NFTs are one of the foundations of web3. This series will introduce NFTs through 30 short articles, allowing everyone to understand and master the relevant knowledge about NFTs from scratch.
Welcome to the fourth article in the series, where we will expand on the previous articles and learn how to protect the security of our digital wallets.
Unfortunately, like any new technology, there are always people trying to profit by taking advantage of others. This is especially common in the NFT space because:
- There is a certain technical barrier in this field, making it easy for newcomers to be harmed if they don't understand.
- It is attractive to those who want to illegally obtain other people's assets because there are large transactions involved and a lack of traditional regulatory measures.
There are several types of misconduct and criminal activities in the NFT world. Although we cannot list all the methods in this series, we will learn about the most common ones and provide some prevention advice. If we follow these, we can basically ensure the security of our assets.
One of the most common ways malicious thieves use is to try to obtain your wallet's mnemonic phrase. If you have obtained and set up your own wallet according to the previous article, you will know that there is a series of words called a mnemonic phrase. Anyone can control the wallet and have ownership of all the assets inside by using the mnemonic phrase, so you need to protect your mnemonic phrase.
Do not share your mnemonic phrase with anyone, do not share your mnemonic phrase with anyone, do not share your mnemonic phrase with anyone. Write them down with pen and paper, and create backups to be stored in different secure locations. Never place the mnemonic phrase on a computer or phone, as this could be susceptible to hacker attacks. The mnemonic phrase is the foundation for accessing the digital wallet, and you must take its security very seriously.
There are many other measures to protect the security of digital wallets, which we will gradually explore in the upcoming articles. For now, the most important lesson you have learned is: "Do not share your mnemonic phrase with anyone and keep it in a secure physical location." In the next article, we will learn how to deposit funds into the newly created digital wallet.
Additional resources:
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If you have 5 minutes, you can find more information on how to protect your Metamask in this article: Basic Safety and Security Tips for MetaMask
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If you have 13 minutes, Zeneca explains his most crucial NFT security advice in this video to help you stay safe: NFT Security Tips
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If you have 5 minutes and want to protect your wallet from scams in web3 transactions, use Pocket Universe, a free tool that can help you. Check out their tool here: Pocket Universe