October 21, 2022 | Updated on March 5, 2023
NFT artworks range in value, and as we’ve seen, NFTs can warrant a high price point. Therefore, it’s important to know how to keep your NFTs safe to avoid both losing money and art, and getting hacked.
Here are a few tips to help you secure your NFT wallet.
1. Keep your private key safe
Your private key is what gives you access to your NFTs. To keep your NFT collection safe, make sure your private key information stays private. Never share your private key with anyone, not even your closest friends or family.
- If you have to write down your private key, make sure to do it in a secure place where only you can access it.
- Don't store your private key on your computer or any online platform. If possible, use a physical storage device like a USB drive or an external hard drive.
- Use a strong password to protect your private key. A good password should include a mix of uppercase and lowercase letters, numbers, and symbols.
2. Hot vs. Cold wallets: Which one should I get?
A hot wallet is a wallet that's connected to the internet, making it more susceptible to hacks. MetaMask and Coinbase Wallet are examples of hot wallets.
Users often become accustomed to the convenience of a virtual wallet and end up leaving their wallets connected to websites and apps long after being in use. This exposes your wallet to higher risks of compromise. To prevent this, we must have alternative solutions.
It is standard practice for collectors to store their NFT artworks in a cold wallet, or a hardware wallet that stores your cryptocurrency digitally offline (e.g., Ledger, which is supported on the TRLab platform). A cold wallet is not connected to the internet and is therefore more secure.
Some collectors choose to store their artworks in multiple hot and cold wallets to mitigate risk. We recommend storing the NFT artworks that you are looking to own long-term in a cold wallet.
3. Disconnect hot wallets from websites and devices when not in use
If you use a hot wallet, disconnect it from devices and sites when not in use. This might seem like an obvious precaution, but it's easy to forget when you're juggling multiple wallets on various platforms . It's important to be diligent especially if you're using a hot wallet to store high-value artworks.
4. Keep your DMs closed
Another way to keep your NFTs safe is to keep your DMs (in Discord) closed. You might be surprised at how many people out there might message you for your private key.
If someone you don't know contacts you asking for sensitive information, chances are it is a scam. The best thing you can do is ignore their messages and report them.
Avoid clicking suspicious links: when you see a promotional message promising free NFTs, it is likely too good to be true.
5. Only buy or mint NFTs from trusted sources
Just like any other valuable purchase, it's important to buy NFTs from trusted sources. If you're unsure of whether a source is trustworthy, err on the side of caution and refrain from connecting your wallet to that website until you have done further research.
The same goes for minting NFTs. If you're not sure whether or not a minting service is legitimate, do some research before using their service.
6. Don't give in to the plug-and-play culture
The plug-and-play culture has taken over the crypto world, and NFTs are no exception.
With Metamask and other popular wallets, it's easy to connect to any platform with just a few clicks. While this is convenient, it's also dangerous.
Before connecting your wallet to a platform, make sure to do your research. Read reviews and see what other users are saying about the platform first. If possible, only connect your wallet to platforms that have been recommended by people you trust.
Closing thoughts
The best way to keep your NFTs safe is to be your own security. This means being in control of your own private keys and not trusting third-party services with your artworks.
While this might seem like a lot of work, it's worth it when you consider the consequences of poor security and what you risk to lose.
If you’re new to the world of NFTs and need help navigating this ever-changing space, below is a list of useful resources:
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