Your NFT Wallet: 2 Simple Ways To Ensure Safety And Privacy

How do you protect your NFT Wallet? NFT privacy has been a massive talking point among the community ever since digital assets came to the forefront of the Web3 movements. And recently it was reported that $1.7 million was stolen in assets from Opensea users from phishing scams, thus bringing the conversation up and raising it to a fever pitch.

NFT privacy and security is critical as you want to make sure that you keep your assets safe. With the way that Blockchain is set up, it is possible for hackers to be able to trace your transactions so it is key to be equipped with the knowledge you need to know when it comes to purchasing and maintaining your assets.

This is why we have 2 simple ways that you can ensure safety and privacy with your NFT wallet.

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Keep Your NFT Wallets Separate

One of the most important things you can do as an NFT investor is to keep your wallets separate. Much of the risk surrounding investors being drained of all their assets is stemming from the fact that their funds are all in one place.

When you undergo a transaction via your crypto wallet, this leaves a trail of code which if hackers can access, they can trace back to your wallet and leave you vulnerable to getting your funds stolen. 

This is why it’s advisable to have a separate wallet to store your NFTs in.

You can call this your hardware wallet. This wallet can be used as storage and wouldn’t be used to buy things. By having a wallet that is not connected to sites to make purchases you are limiting the amount of exposure the wallet has to outside influences, thus keeping you safer than otherwise.

The goal should be to make sure you are keeping your transactions as fresh and trail free as possible and having separate or even multiple wallets will allow you to do so.

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Check Your Permissions

When you swap tokens or provide liquidity to pools, you would need to allow smart contracts to utilize your assets, and once approved, the smart contract has permission to spend a specific amount of tokens to carry out its strategy.

How many end up getting scammed is by hackers placing backdoors into the smart contracts which after the platform asks the user to spend an unlimited amount of tokens, then allow the hacker to take control of the user’s tokens, even after the user has taken all their tokens out of the platform.

As you can imagine, this would put the user at risk of making huge losses by the hackers being able to then transfer tokens from the user’s wallets to theirs.

This is why it is important to revoke permissions to protect your assets as much as possible.

This will protect you by not allowing any platform to be able to spend any amount of tokens and thus not giving the space for hackers to access your wallets.

There are many platforms that allow you to revoke permission of a smart contract, platforms such as – Debank, Unrekt, BSCscan, and Beefy. It is something you will need to do on a regular basis but it’s something that will be very beneficial to you in the long run. 

Overall, it’s important for you to be aware of the ways that you can ensure safety with your NFT wallets as the security risks are high when you keep your assets all in one wallet and when you leave your permissions on. Being informed will keep your assets safe and allow you to carry out your NFT investments worry-free.

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