Scams Away: NFT Best Practices

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Scams Away: NFT Best Practices

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To keep security tight around your NFT assets, it’s right to contact a reputable NFT developer in Malaysia. This goes hand in hand with cryptocurrenci

Investing in Cryptocurrencies: Are You Really Prepared?

To keep security tight around your NFT assets, it’s right to contact a reputable NFT developer in Malaysia. This goes hand in hand with cryptocurrencies, cybercriminals are active in the NFT world. However, there are ways for you to practice to keep your NFTs safe from scams.

If you’re planning to get into the NFT world or you’re already familiar with how the NFT world works but aren’t aware of the risks and issues, then we are here to explain.

What is NFT? 

As an introduction, let’s get to know what is NFT. NFT is a non-fungible token and it refers to items that cannot be duplicated. It has a special code that tells it is the real deal, or in other words, the original.

These tokens are often associated with digital art, music, video games, and various forms of digital media. Furthermore, an NFT can show signs of ownership of physical items, including real estate, and paintings. 

What are the risks?

Traded on blockchain technology and stored in cryptocurrency, NFT investors and holders are not safe from online threats. Users are prone to attacks including malware viruses and phishing attacks even when using blockchain security. 

Apart from that, your NFT wallet is exposed to hacks or the NFT platform itself could be compromised. 

Therefore, with that in mind, what are the best practices to avoid falling for scams and compromising yourself? 

Scammers are always looking for the opportunity to trick people and take their NFTs and crypto. Hence, there should be practices for you to keep your cryptocurrency wallet safe.

Here are ways you can practice

Avoid clicking links in your private/direct messages

There are scams everywhere and this includes making you come into contact with suspicious links. They will send you a random DM / PM and make you interact with them. For this reason, do not interact with them – report, block and delete. 

Keep your seed phrase confidential

As a backup way to recover your wallet, you have a seed phrase. Your seed phrase will not be used to log in or authenticate. However, if you lose it then it’s game over – keep it to yourself and don’t treat it lightly. 

Certify the website is official 

There are various scam websites out there. Therefore, always make sure you are on the right website by checking the URL. Various methods these scammers will trick you into is: 

  • Hijack a discord bot and post scam links on servers
  • Pretend to be a mod or support 
  • Sends you too-good-to-lose deals

Utilize a hardware wallet 

By using a hardware wallet, the security of your wallet is ensured. Your private key will be protected and no one has access to your wallet except for you. 

Do not interact with fake MetaMask prompts

This is a well-known way to scam people into filling in their seed phrase. The most common way for you to encounter this type of scam is through the DM / PM from fake accounts. Therefore, a way to certify that it is MetaMask is by closing all your pending requests and then signing in through your browser’s extension. 

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