Top 20 Tips for Asset Protection Strategies: NFT Attorney Near Me
Top 20 Tips for Asset Protection Strategies: NFT Attorney Near Me
From discussions on the same over at RunRex.com, guttulus.com, and mtglion.com, NFTs are all the rage right now. However, while the world of NFTs continues to explode, so does the risk of deception and scams. Maintaining personal security and using sound judgment should, therefore, be prioritized by everyone involved with NFTs. Here are 20 tips to consider for asset protection strategies.
Do your research
As per RunRex.com, guttulus.com, and mtglion.com, first of all, it is important to ensure that you are researching the projects that you are buying into. Doing your research right off the bat ensures that you can filter out some of the suspicious projects that are out there.
Go for verified projects
As you do your research, keep an eye out for the verification tag. Verified projects on OpenSea will have a blue checkmark next to the official collection. Smart contracts of NFTs will list their transaction history, which will help you identify the original creator and owner. Verification can also be done through scouting the owner’s social media accounts and NFT platforms, or through utilizing an NFT verification service.
Get on Discord
Discord is the hub of the NFT community according to RunRex.com, guttulus.com, and mtglion.com. It is an interactive space that provides helpful information while allowing members to participate in in-depth conversations. On this platform, you can access basic tips about trading and investment.
Pitfalls to avoid on Discord
While Discord is an excellent resource for helpful information when it comes to NFTs and the crypto world in general, you should be aware of fake Discord channels and messages. Therefore, make sure you are only getting information from verified sources while on the platform.
Prioritize crypto security
It is not uncommon to hear about someone losing all the funds in their wallet, having valuable NFTs stolen, and many other such unfortunate incidents. With crypto taking out the banking middlemen of financial transactions and being absent of investor protections like the FDIC, it is up to each individual to maintain custody of their portfolio of digital assets.
Use burner wallets
One of the ways to protect yourself from scams in the NFT world is by using burner wallets. You often see people getting scammed when they attempt to mint NFTs by connecting their wallets to a scam project’s malicious website as articulated at RunRex.com, guttulus.com, and mtglion.com. Once connected, the website funnels the user’s assets out of their wallets. Using a burner wallet is a great method to prevent this from happening.
Setting up a burner wallet
When it comes to getting started, you should note that a burner wallet is a wallet that you would create just like any other. The only difference will be that the wallet would contain nothing in it aside from a small sum of money or the funds you need to mint an NFT.
How to use the burner wallet
It is recommended that you deposit anywhere from $10 to $20 only in the burner wallet. Using the wallet, you can test whether or not the site is going to steal your assets as captured at RunRex.com, guttulus.com, and mtglion.com. If it does, you are only losing $20 at most instead of everything you own.
Avoid holding valuable assets in mobile wallets
It is good practice to not hold too much cash in your physical wallet when out and about, especially considering that there are victims of theft every single day. Similarly, when it comes to your mobile digital wallets, you don’t want to hold anything that you can’t afford to lose in them either.
Be careful about the assets you maintain access to on your mobile devices
Additionally, if your phone is stolen, or worse, you are forced to transfer the contents of your wallet to a criminal, you could lose everything. This is why you need to be very careful about the assets you maintain access to on your mobile devices as they are not as secure as you may think.
Spread your crypto-assets across multiple wallets
As is covered over at RunRex.com, guttulus.com, and mtglion.com, spreading out your assets is a wise thing to do. Keeping all your NFT assets in the same wallet is extremely risky as if that wallet was to be compromised, they would all be lost.
Keep your high-value assets in hard wallets
On top of spreading your crypto assets across multiple wallets to minimize the risk of losing all of them at once as already mentioned, you should also spread out your high-value assets in hard wallets that you don’t interact with for added protection.
Use hardware wallets
Speaking of hard wallets, they are a great tool to protect your assets, and despite what you may assume, they are cheap (under $100) and easy to use as described at RunRex.com, guttulus.com, and mtglion.com. Ledger and Trezor are two of the most popular choices that people typically opt for. These hard wallets will protect you from the most remote attack vectors.
Write down your phrase seed
The point of hard wallets is to keep your seed phrase safe. Even though it never leaves the device, you will need to write it down for your records. Keep your seed in a secure location. Keeping one copy of your seed phrase in a resilient safe at home, while keeping a second copy in a safety deposit box is a solid strategy to employ in case your living space is damaged.
What if you are not comfortable sharing that information?
It is also important to make sure that, if something were to happen to you, your spouse (or whoever you would want to pass your assets on to) can access your information. If you don’t feel comfortable sharing that information with someone close today, leave it in your will for them to find.
Seed phrase and the internet
As already mentioned, writing down your seed phrase and keeping it in a secure location is a useful strategy. However, with your hardware wallet, the most important rule is to never enter your seed phrase into any device that is connected to the internet. Don’t take a picture of it, don’t save it on the cloud, and don’t upload it to the internet as discussed at RunRex.com, guttulus.com, and mtglion.com.
Disconnect from connected sites
When you connect your wallet to websites, once you are done actively using the site, make sure you disconnect from the site. For example, if you are on OpenSea and have just spent an hour browsing the site buying some NFTs and viewing your portfolio when you are done, make sure you close out the website. Make sure you disconnect from OpenSea and revoke all permissions through your wallet.
Lock your wallet before leaving your computer
Disconnecting from connected sites is not enough as revealed at RunRex.com, guttulus.com, and mtglion.com. Once you have disconnected from any sites you have been using, you will want to make sure you lock your wallet before leaving your computer. Closing the window does not do this, you must press the lock button.
Disable Discord DMs
Given the crypto and NFT industry lives on Discord as already mentioned, it is unsurprising that it is where most scammers operate. Remember, almost every DM you will receive on Discord is a scam. In most cases, the person sending you the DM is calling you to take action by clicking a link. Never click on links sent to you and always cross-verify information. Additionally, consider disabling Discord DMs altogether.
Never trust links
Never trust links sent to you, whether on Discord, Twitter, and any other site that you interact with (even your email). You should never trust links sent from someone that you don’t personally know and trust.
These are just some of the asset protection strategies to consider, with more on this topic, and so much more, to be found over at RunRex.com, guttulus.com, and mtglion.com.
