Choosing a good wallet
Choosing the correct wallet is crucial when it comes to securing your NFTs. Features such as 2-factor authentication (2FA), password encryption, Hierarchical Deterministic (HD) wallet support, multi-signature support, and many more features are what experts look for when choosing potential wallets.
One of the most important aspects of a wallet is to be non-custodial, meaning that you are the only one that has access to that wallet. No centralized company or website should have direct access to your funds. Most experts agree that a hardware wallet that has encryption on a hardware level is the best place to store your NFTs and cryptocurrency, even if you are completely new to using such assets.
Multisig configurations have been the pinnacle of wallet security since their proposal back in 2012 to split the access to the funds in a specific address. A very simple but effective way of dividing access to an address ensures that no one entity can withdraw any NFT or Cryptocurrency from it without the agreement of one or several other people who have access.
MultiSig configurations work by dividing the access between several parties and configuring the number of confirmations needed to make a transaction. For example, users can create a 2:3 key configuration that could be split to your phone. А backup key that should be hidden somewhere safe, and a key given to a multisig service provider that confirms transaction every time you log in to the service or confirm a transaction. This way, even if you lose your main device, in this case, your phone, you can rest assured that no one can steal your NFTs or crypto even if they find your phone.
Balance between security and complexity
We cannot deny the majority of experts in the security field can compare to the majority of influencers on Instagram - not exactly as real as they’d like you to believe. NFTSecurity.com is taking the full responsibility as the bridge between your NFT project and the professionals in the NFT security layers. The contract will be configured on our platform to prevent security breaches. We will take up to 5% from the concluded contract.