Non-fungible tokens, or we can say non-replaceable tokens; these tokens are unique. It is based on their attributes and scarcity. In 2017, dapper labs launched a decentralized platform for Ethereum called crypto kitties. It was the first true example of transferable non-fungible tokens. Crypto kitty uses an indigenous digital signature scheme, which helps verify authentication, its unique attributes. As a result, the risk of fraud in transferring this asset from one owner to another is highly reduced. Today the invention of these fungible tokens is made famous by crypto kitties. Crypto kitties are applied to various uses, from digital art and game items to digital identities. Click here to start trade
Some of the ways through which we can protect our fungible assets from theft: –
Avoid conversation with people you don’t know: – Do not share any information with strangers over social media. Online social platforms such as Twitter and Instagram help you connect with others and even people not known to you. Get conscious of them before indulging in a private conversation. It is where we lack our privacy by not talking over anything related to our finance or other personal things that can concern our privacy. Our privacy should be our first concern.
Be aware of fake minting: – cyber crimes are on the rise, and new cases are reported worldwide. The user must be careful before clicking on any unknown links. It can completely wipe off your wallet. Scammers usually share faulty links over social media. We should carefully examine those links, and if someone finds any unsuspicious things on the link, we must leave it before it is too late.
Never click on unknown links: – We should always be aware of unknown links. We might find many DM-ed links to our social media accounts to hack our NFT wallets. Avoid clicking those links, ads, images and emails usually sent by strangers. Sometimes it is challenging to find scammers because they often perform efficacious personalities to gain trust. However, it is the most preferred trick which the scammer uses. Never share your personal information or investment with any stranger. It can make your account vulnerable to scammers.
Do change your password frequently: – It is always challenging to recite multiple pass keys for all accounts. Somewhere in our life, we came across using the same password for all the accounts. It can be a lazy act performed by many users, where they lack the safety of their NFT wallets if it is not easy for them to remember multiple passwords simultaneously. They can use password managers. These tools help to remember your password. If you take the help of these apps, then you can change your passwords frequently. It adds more security to your NFT wallet.
Limit competent contract approvals: – Python, if one uses a Meta mask, it is essential to check how much you spend when making a transaction. You can use two-factor authentications for your apps. We should avoid SMS 2-factor authentication because it makes our device accessible to attack.
Use a hardware wallet, especially for a valuable asset: – Using a hardware wallet adds another level of security to your valuable assets. It becomes difficult for scammers to access your wallet. It’s over the Internet unless they have access to a physical device or your password. Air grab computers are nothing but computers that have never been connected to the Internet.
Never share your recovery phrase: – Never share your NFT recovery phrase because no NFT platform asks for your recovery phrase. It can be a trick for scammers to wipe off your wallet. Your wallet’s recovery phrase must always be a secret. Never share your OTP with anyone over social media accounts. It can also put your account in reach of scammers and let your investments in danger.
The Crypto industry is still not well protected from these malicious activities performed by scammers. None of us wants to lose our investments; even some well-educated and most intelligent people do fall for some lucrative deals. Following some of these easy steps mentioned above, one can gain from their NFT.
Information contained on this article is just that – a piece of information. You should not use this to make financial decisions and we highly recommended you seek professional advice from an authorized expert.