If you are investing your hard-earned money on NFTs, you really shouldn’t take their security lightly. But exactly how should you safeguard your NFTs? Let’s take a look!
STORING YOUR NFTs SAFELY
NFT marketplaces require you to have a software wallet, which is used to instantly create your account on the platform. These software wallets are connected to the internet which makes regular transactions on dApps, or NFT marketplaces for that matter convenient. However, this does expose your private keys to a higher risk of being stolen or hacked. If you’re really serious about storing your NFTs safely, you need to go offline!
COLD STORAGE HARDWARE WALLETS
There is no doubt that storing your NFTs on a hardware wallet is the most secure option. Why? Because all of your data is stored completely offline and protected by a device password and physical piece of hardware.
Cold storage hardware wallets generally have the ability to restore device content if it’s lost or stolen (as long as you have your recovery phrase!). You can also use hardware wallets with hot wallets—wallets that are connected to the internet via the device’s internet connectivity. These hot wallets are still secure when used in conjunction with your hardware wallet and allow you to transact without the fear of being hacked or getting a virus.
CHOOSING THE RIGHT HARDWARE WALLET FOR YOUR NFTs
So, which hardware wallet should you choose? The Trezor and Ledger wallets are all excellent choices that allow you to store your NFTs within the device by connecting with trusted third-party hot wallets like Metamask. The best of all is perhaps the Ledger Nano S +, which takes the iconic Ledger Nano S, and makes it DeFi and NFT-friendly! You’re able to store your NFTs within the device using Ledger Live, no need for any third-party hot wallets.
As a cold storage hardware wallet, the Ledger Nano S Plus achieves the perfect balance between convenience and the highest form of security:
- Offline storage of your cryptocurrency wallets, through which you can shuffle with two buttons.
- Ownership of your private key.
- Device wipeout if the pin code is entered incorrectly three times.
- Offline creation of a 24-word recovery phrase, with which you can recover the device's wallets.
- Stainless steel-protected screen is just large enough to view your cryptocurrency addresses, different wallets, pin code, and recovery phrase.
- Manage your NFTs safely - send and sign your NFT transactions with full transparency in Ledger Live: what you see is what you sign
You can check out the Ledger Nano S + device here!
MOVING YOUR NFTs ONTO THE LEDGER NANO S +
To transfer your NFTs to your Ledger wallet, follow these 4 steps:
- Connect your Ledger device to Ledger Live.
- Go to the Receive tab in Ledger Live.
- Confirm and copy your Ledger public wallet address.
- Send your desired NFTs to your Ledger wallet address.
It’s that easy!
If you need any further assistance securing your NFTs with the Ledger Nano S +, we’re here to help. We can walk you through step by step the process so you can ensure that you’ve got it down correctly. Book a consultation with Coinstop here.