Here's how to prevent NFT theft, according to industry professionals

Muhammad Naeem

Blogger

The Web3 space industry professionals spotlight several components & best practices to prevent the NFTs theft from scammers and hackers. Non-fungible tokens (NFTs) captivate several users. Hence they also attract many scammers. Bad players in Web3 have set their eyes on digital collectibles, where thousands of dollars are lost because of scams & their various attacks.

There are many methods & tools to save users from becoming victims of NFT theft. Users can also take many actions even after losing their digital collectibles through hacks.

Hence, users must learn the basics of preventing NFT theft, according to industry professionals. Ronghui Gu, the CEO of blockchain security and co-founder of the firm Certik, told Cointelegraph that the first and most important thing is always due diligence. So "users must avoid clicking on suspicious links & be very careful when authenticating the token approvals," Gu mentioned. • The executive shared more best practices, such as periodically checking & revoking unwanted grants and segregating Non-fungible tokens into various wallets based on their purpose.

He also said that: "Long-term holdings must be kept in a safe wallet that interacts minimally and with apps. Hardware wallets somehow keep a steep learning curve, but the investment of time is worth it." When users asked about what they could do once they lost assets, Gu stated that it is pretty unfortunate, but there are "not a lot of things" that users may do to recover their investments, though the marketplaces of Non-fungible tokens can banish stolen NFTs so that users cannot trade anymore. "Increasing the awareness of simple scams is a continuous effort.[Quotation marks must come in pairs: one at the start, the other at the end.

Educating users regarding the safest options to transact & how they can reduce their risk is the 1st step, he also added. Hardware wallets may be a good solution, but there are still risks involved, the CEO of Web3 security Michael Pierce mentioned. "People must directly buy the hardware from the producer to reduce any chance of the wallet tampering before the users get it." • If the attack or scam has already happened, Pierce suggests that victims report it to databases such as NotCommon "to assist in others' safety & identify the scammer." If the potential loss is significant, the executive advises the victims to take legal action if possible. • A senior strategist of Chainalysis, Muhammad Issa, also shared that, "NFTs became one of the fastest-raising areas in cryptocurrency, and it is converting a "go-to target for scammers. NFT transactions are generating a new challenge for crypto investigation as decentralized protocols are more difficult and complex to track than conventional centralized services."

• The operations director of the BNB chain, Alvin Kan, says that users should use tools such as revoking cash: a method to check the status of the wallet status & revoke approvals, also browser extensions that offer warnings of risk before signing the contracts. Kan told Cointelegraph that there are community efforts to provide more NFT-related security tools.

More characteristics To Stop NFT & Cryptocurrency Theft:

Coinbase has also taken necessary actions to protect its wallet. Based on a recent report, Coinbase wallet has included many new features to prevent NFT & cryptocurrency theft.

One of the new features is the modification of the revoke option. This will enable users to disconnect from a decentralized application to the wallet application. Also, the wallet now assists easy integration for consumers with many Web3 identities & cryptocurrency wallets.