Wondering whether or not buying an NFT<\/a> is safe is a fair question. That\u2019s why I\u2019ve crafted this article to thoroughly answer it.<\/p>\n\n\n\n NFTs are safe in general, but there are still some safety concerns to consider before buying an NFT<\/a>. Below are some of the main concerns.<\/p>\n\n\n\n The first concern is the most obvious, NFTs are online. We all know that whether it be your bank account, your social media profile, or something else\u2014if it\u2019s online then it can be hacked.<\/p>\n\n\n\n The blockchain does function differently though. Blockchains are decentralized, meaning that it\u2019s made up of a shared network of computers, not just one entity. This means if one computer is hacked, the entire blockchain isn\u2019t affected.<\/p>\n\n\n\n Nonetheless, anything that\u2019s online should always be approached with caution. That means double-checking that you\u2019re visiting the correct website, never trusting anyone with your personal info, and always asking questions.<\/p>\n\n\n\n One of the greatest aspects of the blockchain just happens to be one of the biggest concerns; it\u2019s public. Everything that lives on the blockchain can easily be viewed by anyone.<\/p>\n\n\n\n This means I can see how much money you have in your wallet, all of your assets, every transaction you\u2019ve ever made, and who you\u2019ve interacted with. Although there are many perks to the transparent nature of the blockchain, it\u2019s also a call for concern.<\/p>\n\n\n\n The fact that someone else has the ability to see how much you\u2019re worth can make you a target. That\u2019s like going around telling everyone how much money you have in your bank account and how much you spend. It\u2019s probably not the smartest thing to do.<\/p>\n\n\n\n To be fair, the public aspect of the blockchain is really only a concern if your wallet address is connected to any of your online accounts or if you use your real name as an ENS name<\/a>. Otherwise, it\u2019s just a string of numbers that can\u2019t easily be tracked to the human behind the address.<\/p>\n\n\n\n To buy an NFT you have to get cryptocurrency. To get crypto you have to create an account on a crypto exchange. To create an account you are required to enter your personal info, including know your customer (KYC).<\/p>\n\n\n\n KYC is a process currency exchanges are required to go through to confirm their customer\u2019s personal information such as name, residency, and other personal data. This background check aims to deter money laundering and other illegal activities that may occur when using crypto exchanges.<\/p>\n\n\n\n So if you are someone who\u2019s hesitant to enter your personal information, including a picture of your ID for verification purposes, then you might want to reconsider buying an NFT.<\/p>\n\n\n\n If you choose a reputable exchange like Coinbase<\/a>, however, then entering your personal information shouldn\u2019t scare you. It\u2019s no worse than buying something from Amazon.<\/p>\n\n\n\n Where there\u2019s money, there are bound to be scammers. The NFT space is full of greedy hands waiting to take advantage of gullible newcomers just like you.<\/p>\n\n\n\n Some of the most common scams include phishing links, rug pulls<\/a>, and fake customer support accounts. Clicking on random links, buying something you know nothing about, and accepting help from strangers online is the quickest way to get scammed. Though billions of dollars have been lost to NFT scams, most of them are the result of a user error.<\/p>\n\n\n\n But if you\u2019re aware of the top NFT scams and how to avoid them<\/a>, then you don\u2019t need to worry so much about getting scammed.<\/p>\n\n\n\n In an attempt to ensure that NFTs and other assets stored on the blockchain remain secure, it\u2019s almost as if the blockchain is too secure. Let me explain.<\/p>\n\n\n\n To access the blockchain you need a Web3 wallet. Once created, these wallets provide you with your own address on the blockchain where all your assets are stored. To keep your wallet safe, most wallets have multiple layers of security including 2FA, a password, and a secret phrase.<\/p>\n\n\n\n A secret phrase is generally 12 to 24 random words that must be entered in the correct order to access your wallet. Unlike a password though, if you lose your secret phrase there\u2019s no way to recover it. That means if you lose your secret phrase you also lose all of the assets in your wallet as well.<\/p>\n\n\n\n Furthermore, if someone else gains access to your secret phrase then they gain full access to your wallet, even without knowing your password or 2FA. So storing your secret phrase anywhere online is inadvisable.<\/p>\n\n\n\n Most wallet holders prefer to safely store their NFTs<\/a> in a hardware wallet like Ledger<\/a> and their secret phrase in a physical location such as a vault or fireproof lockbox.<\/p>\n\n\n\n Ultimately, the thing that\u2019s supposed to keep your NFTs safe is also the thing that could be detrimental to your wallet if you aren\u2019t careful.<\/p>\n\n\n\n Technically, an NFT could contain a virus. However, it\u2019s unheard of. You\u2019re more likely to be hacked through a phishing link, faulty website, and other types of scams. Viruses are most commonly contracted via infected email attachments, removable media, and internet downloads.<\/p>\n\n\n\n The process of buying an NFT all occurs on the blockchain. That means you don\u2019t have to download any files to your computer or connect your device to any hardware if you don\u2019t want to. <\/p>\n\n\n\n That being said, you do have to add a wallet to your computer via a chrome extension or download an app to your mobile device to create an account with many of the Web3 wallets. Also, if you decide to get a cold-storage hardware wallet you might connect that to your computer.<\/p>\n\n\n\n So if you were going to get a virus, it\u2019d most likely be through a bad chrome extension or buying a compromised hardware wallet. The best way to avoid this from happening is to always confirm you are visiting the right website and purchase your hardware wallet from the manufacturer\u2019s website, never from a retailer like Amazon.<\/p>\n\n\n\n An NFT can be sent to your wallet with malicious intent. If you interact with these NFTs you risk having your wallet and the assets within compromised as a result. If you ever receive a random NFT, don\u2019t try to send it to a burn address, sell it, or sign any transactions with it. Just let it be.<\/p>\n\n\n\n The good thing about malicious NFTs is that you have to interact with them for their malicious intent to be activated. Interacting doesn\u2019t mean simply clicking on it, it means that you sign a transaction related to that NFT using your wallet.<\/p>\n\n\n\n Some NFTs will be sent to your wallet with active bids on them. This is an attempt to get you to interact by accepting or countering the bid. To do this, you\u2019d have to interact with the NFT. <\/p>\n\n\n\n So, if you are gifted an NFT from a random address that you weren\u2019t expecting this should stand as a major red flag. However, that\u2019s not to say that all NFTs sent to your wallet without your doing are malicious.<\/p>\n\n\n\n An NFT airdrop<\/a> is common in the NFT space, but only if you are expecting it or can confirm it\u2019s legitimate. Generally, you can verify a legitimate airdrop by reaching out to the community via Discord or the brand\u2019s website.<\/p>\n\n\n\n If you can\u2019t find any information regarding the NFT or the airdrop, don\u2019t touch it.<\/p>\n\n\n\n Now that you know all the safety concerns to consider before buying an NFT, let’s focus on how to stay safe.<\/p>\n\n\n\n First and foremost, don\u2019t trust anyone with your wallet information. This includes your password, 2FA, and secret phrase. There\u2019s no reason to ever give this info to anyone who doesn\u2019t require complete control of your wallet and the assets within.<\/p>\n\n\n\n Not even your bank, your tax professional, or customer assistance. The only thing that\u2019s okay to share (and available to the public anyways) is your wallet address. Your address is used to send and receive assets to your wallet.<\/p>\n\n\n\n Besides that, there\u2019s nothing else you should ever need to share regarding your wallet. Everything someone would need to see is available publicly on the blockchain.<\/p>\n\n\n\n The blockchain is already public as it is. To keep your identity safe, avoid connecting your other online accounts to your Web3 wallet. Many NFT marketplaces allow you to connect your social media profiles with your blockchain address for cross-promotion purposes.<\/p>\n\n\n\n Likewise, social media accounts allow you to connect your Web3 wallet to your profile. Although some creators and collectors might benefit from this cross-promotion tactic, those trying to remain under the radar won\u2019t.<\/p>\n\n\n\n Connecting or associating your wallet with your social accounts is an invitation to scammers. This is especially true if your wallet contains a lot of valuable assets. In fact, one of the most common scams happens in NFT Discords<\/a>.<\/p>\n\n\n\n Discord is often used by NFT brands to gather people, promote, and share updates within a community. It\u2019s also one of the most likely places to be scammed. If you find yourself in a Discord that requires you to connect your wallet or sign transactions using your wallet, I suggest leaving that Discord.<\/p>\n\n\n\n Unfortunately, even some reputable brands will require you to connect your wallet to gain access to certain channels. For me, it\u2019s just not worth the risk. I\u2019ll always choose security over exclusivity.<\/p>\n\n\n\n Phishing links are one of the most common ways that people get hacked. The way it works is someone will send you a link to a fake site that looks like a legitimate site, such as a popular marketplace or brand website.<\/p>\n\n\n\n Then without paying much attention, the user will connect their wallet to the site. That\u2019s it, game over. Once that connection is made, your NFTs could all be gone. <\/p>\n\n\n\n This is why it\u2019s so important to always double-check the website URL you\u2019re visiting, and never click on any random links that have been sent to you. Scammers have even gone as far as buying Google Adwords to ensure their scam site is one of the first results on Google search.<\/p>\n\n\n\n If you know the exact URL of the site you want to visit by heart, it\u2019s best to type it in yourself. Keep in mind that many of the fake scam sites will have a URL that\u2019s only a one-letter difference from the actual website, so always double-check.<\/p>\n\n\n\n I\u2019ve been in the NFT space for a while now and you wouldn\u2019t believe the number of people who have asked me to trade my NFT for theirs. I\u2019m not against a good trade by any means, however, if you are trusting another person to follow through with their promise of sending you their NFT, good luck.<\/p>\n\n\n\n You should never trust someone else to send you their NFT in exchange for yours. Especially if the deal is too good to be true\u2014because it probably is. If you are planning to do a peer-to-peer (P2P) trade with someone else, I recommend using a platform like NFTTrader<\/a>.<\/p>\n\n\n\n Platforms like this one guarantee that a trade will only be completed once both the initiator and the counterparty agree on what\u2019s being traded. That way each party knows exactly what they\u2019re getting before completing the transaction.<\/p>\n\n\n\n The best defense is a good offense. In other words, it\u2019s better to be proactive and always stay safe when buying NFTs. Staying informed on the most common NFT scams and security practices is a full-time duty.<\/p>\n\n\n\n Realistically, you should stay informed when doing anything online as technology is advancing at a rapid pace that’s hard to keep up with. Of course, the NFT space is something entirely new. And what we think we know today will change in the future.<\/p>\n\n\n\n There will be new platforms, new security protocols, and of course smarter scammers. But if you can stay on top of it all, you’ll greatly reduce your chance of finding yourself in an unsafe situation when you go to buy your next NFT.<\/p>\n\n\n\n If you\u2019re new to the space, then you might not be familiar with how you can stay informed. And even if you aren\u2019t new to NFTs, perhaps you could be even more informed. Blogs, podcasts, videos, and trusted brands are all options for staying informed. If you\u2019re curious to know how I like to stay up-to-date with all the most recent news, this article is for you<\/a>.<\/p>\n\n\n\n Overall, I believe buying an NFT is considered to be safe with the proper knowledge. Of course, no matter what we do in life there\u2019s always danger lurking in the shadows. If you\u2019ve made it this far, then you are on the right path to attaining that much-needed knowledge.<\/p>\n","protected":false},"excerpt":{"rendered":" Though many people are interested in buying an NFT, they\u2019re left wondering how safe it actually is. Here’s everything you need to know about NFT safety.<\/p>\n","protected":false},"author":1,"featured_media":4419,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[13],"tags":[14,425],"class_list":["post-4402","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nft","tag-nft","tag-safetey","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/cyberscrilla.com\/staging\/4768\/wp-json\/wp\/v2\/posts\/4402","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cyberscrilla.com\/staging\/4768\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cyberscrilla.com\/staging\/4768\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cyberscrilla.com\/staging\/4768\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cyberscrilla.com\/staging\/4768\/wp-json\/wp\/v2\/comments?post=4402"}],"version-history":[{"count":5,"href":"https:\/\/cyberscrilla.com\/staging\/4768\/wp-json\/wp\/v2\/posts\/4402\/revisions"}],"predecessor-version":[{"id":6597,"href":"https:\/\/cyberscrilla.com\/staging\/4768\/wp-json\/wp\/v2\/posts\/4402\/revisions\/6597"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cyberscrilla.com\/staging\/4768\/wp-json\/wp\/v2\/media\/4419"}],"wp:attachment":[{"href":"https:\/\/cyberscrilla.com\/staging\/4768\/wp-json\/wp\/v2\/media?parent=4402"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cyberscrilla.com\/staging\/4768\/wp-json\/wp\/v2\/categories?post=4402"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cyberscrilla.com\/staging\/4768\/wp-json\/wp\/v2\/tags?post=4402"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Safety Concerns To Consider Before Buying NFTs<\/h2>\n\n\n\n
1. You\u2019re Online<\/h3>\n\n\n\n
![\"The](\"https:\/\/cyberscrilla.com\/staging\/4768\/wp-content\/uploads\/2022\/06\/Buying-NFTs-Online-Concerns.jpg\")
2. The blockchain is public<\/h3>\n\n\n\n
3. You have to enter personal information<\/h3>\n\n\n\n
![\"NFTs](\"https:\/\/cyberscrilla.com\/staging\/4768\/wp-content\/uploads\/2022\/06\/Is-it-safe-to-buy-an-NFT.jpg\")
4. The NFT space is full of scammers<\/h3>\n\n\n\n
5. The blockchain is too secure<\/h3>\n\n\n\n
![\"NFTs](\"https:\/\/cyberscrilla.com\/staging\/4768\/wp-content\/uploads\/2022\/06\/Are-NFTs-Safe.jpg\")
Can NFTs Have Viruses?<\/h2>\n\n\n\n
![\"NFTs](\"https:\/\/cyberscrilla.com\/staging\/4768\/wp-content\/uploads\/2022\/06\/Can-NFTs-Have-Viruses.jpg\")
Can NFTs Hack Your Wallet?<\/h2>\n\n\n\n
![\"Malicious](\"https:\/\/cyberscrilla.com\/staging\/4768\/wp-content\/uploads\/2022\/06\/Can-NFTs-Hack-Your-Wallet.jpg\")
Tips to Stay Safe When Buying An NFT<\/h2>\n\n\n\n
![\"Top](\"https:\/\/cyberscrilla.com\/staging\/4768\/wp-content\/uploads\/2022\/06\/Is-It-Safe.jpg\")
1. Don\u2019t Trust Anyone With Your Wallet<\/h3>\n\n\n\n
2. Avoid Connecting Your Wallet to Your Other Online Accounts<\/h3>\n\n\n\n
3. Always Double Check URLs<\/h3>\n\n\n\n
![\"When](\"https:\/\/cyberscrilla.com\/staging\/4768\/wp-content\/uploads\/2022\/06\/NFT-Safety-.jpg\")
4. Don\u2019t Trade Your NFT<\/h3>\n\n\n\n
5. Stay Informed<\/h3>\n\n\n\n
![\"Buying](\"https:\/\/cyberscrilla.com\/staging\/4768\/wp-content\/uploads\/2022\/06\/NFT-Safety-Means-to-Stay-informed.jpg\")