The NFT space is riddled with scams. If you think that you have seen it all, you probably haven’t! Frauders are coming up with ingenious ways to drain your funds before you even catch up on them.
In this article, we aim to provide a brief security guide to those interested in starting their NFT journey.
| Minting NFTs Security
As a beginner in the NFT space, you should be extra wary about connecting your wallet to any site. It is essential to triple check any site regardless of its source. Here are some preventive measures to take when minting an NFT.
| Preventive Measures: Minting NFTs
- Look for OpenSea collections with the highest amount of secondary sales and click on the contract or website on the right hand side of the page for the official collection.
- Check the project's socials (Discord, Twitter, Instagram) and OpenSea to confirm you are in the right place.
- Minting through Etherscan contracts is always preferred as compared to other websites.
- When minting, make sure to not let FOMO* take over. Take another second to check that the Metamask pop up shows ‘Mint’ as opposed to ‘Set approval to all’ or ‘Send”.
*Fear Of Missing Out
| Discord Security
Majority of NFT projects run communities on Discord. It is thus no surprise that scammers are on the hunt over on the platform as well. Follow these steps to keep your Discord more secure.
| Preventive Measures: Discord
- Use a Two-Factor Authentication with your account and possibly use a unique Email-Password combination.
- Be extra careful of what files you download.
- Activate ‘Only Accept Messages From Friends’ as majority of scams come from spam messages advertising fake mint links.
- DO NOT accept friend requests from random people or random Nitro gifts.
| Wait… What if I realise I have been hacked/scammed?
Upon realising that you have been scammed, act quickly! Here is what you should do immediately:
- Send all your available funds and digital tokens to a different wallet (preferably a cold-wallet e.g. a ledger).
- Change your password as soon as possible.
- Revoke all rights from the scammed NFTs by going through revoke.cash.
- Inform your friends of the incident as they will be able to help report the breach to the relevant platform service support.
- Report to financial institutions if your credit card is being compromised.
Online mishaps can happen to anyone. Although decentralisation is a strength in the NFT world, it is also a weakness as it is nearly impossible to track anyone on the blockchain network. There is no one size fits all solution to a safe transaction. Therefore, understanding the asset class that you’re trying to protect along with the security mechanisms available is crucial in strengthening one’s defence against hackers and scammers.
Do your due diligence before making any transactions!