How To Secure NFTs?

The emerging world of NFTs is all around us at this point. NFT owners (or holders) should make a focal decision – how and where to secure their NFTs. This is a tricky question, but after reading this article, our estimation is that you will have an answer.

First of all, NFTs have a lot of sentimental value and, as you probably know, more often than now, they are not cheap at all. So, we can all agree that the security of your NFTs should be a priority. 

After a thorough investigation on how to secure your NFTs, there is no doubt that the hardware wallets are by far the most secure option. But why is that, why are hardware wallets the safest option to hold your cryptocurrencies and NFTs? 

Well, the answer is quite simple rather – all of your data is stored completely offline and protected by a device password. These wallets generally have the ability to restore device content if it’s lost or stolen as well. In other words, hardware wallets add that additional level of security and safety to your tokens. 

You can also use your hardware wallets as hot wallets or wallets that are connected to the internet (via its mobile connectivity) and make online transactions with high-level security. When it comes to hardware wallets, my strongest suggestion is to buy them from the official manufacturer’s website. If you buy it from Amazon, for example, the chances for the device to be already compromised are way higher. 

Keep in mind that you can’t store NFTs directly on your hardware wallets, you can only move them there from your software wallet (such as Metamask or Math wallet). Let me break down the process of moving your NFTs from the Metamask wallet (the most popular software wallet) to the Ledger Nano wallet (the most popular hardware wallet).

The best NFT hardware wallets are Trezor and Ledger Nano X. To be completely honest, NFTs are still not natively supported by either of these wallets, so you will have to use a third-party app (like Metamask) in order to transfer your NFTs to your hardware wallets. But, let me break each option.

Note: Keep in mind that these are only my opinions based on my thorough investigation of the best NFT hardware wallets. In any case, please do your own research before deciding whether you want to use some of them or not. 

At this point, it is good to note that all opinions and suggestions written in this article are not considered financial advice.

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Trezor does directly support NFTs transactions, but only when used with a third-party interface. 

Keep in mind that this applies to the EIP-721 Ethereum standard that allows the sending of NFTs that exist on the Ethereum network. Other blockchains are not currently supported, and as per Trezor’s website, there are no plans to support new blockchains in the near future. 

Same as with Ledger, you will have to connect with Trezor your third-party app that is capable of storing and managing NFTs. I will again mention Metamask here, as one of the safest and most popular software wallets for storing NFTs. 

While NFTs are not directly supported in Trezor Suite, you can still save the image that your token points to and then load that image into your Trezor. To add an NFT as your home screen image, go to Device Settings in Trezor Suite and scroll down to Customization.

Click Upload Image and upload a copy of your NFT image, preferably with the size of 144×144 pixels. Confirm the change using your Trezor.

Ledger Nano is by far the most popular hardware wallet so it is not strange that this was the first wallet to offer (a partial) support of storing your NFTs.

As already mentioned, you will have to use a third-party app that supports managing NFTs in order to transfer your tokens to the Ledger wallet. I have already described in one of the previous sections of the article how can you transfer your NFTs from the Metamask wallet to your Ledger wallet. 

Do not worry that your hardware wallet is compromised if you connect to the online wallet. Let me explain this – just imagine your bank sending you a one-time password on your mobile phone in order for your transactions to be approved, but only this time with the blockchain’s immutable level of security. And as long as you have your Ledger device, and safeguard your recovery phrase, no one can steal your NFTs, rest assured. 

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Let’s look at some frequently asked questions when it comes to NFT wallets. 

The price currently (January of 2022) sits at around ~$120. As mentioned above, always purchase hardware wallets from the official shop. 

The price for Ledger Nano S NFT Wallets is currently around ~$60. 

Unfortunately no, not all cryptocurrency wallets support NFTs. When it comes to online, or software wallets, the best ones for holding NFTs are Metamask’s mobile version, Enjin, AlphaWallet, and Trust Wallet. 

Yes, Trezor does support NFT transactions, but only when used with a third-party interface only. In fact, Trezor supports all NFTs created per the EIP-721 Ethereum standard. 

Yes, Trezor does support EIP-1559. This is an Ethereum improvement that helps make gas fees more predictable. EIP-1559 may help reduce transaction costs in the long run. 

You will have to connect your Metamask wallet with your hardware wallet and then transfer your NFTs there in order to increase the level of security for your tokens. The whole process of how to do this is explained in the “How to store NFTs on a hardware wallet?” section in this article.

If you lose your hardware wallet, you lose your keys. The keys needed to move your tokens between owners are kept in your hardware wallet. This is why it’s highly important to keep your Recovery Seed safe so you can restore your keys if you lose your wallet. 

Yes, you can definitely store NFTs on a hardware wallet, precisely on Ledger and Trezor. This is highly recommended in order to increase the security and safety of your tokens.  

This is a million-dollar question. In my honest opinion, if you are a beginner in the NFT world, a Metamask wallet is probably the way to go. Metamask is widely considered one of the safest software wallets. However, if you are an experienced NFT investor or creator, hardware wallets are highly recommended. It just adds that additional level of security for your tokens.

In this article, we explained in detail how to move your NFTs from Metamask to your hardware wallets in order to manage it from there. 

Yes, you can definitely store your NFTs on a Ledger wallet. The Ledger wallet is widely considered one of the most popular hardware wallets as well as the safest one. 

The process is pretty much the same as the one we explained in this article – transferring NFTs to Ledger, only vice versa. Just make sure to connect your software wallet (Metamask for example) with your Ledger wallet and you are just a few clicks away from transferring your NFTs from Ledger. 

The post Best Hardware Wallet For NFTs – How To Store NFTs On a Hardware Wallet appeared first on CaptainAltcoin.

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