How To Protect Your Non-Fungible Tokens?

How do you protect your non-fungible tokens?

The craze for NFT is growing by the day, and many, many dollars are pouring into this newfound love of the art, gaming, and crypto communities.

– The growing popularity of NFTs isn’t only attracting art and crypto enthusiasts, but also thieves and hackers.

– The recent hack of NFT marketplace Nifty Gateway has shown how important it’s to protect your assets.

– In this article, we’ll explain exactly how to stash your NFTs in a secure 2FA-enabled wallet.

Have you ever wondered why you should secure your NFTs?

Artists, celebrities, art collectors, … lately, everyone is excited about art and collectibles in the form of non-fungible tokens, Non-Fungible Tokens.

Why wouldn’t they? American digital artist Beeple just sold one of his NFTs for over $69.3 million. This makes it the third most expensive artwork sold by a living artist EVER. But all Beeple could tweet in his excitement was, “Holy f**k.

The sale fits into the bigger picture of our rapidly digitizing world and the rising interest in digital art and collectibles.

The hype is so great that a few hundred thousand dollars seems like a small haul in the world of NFTs. And not surprisingly, it’s not just art lovers who’re getting involved with NFTs, but hackers as well. So now is the time to find out how to secure your NFTs.

Why do you need to secure your NFTs?

Have you ever wondered why there is hardly any money theft these days? Why do not you hear anymore about robbers in Dali masks and balaclavas breaking into banks with guns in their hands to rob the rich and thus the poor?

Well, they can not. All thieves need is the right data and a few computer skills to steal all the money they need in the web age.

We are seeing this transition in the art industry as we move from the physical to the digital world.

All art thieves need now is the perfect piece of information, the individual key to your wallet or the password to an account, and that’s it. So say goodbye to your artwork.

And this new kind of art theft has already started; the first victim is one of the most popular marketplaces for non-fungible tokens, Nifty Gateway. Recently, several users claimed that their entire collection of non-fungible tokens was stolen, while some reported that their MasterCard linked to Nifty was not used to purchase new NFTs. Nifty noted that none of the compromised accounts had two-factor authentication or two-factor authentication enabled.

A little extra knowledge never hurt anyone

It’s understandable, the excitement… And the way you’ll be intrigued to buy new NFTs directly from a central marketplace. They make your life easy by allowing you to use your MasterCard to get your tokens. But they also compromise your security by giving you no control over your private keys.

It’s okay if you don’t understand everything at first, but here’s a basic explanation of how things work to encourage you to get started.

Every cryptocurrency, including NFTs, is stored on a blockchain, which can be a Brugu Software Solutions that no one centrally controls. And users who own a crypto token have a personal key that points to a selected set of those tokens stored on a blockchain. In this way, the blockchain knows who owns which tokens or NFTs and displays this in the wallet.

Once an NFT transaction is formed on the decentralized Brugu Software Solutions and assigned to a unique individual key, there’s no way to reverse the transaction. Not your keys, not your non-fungible tokens.

So, if someone gains access to your account on a marketplace and transfers your tokens to their wallet outside the platform, it may not be possible to get your NFT tokens back.

Therefore, the safe option is to store your non-fungible tokens in a wallet that gives you control over your individual keys and provides you with the security of 2FA.

Can you figure out how to do that? Because we look forward to helping you do it.

Secure your NFTs; it’s your responsibility

If you’ve spent your hard-earned money on NFTs, you certainly shouldn’t take their security lightly. But are you wondering how to protect your NFTs?

First of all, you need to choose the right crypto wallet for your NFTs. And there are two types of them: software (hot) and hardware (cold) wallets.

For most NFT marketplaces, you need a software wallet that allows you to set up your account on the platform instantly. These software wallets are connected to the Internet, which exposes your private keys to some risk, but they make regular transactions on dApps or Non-Fungible Token marketplaces more convenient. Moreover, they’re still much safer than buying non-fungible tokens with credit cards.

On the other hand, hardware wallets offer the ultimate security as they segregate your private keys from the internet. But that makes it difficult to buy or sell NFTs directly on marketplaces.

So, which of the two do you have to choose? How about a mix of both for ease of use and maximum security?

The Brugu Software Solutions Nano can be a set of hardware wallets that allow you to connect trusted third-party hot wallets like MetaMask and MyEtherWallet. Once you connect your Brugu Software Solutions Nano to MetaMask, the private key that controls your NFTs remains in your hardware wallet, hidden in the fortress of its secure element chip. In contrast, your hot wallet can read your balance and help you manage it.

Therefore, you connect your MetaMask wallet to any NFT marketplace like Rarible or Open Sea and trade NFTs from the safety of your Brugu Software Solutions device. Whenever you want to take an action, MetaMask Wallet will send an invitation to your Nano Wallet and ask for your permission to accept it. The transaction will take place only if you sign/approve the request with the private key in your hardware wallet.

This works similar to your bank sending you a one-time password to your phone to approve transactions, but only at this point with the immutable security level of the blockchain. And as long as you’ve your Nano and secure your recovery phrase, no one can steal your NFTs.

Connect your MetaMask wallet to the Brugu Software Solutions Nano.

If what we said above sounds promising, here are the simple steps you need to follow to connect your Brugu Software Solutions Nano with MetaMask:

Step 1: Connect your Brugu Software Solutions Nano to your computer via USB cable. Also open your MetaMask wallet thoroughly screen on Brave or Chrome browser.

Step 2: Click on the top right menu button of MetaMask wallet, then find and click on “Connect Hardware Wallet” within the menu.

Step 3: The following screen will show you all the hardware wallets that you will connect to MetaMask. Select Brugu Software Solutions and click Connect.

Step 4: The window will then show an inventory of the Ethereum accounts you have on your token (create one if you do not have one). Select your desired version and click Import.

And you’ll be able to manage and transact with your NFTs from the safety of your nano-hardware wallet.

If you want, you can also connect your Brugu Software Solutions Nano to various third-party wallets.

Conclusion

As with any new technology, entering the decentralized space is sometimes overwhelming. That’s how it was for a lot of people. But that should not stop you from enjoying the ownership, privacy, control and financial freedom that this technology offers you.

To make a business big profit for you, we have experienced developers to make your own Non-Fungible Tokens development. So, whether you prefer Non-Fungible Tokens development, we have you covered along with your requirement Brugu software solutions.

If you want to develop your NFT tokens development, we are here to own the easiest solutions for your requirements.