Don’t let malicious schemes scare you away from NFTs forever. Learn these 7 essential tips to keep your investments safe and secure.
NFTs have been the subject of malicious schemes and phishing attempts, but there are ways to keep your investments safe. Follow these essential tips to protect yourself.
7 Essential Tips
- Don’t respond to DMs on Discord and Twitter – scammers target users with phishing attempts on these platforms. Project staff, admins, and co-founders will never DM you first.
- Keep your wallet seed phrase safe and NEVER share it – your seed phrase controls access to your crypto wallet, so keep it secure in a physical location.
- Look for verified collections – verified accounts build trust in the ecosystem and help you identify authentic creators and content.
- Double-check URL before connecting wallet, and use a burner to mint – always check the URL of the site you’re connecting to and use a backup “burner” wallet to connect to unknown sites.
- Get yourself a hardware wallet – a physical device that secures your NFTs offline is a must for any serious NFT or crypto investor.
- Research projects and founders thoroughly – DYOR and check whitepapers, activity on Twitter and Discord pages, and artwork.
- Resist the urge to FOMO – stick with projects you’ve carefully researched and avoid making snap decisions based on social media hype.
With these basic safety precautions and a long-term perspective, you can avoid common scams, filter out the noise, and discover some real gems in the NFT space. Look for projects that contribute to the growth and security of the Web3 ecosystem as a whole. Remember, you’re still early in this exciting new world of NFTs.
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