The sector of nonfungible tokens (NFTs) has increased in popularity in the past few years. The growing innovation in the Web3 and Metaverse space is attracting some participants to crave NFT collection. This growing interest can be supported Juniper Researchshowing that the Metaverse will drive more NFT growth.
However, the surge in the use of these collections has also attracted scammers and hackers to the NFT space. To protect users, some professionals in the Web3 space recommend good safety practices for stealing Non-fungible tokens. Also, in the inevitable loss to hack, users can take some actions.
Professional Mentions Diligence and Timely Theft Reporting for Users
Co-founder and CEO of blockchain security company Certik, Ronghui Gu, give some tips on NFTs and security. According to Gu, the main step is to enable users to do due diligence on the collection. They should be careful when approving token transactions and stop clicking on suspicious links.
In addition, the CEO recommended that NFT owners separate their collections into different wallets based on their purpose. Also, they must maintain regular checks on NFTs and revoke all unnecessary permissions requested on tokens.
For long-term holding cases, executives advise users to stick with secure wallets that allow little or no interaction with apps. He recommends that users find hardware wallets with the necessary security for their tokens, despite the wallet’s steep learning curve.
CEO Gu stated that there is little that can be done about the issue of stolen tokens. The right authorities can ask NFT markets to be blacklisted, making it impossible to trade stolen NFTs. Furthermore, the CEO suggested that owners report missing collections.
The executive noted the benefits of creating awareness about some of the common scams with NFTs and digital assets. He said that sensitizing users about best practices in NFT transactions and safety measures for collection remains an important preventive measure.
For his part, the CEO of Web3 security company NotCommon, Michael Pierce, discussed some of the risks associated with hardware wallets. Despite the huge advantage the wallet offers, Pierce says it can be destroyed before the user accepts it. Therefore, he recommends that owners of non-fungible tokens (NFTs) buy directly from the wallet manufacturer to ensure authenticity.
Also, Pierce encourages users to report to security companies and databases such as NotCommon in cases of fraud or token hacks. The CEO stated that the initial report will help the company protect other users and quickly repel hackers.
Other Features To Stop NFT and Crypto Theft
While some individuals are discussing preventing NFT theft, crypto exchange Coinbase has also taken important steps to strengthen their wallets. According to latest reportCoinbase wallet has added new features to prevent NFT and crypto theft.
Some of the new features include modifications to the removal feature. This will allow users to disconnect from the decentralized app from the wallet app. Also, the wallet now supports easy integration for customers with multiple Web3 identities and crypto wallets.
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