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What Is an NFT?

you might think of NFTs like the deeds to a house.

The deeds arent the house itself, but proof of ownership of the house.

NFTs operate using blockchain technology, which is the technology responsible for transacting and storing NFTs.

NFT stands for non-fungible token.Fungible refers to the ability to easily transact one asset for another like-kind asset.

An asset that is non-fungible means there arent any like-kind assets for which it can be easily exchanged.

Non-fungible items are typically unique, like bespoke watches, collectible figurines, and original art pieces.

So, as an NFT is unique, it cannot be directly exchanged for another NFT.

But are NFTs 100% safe?

Social Engineering

Cybercriminals can convince users into giving away their private detailsby using techniques like social engineering.

If youre unsure, only buy NFTs from verified collections (watch for the blue checkmark).

Ensure that youre installing the wallet from a trusted source.

Once youve installed the crypto wallet, youll need to follow the next steps to ensure your security.

If someone asks for your wallets private keys or recovery phrase online, do not respond.

Recovery phrases are required if you lose access to your wallet.

you might also print out a paper wallet that includes your wallets private keys.

Its a good idea to laminate your paper wallet to protect it from damage.

I recommend making at least two copies of your recovery phrases and securely storing them in different places.

For maximum security, you should be using areliable password managerfor all of your online accounts.

Thebest password managers on the marketalso include various 2FA options.

Most crypto wallets are yet to offer two-factor authentication.

But if your crypto wallet does offer a two-factor authentication setting, be sure to enable it.

Also, be sure that youre downloading official NFT mobile appsand official crypto wallet mobile apps.

Always double-check the app youre downloading is legitimate.

Apps likeNortonMobile Securitycan help detect malicious apps on various app stores.

The scammers will then attempt to acquire the users private keys directly via message or by using phishing attacks.

Always verify the authenticity of the page or groups you interact with.

Frequently Asked Questions

Are NFTs safe and are there any risks?

Thats why you should always safely store your recovery phrases and private keys.

How do you keep NFTs safe from hackers?

To be clear, NEVER share your private keys or recovery phrases with anyone online who asks for them!

Which crypto wallet is best for NFTs?

How does a hardware wallet protect your NFTs?

Hardware walletsstore your crypto wallet private keys offline.