GM. NFTs have hit the art market by storm and are disrupting it at a supreme pace. Whilst it’s great to see antiquated industries get a digital shake-up, NFTs are still in their infancy, which can leave them open to some security threats.
At PatronageDAO, we believe in the wisdom of crowds, and we want to ensure that we keep our community as informed and safe as possible.
With that in mind, here is the lowdown on NFT safety — what to look out for, and how to stay cautious…
All of us already operating in this space know the basics — when you buy an NFT, you need to use a crypto wallet. The security precautions to keep your passwords and private keys safe on the wallet, like Metamask, Trust wallet or the Coinbase wallet, are serious. We cannot store them on the computer or phone, we should not use public WIFI’s to access them, and some of us even have devices for the sole purpose of using our wallet — we don’t even surf the internet on those dedicated devices.
Scammers often use phishing tactics to access private keys, including:
Phony emails and websites designed to steal your data
Impersonating your NFT marketplace account and requesting that you sign a contract with your wallet for minting or purchasing an NFT, but instead the contract gets access to your wallet and drains its contents
Impersonating an NFT artist and telling you that you have won a giveaway and that if you connect your wallet to verify you are whitelisted, but instead of the giveaway you give access to your wallet and they drain it
These are popular tactics, so if you get any dodgy DMs on Discord, Twitter or any other social platform you use, be discerning before clicking on anything. Most project leaders will never DM you first (that is why lots of them have “(will not DM first)” on their handle name.
You should always check the URL to make sure it matches the real service you are trying to transact with
In searches do not click on the ad version of the site, often scammers pay lots of money to be an ad above the real site
If you come across a link that you think is dodgy, search it and look for the one with the most views and clicks, or use a link-checking website first to see whether it is legitimate
Make sure to store your private keys securely. Digital wallets are great, but they are connected to the internet making them vulnerable to hacks. It might be a good idea to keep them in a cold wallet and write them down on a piece of paper that you keep in a private location that only you know about
Double check any account that messages you with an NFT airdrop or giveaway. If the account holder claims to be a big artist but only has a few followers, then you know something fishy is up!
Do not interact with the NFTs in your wallet that were dropped there without you buying them. Often they’ll be dragons, danger zone
Store your valuable NFTs on a hardware wallet or a dedicated device. Do not have them on the wallet you use for other things
Remember, NFTs are encrypted tokens that are stored on the blockchain which, by nature, is very secure. The only real security risk is us, so do your own research and get informed on how to keep your wallet and NFTs safe. There are plenty of others who have gone to great lengths to give solid guidance. Just remember to use good judgement and never get too carried away in a hype and throw all your safety procedures out the window!
WAGMI!
PatronageDAO is revolutionising asset backed NFTs through harnessing the power of NFTs to execute seamless fractional ownership of real-world art masterpieces. NFT holders will be able to buy and sell their NFTs in the market thereby creating a liquid and transparent process, allowing greater participation in the art market for all, while creating one of the most significant collections of our time.