Although the blockchain as a technology itself is secure and extremely difficult to hack, there are still instances of scamming and fraudulent behaviour in the web3 space, and collectors can lose their NFTs or crypto due to human error or deception. It is therefore extremely important to remain vigilant and stay safe in the NFT space!

As a rule, never click on suspicious links or files sent from people you don’t know. This is one of the most common ways people get scammed in web3. When participating in NFT communities on Discord, always close your direct messages to reduce these kinds of scams. Team members from ARTPOINT will never message you first on Discord.

Many experienced NFT traders and collectors make a habit of creating at least two or more wallets. One of these is called a ‘hot wallet’, which is the active wallet where you make most of your transactions and sign smart contracts with in order to buy, sell and trade NFTs. This wallet should contain only the minimal amount of crypto necessary to complete your NFT purchase. Once you have minted an NFT with your hot wallet, you can transfer it (this will cost gas fees) to your ‘cold wallet’, which is used more as a storage space for your NFT collection and cryptocurrencies. This wallet should never sign transactions or smart contracts, in order to keep your collection as safe as possible.

Lastly, when you have a lot of crypto or own valuable NFTs, the most secure storage method is to buy a hardware wallet, such as a Ledger. These operate much like a cold wallet, but with an added technocological security measure, making it almost impossible to hack. This is by far the most secure way of storing your valuable NFTs.