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Friday, October 7, 2022

How to Prevent NFT From Being Copied

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Stolen NFTs and other financial crimes are happening every day. Some studies have found that over 100.6 million NFT-related frauds are happening to everyone. Cybercriminals can steal NFTs from the legal owners on average by finding loopholes in the security of your digital assets, so it becomes obvious that you protect your NFTs from these types of crimes. 

Why You Should Be Worried About Your NFT:

Anyone can get scammed by cyber criminals and many people don’t pay attention to this fact at all. And this ignorance gives a cybercriminal an easy way to put their hands on your data. 

Recently, NFTs have become very popular and every artist has tried to own an NFT. These growing numbers of artists and NFT collectors brought a lot of money to the crypto, or more precisely to the NFT, market.

And as more money starts pouring into NFTs, so does the potential of theft. Recently, an art collector called Todd Kramer claimed the disappearance of his NFTs worth more than $2 million. The incident sended shock waves to many.  

Someone deceived Kramer and stole over a dozen NFTs from his collection. Not only this, some stolen NFTs from his collection were later found listed for sale on the largest NFT marketplace, OpenSea. 

The incident alerted many investors about the significance of safeguarding their NFTs so that it won’t happen to them. 

Also, from this incident, everyone learned about one thing: while cyber criminals can hack into the wallets of NFT investors, they can also steal items on sale. This puts pressure on NFT platforms such as OpenSea to monitor and prevent illegal activity on their marketplaces.

Also, there is a general lack of awareness about NFT security and how they can be stolen. To steal an NFT, a cybercriminal doesn’t have to take away all the NFTs from you, they can also just copy it out. Plagiarized NFTs are the biggest concern, then the actual stealing of the NFTs. 

So when we are talking about the security of the NFT, you need to know how to tighten the protection of your NFT and also how to prevent NFT from being copied.

Issues In The NFT Security

Many artists do not pay attention to the security issues in the NFT sector. The lack of awareness and security brought the issues like Kramer’s NFT steal. While blockchain technology appears to be a promising security enabler for financial transactions, it does have security vulnerabilities, particularly regarding storage in online wallets and their vulnerability to assaults. 

Every artist should know that strong passwords & multi-factor authentication play an important role in the security of the NFTs. One common thing that most of the time can be seen with the steal incidents is that none of the impacted accounts neither had two-factor authentication activated nor have valid and strong account credentials.

According to the experts, the security of the NFT market can be improved by following some slight measures. Here are some suggestions that may hold the capacity to prevent cyber attacks on digital assets. 

  • To reduce the danger of theft, artists can store NFTs in a hardware wallet or split them among many wallets. Then enabling the pin codes on these hardware wallets can safeguard the artwork from these types of attacks. Distributing crypto assets can make a good option if done properly.
  • Never miss the two-step authentication when configuring the account. Two-step authentication adds an extra layer to the security of the account making it challenging for the attack to penetrate. 
  • To avoid phishing or typosquatting attempts, marketplace users should carefully check platform website addresses while entering and logging in.
  • Artists should also act quickly if they receive any unauthorized device or access notices from platforms regarding any entry or logins to their wallets.

Because of the novelty and hype surrounding NFTs, these marketplaces will substantially increase this year, going beyond the conventional world of artwork. However, marketplaces must fix security vulnerabilities immediately or risk of being used and having cyber thefts drive customers away.

10 Ways To Protect Your ArtWork From NFT Theft

While we have talked about some general features that must be on every platform to safeguard the NFTs, there are some things that artists can do on their own to protect their artwork. You may find some similarities with the previous suggestion so you can consider these as an elaborate version.

Secure Your NFT Using A Non-Custodial Wallet.

You can control a non-custodial wallet with private keys to protect your NFTs and cryptocurrency. A non-custodial hardware wallet provides more security than a custodial wallet, which is essentially for summoning your NFTs on an exchange or marketplace. Yet, how to protect your NFT art with the custodial wallet? This is the main question and the answer goes the following:

Non-custodial wallets, like the Ledger, require you to memorize a seed phrase of up to 24 syllables. 24-syllable security features guard the details like your security PIN and require a physical device to access your cryptocurrency.

Using a non-custodial wallet increases security & protects the artwork from the most common attacks such as phishing assaults. Unless you share your seed phrase with others, your artwork will stay safe on the blockchain even if you lose the physical device.

Trade Smartly. 

As an artist, you should scrutinize each transaction and use sound judgment.

Scammers frequently use a very specific technique, relying on people’s hopes and inexperience. So, it is generally a good idea to use caution when purchasing or selling artwork online. Scammers can scam you no matter if you are an NFT artist or an NFT collector. If you are, therefore, purchasing an NFT, you are as threatened as an NFT artist. 

When making any transaction, exercise caution, especially if you’re purchasing through a marketplace, and look at the user’s rating or overall transaction history. It will give you a much better notion of whether you should proceed or not.

For example, if you receive an offer that appears to be too good to be true, do not accept it. Similarly, resist the urge if someone attempts to pressure you into making a decision quickly. The same thing applies to the NFT artist. Do not sell your digital art until, if you have certainty of doing the purchase with a genuine collector. 

Trade Only Through A Secure Marketplace.

It is a well-known fact that there are various NFT marketplaces available, hence it also becomes critical that you only trade on established marketplaces with a high reputation in the community. Some of the finest NFT marketplaces go above and beyond to authenticate user identities and provide a secure platform for users to buy and sell NFTs.

OpenSea is a great example of a prominent NFT marketplace where you can purchase and trade NFTs from a variety of popular creators. You can even create your own NFTs for free. To guard against data theft, OpenSea displays a history of the NFT’s ownership.

You can also communicate with the buyer, and if you have any questions, they provide support. With hundreds of trades every day, the Coinbase NFT marketplace is also a popular option for buyers and sellers.

In this scenario, selling or buying NFTs through established marketplaces rather than through independent channels usually becomes preferable.

All of these marketplaces offer compatibility with the famous non-custodial digital mask, Metamask, so you won’t be sacrificing anything.

Beware Of Discord.

Unfortunately, hackers use discords to steal your NFT art. Hackers sometimes enter discord and pose as a Moderator or someone you know. When this happens, hackers can utilize Remote Access Trojans (RATS) across links to manipulate the system you use. 

You can easily prevent this from happening by avoiding clicking on links given over discord.

This suggestion is much easier stated than done, yet it stands as one of the most effective approaches to protect yourself in a conflict.

Safeguard Your NFT from fishing.

Phishing attacks often target NFT artists. In this attack, the attacker can trick the creator to reveal sensitive information, which leads to NFT stealing. If you save your NFT online, you are always under the threat of phishing. Hackers frequently employ phishing to obtain your data. Phishing is frequently carried out via email, so avoid clicking on any email links that make you doubt full. Hackers can also employ mobile links, social media, and discord forums, so you have to be careful about any of these too.

Be Aware Of The Social Media Hacks.

Nowadays Social Media hacks primarily target NFT artists. Hackers can easily design social media attacks and target you without you even knowing. For instance, The Bored Ape Yacht Club, was dubbed for millions of dollars after hackers hacked their official Instagram account. So, always try to keep your social media secure as an NFT artist, you are always under attack. 

Never Use An Unknown Browser Extension.

Hackers can use browsers to offer you the NFT wallet extension that can cause you NFT art. So, check that the NFT wallet browser extension and the browser itself are not a forgery. It is not commonplace for hackers to develop bogus browser extension sites to obtain sensitive information from users. You can simply prevent this from happening by first checking the browser extension twice before downloading it. Cross checks on the URL. And know that top extensions often follow the basic design, appear in the top search results, and do not have many characters at the end.

Keep Your System Clean And Protect To Be Safe From The Spyware

Some computer viruses can steal sensitive information from NFT artists. When it comes down to it, an expensive NFT becomes as important as gold. So you have to ensure to safeguard your computer from viruses to access your wallet securely.

If you fear your computer does have a virus and you have NFT information on your machine, in that case first immediately disengage from the internet. And then check if the virus contaminated your phone – If yes, turn it off. Next, externally investigate the potential virus (like on an iPhone) and avoid connecting any device to your PC. After that, take your system to a professional to clean the virus. 

For you, it is important to stay alert if you’re downloading pdfs, videos, or free NFTs belonging to an unauthorized source. The virus is also a program that sometimes acts in certain and sometimes in very uncertain ways that are often difficult to predict. So, it becomes an absolute responsibility for you to protect your system. 

Use Only Genuine Wallet Recovery Sites 

You can’t trade your NFTs until you can connect your NFT wallet to a cryptocurrency platform. However, sometimes there occur issues that can cause trouble. And in these times most NFT users rush and make the wrong decision of taking help from wallet recovery sites. While there are some genuine apps, there are a lot of fraudulent sites too that are always eager to trick you with their services.

Never give away your details to restore the wallet. Wallet halt is not something to panic about, at this time you have to make a logical decision to protect yourself by keeping the safety of your NFT in mind. Here are some tips that you can use to identify a genuine site. 

Look up your wallet provider such as metamask then ensure that the provider is your wallet provider. Cross-check your wallet provider URL, which should not be too complex, lengthy, and include odd letters. 

How Does NFT Prevent Copying?

Hackers can copy your NFT and trade it for theirs. It will create plagiarism and your NFT will lose its value. So, along with these 10 ways to stop NFT stealing, you can stop NFT copying. But, how does NFT prevent copying? You may protect your NFTs from being copied in two methods. 

One method is minting, which involves tokenizing the work to give it legitimacy. As another option, you can utilize a freshly formed firm that finds an NFT’s replication. However, to use two of these methods, you may need to obtain the copyright for your NFT, which is a coping prevention method. 

Wrapping UP 

NFTs offer tremendous potential to every digital creator to highlight their skills. However, this NFT world is also a perfect breeding ground for scammers and fraudsters. Having said that, taking the necessary care to secure your digital assets becomes vital. Keeping a watch out for scammers will ensure that you do not have to suffer the pain of losing your masterpieces.

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