Welcome to NFT.New York!
We’re excited to celebrate the incredible diversity and technological innovation of the NFT community.
We wanted to briefly outline some of the important things everyone should know when dealing with NFTs, and hopefully open the way for further education and discussion.
ownership: One of the things that Web3 enables is direct ownership of assets. Examples of various assets include cryptocurrencies, NFTs, artwork, or inventory and royalty wallets (if you are a creator).
security: So the ability to own leads to the question of security and protection of assets (as well as inheritance). Why should you think about the security of your assets, and how can you ensure that you can pass them on in the future?
collector: As an NFT collector, you are collecting NFTs across multiple blockchains. This ultimately means that you need to store your NFTs in multiple different wallets. These wallets need to be backed up, even if you store them in cold storage or a hardware wallet.
danger: There are risks in all aspects of dealing with cryptocurrencies. These can include using bad software (e.g. Metamask vulnerabilities), theft from online exchanges or marketplaces, and theft of physical cold storage wallets. But the most likely scenario that many people face is that they forgot to write down their seed phrase (and their computer died)!
A simple accident can lead to a major disaster.
It is very important to back up your wallet where your NFTs and artwork are stored. Over 50% of NFT collectors have lost access to media related to their NFTs.
Creator: For creators, there are a few additional things you should back up. In addition to backing up your original art, it is also very important to back up your royalty wallet. The royalty wallet is the designated wallet where your balance and royalty payments are deposited.
There are many reasons why you should consider securing your ever-expanding collection of NFTs and digital artwork. Visit securemycrypto.org to learn more about the many ways you can protect your assets.