The nonfungible token (NFT) industry has grown in prominence in recent years. The developing advances in the Web3 area and the Metaverse have sparked the curiosity of various players in NFT collections. A report done by Juniper Research supports this increased interest by predicting that the Metaverse will fuel more NFT growth.
However, the rapid adoption of these collections has drawn scammers and hackers to the NFT market. To safeguard users, various Web3 specialists have advised appropriate security methods against Non-fungible token theft. Users may also take action if they suffer inevitable hacking damages.
Ronghui Gu, co-founder and CEO of blockchain security firm Certik, provided some advice on NFTs and their security. According to Gu, the first stage is for users to do their homework about their treasures. They should exercise caution while approving token transfers and avoid clicking on any fraudulent websites.
Furthermore, the CEO advised NFT owners to segregate their treasures into several wallets according on their intended use. They should also do regular checks on the NFTs and revoke any unneeded token rights.
For long-term holding, the executive encouraged consumers to utilize a safe wallet with little or no interaction with programs. Despite the wallets’ high learning curve, he urged that consumers opt for hardware wallets that provide the necessary protection for their tokens.
CEO Gu claimed that there was little that could be done to address the issue of stolen tokens. The appropriate authorities may request that NFT markets ban them, making it difficult to trade stolen NFTs. Furthermore, the CEO warned the owner that the missing collections could also be reported.
The CEO emphasized the importance of raising awareness about several prevalent frauds using NFTs and digital assets. He stated that educating consumers on appropriate practices in NFT transactions and safety precautions for their valuables is an important preventive measure.
Michael Pierce, CEO of Web3 security startup NotCommon, outlined some of the vulnerabilities connected with hardware wallets. Despite the numerous benefits such wallets provide, Pierce claims they can be altered before consumers get them. As a result, he advised non-fungible token (NFT) users to buy straight from wallet makers to assure validity.
Pierce also urged users to report frauds or hacks of their tokens to security businesses and databases such as NotCommon. The CEO stated that such early alerts will assist the companies in protecting other users and rapidly identifying hackers.