How To Store NFT’s
Best Practices For Securely Storing Your NFT’s: A Complete Guide
How To Store NFT
NFTs should be kept in a safe place such as your crypto-wallet software which is usually protected by your 12-word seed phrase, password, and Touch ID. For the best protection, consider keeping your NFTs in a cold storage hardware wallet.
Ensuring that your NFTs are kept in a safe place is especially important if you plan to adhere to your NFTs such as collections and investments.
NFT Storage Options
There are various options for keeping your non-fungible tokens. However, a few options are greater secure than others.
Here are some of the most common options for keeping your NFTs:
- Software Wallet (Metamask)
- InterPlanetary File System (Pinata)
- Cold Storage Hardware Wallet (Trezor, ledger)
1. Software Wallets (General Security)
A software wallet such as Metamask is considered standard protection for your NFTs. Everything you do is encrypted in the browser and protected with your password and 12-24 word phrase. However, this type of storage has been hacked previously and has the potential to be hacked in the future.
Consider keeping your NFTs too short a time when using a software wallet. Unless you are planning to trade or sell your NFTs soon, choose a more safer storage option.
2. InterPlanetary File System (Additional Security)
IPFS like Pinata keeps your NFTs off-chain which can reduce the chances of hacking. Also, IPFS is safer thanks to its content identifiers (CIDs) security — i.e. data hashes directly linked to your NFT content, as opposed to an http link this is susceptible to change and hacking.
These data hashes are stored on your computer. Therefore, when requesting data from IPFS the system looks at its nodes with that data hash and verifies that data is correct by re-entering the recipient's computer. If a CID hash has been generated by a hacker node, you will be notified at the end of your false data.
3.Cold Storage Hardware Wallet (Very Safe)
Keeping your NFTs in a hardware wallet is the safest way. Hardware wallets offer great security because all your data is kept completely offline and protected by the device's password. These wallets usually have the power to retrieve device content if it is lost or stolen again.
You can also use hardware wallets as hot wallets - wallets that are connected to the Internet via a mobile device. These hot wallets are still safe when connected to the internet which allows you to work without the fear of being hacked
If you plan to keep your non-fungible token for any extended period of time, consider investing in a cold storage hardware wallet such as Trezor or Ledger.
What Is The Best Manner To Store Your NFT?
Deciding how best to keep your NFTs is important when it comes to collecting NFTs. For safety and security purposes, there is only one way to consider keeping your NFTs.
A good way to keep your NFT is to find a storage hardware wallet and transfer your digital assets there. This ensures that your tokens will remain offline and away from hackers and keyloggers. Also, every hardware wallet comes with its own ID and password for added security.
Can You Lose Your NFT?
You may lose your NFT content and metadata if you do not properly maintain your NFT. This may happen if the content of your token is stored at http URL and that link is subject to modification. Your NFT contract will remain on the blockchain registry, however, all content on it will no longer exist.
Losing your NFT may not be pleasant, but it is possible. Additionally, if your NFT content is stored on a particular http URL site and that site disappears, you risk losing all your crypto-asset content along with it.
Can Your NFTs Be Hacked?
Although NFTs are built on the blockchain, that does not mean that these digital tokens cannot be hacked.
NFTs can be removed and hacked. NFTs are affected by hackers like our emails and communication accounts according to the previous CIA Professional Hacker. Nifty Gateway users have lost thousands of dollars in hacking.
Hacking can strike at any time so it is best to be extra careful. Keeping your NFTs in a cold storage wallet is your best bet to avoid hacking.
Top Tips To Keep Your NFTs Safely
No matter where you decide to keep your non-fungible tokens, there are a few tips you can find helpful in keeping your NFTs as secure as possible during storage.
- Never give your 12-24 word seed phrase.
- Create complicated passwords that consist of phrases, numbers, and symbols.
- Do not allow anyone to access your login details.
- Keep all your passwords and phrases secure, securely locked away safely (not on your computer).
- Avoid visiting sites that may have malicious intent (see SSL).
- Keep your digital assets for a long time offline completely.
- Consider using a virtual private network (VPN) that hides your IP address and encrypts your internet traffic