5 NFT Security Tips That Can Save Your Wallet

NFT security has been a hot topic recently with all of the scams happening in the market. This space is early and we have yet to see how far scammers will go to obtain wallet addresses and steal assets. I’ve compiled a small list of NFT security tips that I recommend you apply to your collecting habits.

1. Insurance

The first tip that I want to point out is seed phrase insurance. Your seed phrase is the most important piece of information attached to your crypto wallet. If you lose your seed phrase you will not be able to log into your wallet and all of your assets will be lost. This is why it is important to write your seed phrase down, copy it, and store it in safe places that only you have access to. Do not store your seed phrases on any type of computer online or offline.

2. Online Wallet Management

I recommend that you have three types of online wallets.

• Mint Wallet –  a wallet that you only load crypto onto to mint NFTS. This prevents a hacked smart contract from wiping your assets.
• Main Wallet – A wallet that you use for day-to-day transactions like listing and buying NFTs on the secondary market.
• Storage Wallet – a wallet used to store your holdings. I suggest you use a hardware wallet for maximum security. Trezor is a good brand for hardware wallets.

3. Cheaper Fees = More Scams

A trade-off for high gas fees is fewer scams. This is because the risk-reward ratio is not worth it for a scammer when mint fees are high. Although I encourage the use of newer smart contract blockchains like Solana, beware that their cheaper fees may increase the number of scammers that use the technology.

4. Turn Off Auto Approve

Turning off your auto approve during NFT mints can save your wallet from being completely wiped out. I personally do not understand why that is a setting.

5. Social Hacks

The easiest way for a scammer to get your personal information is by you giving it to them through social engineering. There is always going to be someone offering something for free in exchange for your personal information. Do not connect your wallet to any website without doing research on the website first. Discord is a useful tool but it is also a hotbed for social engineering scams.