But regardless of how much an individual pays for their NFT, it’s crucial to keep it safe.
So, exactly how secure are NFTs and are there any dangers you should be concerned about?
What Is an NFT?
So, let’s quickly break downwhat exactly an NFT isbefore we get into how secure they are.
Rather, a non-fungible token is proof of ownership of a cryptographically signed version of a specific artwork.
People tend to call the artworks NFTs, but this isn’t technically true.
This file can be an image, video, sound, or even a GIF.
NFTs are typically bought using Ethereum, or Ether, the world’s second-most valuable cryptocurrency.
Examples of popular NFT collections include CryptoPunks, Bored Ape Yacht Club, and World of Women.
Where Are NFTs Stored?
This makes blockchains very difficult to tamper with.
This is why many cybercriminals have chosen to target this market to exploit unsuspecting victims and their precious NFTs.
On top of this, a seed phrase can give access to your NFT wallet.
A scammer can get their hands on your NFTs in minutes with this information.
Scammers often use phishing tactics to access your private keys and seed phrases.
This usually involves phony emails and websites designed to steal your data.
This gives a hacker direct access to your marketplace account.
Alternatively, a criminal could impersonate an NFT artist and state that you’ve won some kind of giveaway.
You should also check any account that messages you with an NFT airdrop or giveaway.
you might also report these phony accounts to Twitter and get them removed from the platform.
