Can I lose my NFTs?

With the value some NFTs are worth, it's a common fear to lose them while playing a game or interacting with the blockchain. Whether you've purchased your NFTs or earned them in-game, you need to make sure you keep them secure. In short, it's possible to lose your NFTs if you aren't careful. However, your chances of losing them are minimal if you follow the best practices we'll outline later.

There are few possible ways you might lose your NFT:

You attempt to transfer it from your wallet to another that doesn't support your NFT's token standard.
You are the victim of a scam or fraud, and you send your NFT to a scammer.
You give a malicious smart contract permission to access your wallet, and it takes your NFT.
You lose it as part of the rules of a game.

Apart from the last, you can avoid the situations above with some improved knowledge of NFTS, blockchain technology, and scams in general. Just like you wouldn't use PayPal or internet banking without understanding how to use it correctly, the same goes for NFTs. To make sure you don't lose your NFTs, you should:

Confirm that if you are sending your NFT to another wallet, you aren't falling for a scam. You can see the most common ones in our 5 Common Cryptocurrency Scams and How to Avoid Them guide.
Understand the types of tokens and blockchains your wallet or platform supports. ERC-721 and ERC-1155 are the most common NFT token protocols for Ethereum, and BEP-721 and BEP-1155 are the most common for Binance Smart Chain (BSC). Always make sure you're sending them to the correct address and never assume their compatibility.
Only interact with smart contracts from reputable projects you can trust. If you permit a smart contract to interact with your wallet, be aware of the risk that the contract could remove your funds.
Check carefully the rules of the game you’re playing. Some NFT games allow you to trade with other users or use NFT consumables. These could be items or potions for example. Familiarize yourself with the game to avoid any unwanted surprises.

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