchasing NFTs?

NFTs are non fungible tokens, unlike crypto assets which are fungible, and can be exchanged with each other with respect to their values.
With the exponential rise of the NFT sector, hackers have developed a keen interest in the space to deceive users via different tacts.
Though risks are getting higher in this space, there are some precautions that you can take in order to avoid being attacked.

Some Useful Tips To Avoid Being Trapped

Aware Of Giveaways

When we hear about free NFTs, we say yay, we are gonna get rich. But no, this is the psychology which the hackers use to attack you. Though, many legit NFT collections offer free NFT airdrops, but not all.

Sometimes, getting access to the NFT collection requires a sign up, where we are asked to feed some information, which is then utilized by the attackers to conduct unethical acts.

Use Trustworthy Platforms Only

There are some prominent NFT platforms where you can buy, sell or trade your NFTs, but in case you select a wrong platform, that is where you are offering your NFTs to the hackers.

Only trade, sell or acquire NFTs from platforms like OpenSea, Rarible, Solanart etc., which offers a full fledged information regarding NFTs, and are among the top websites that folks use mint and sell or take over the non fungible tokens.

2FA

We all know this by the name of two factor authorization, which adds another security layer for accessing the NFTs.

One can be a normal password, which can be easy to crack, but when there’s another level of security such as facial recognition, or a one time password sent to the mobile phone, the hacker will have a hard time accessing it.

A Secure Virtual Wallet

In the process of selling and acquiring NFTs, folks are required to use virtual wallets. It is best to choose a wallet which is trustworthy, and majority of folks use.

Among such wallets is MetaMask, Trust Wallet, Coinbase wallet etc.

MetaMask is the top notch wallet which is utilized by the lion’s share of the crypto community population.

Use Watermarks

IT is very easy for folks to just copy and paste the NFT images, and then re-publish the art in the name of a new collection, which is usually a fraudster act.

But you can always use unique watermarks, which will make the others clear that whatever the NFT collection they are seeing belongs to the particular artist.

A Useful Piece Of Advice

NFT space is booming and have offered some mouth watering profits, but this growth has also attracted the hackers who are always looking for people desperately looking for making investments.

So, do your own research, and if possible, take all of the aforementioned points into consideration. If you are anyhow interested to make investments in this sector, it will help a lot.

Anubhav B is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.