Art theft is nothing new. It has been around since people have been creating art. Unfortunately, with the rise of NFTs (non-fungible tokens), art theft has taken on a new form. And the market is rampant in theft and fraud. It’s basically the Wild West in the art world right now.
NFT are digital assets stored on a blockchain. They can represent everything from digital artwork to games. And because they are stored on a blockchain, it is very difficult to counterfeit them. However, it is certainly not that difficult to steal NFT.
Just ask Seth Green, who had to pay over $ 300,000 to recover his stolen Bored Ape NFT.
Is it possible to steal your artwork through NFT?
Yes, of course you can steal your artwork. It’s not as easy as “right-clicking, save as” but it is still possible. If an cybercriminal gets your snippet or finds a way to get into your wallet, you’ll probably lose the NFT files associated with it.
There are certain legal protections that NFT authors have access to. But this rarely prevents digital thieves from stealing NFT.
Remember that all Blockchain transactions are anonymous, so if someone reaches for your wallet and transfers NFT to another wallet, you will not be able to track them. Furthermore, the transaction will appear completely legal during the verification process.
If you do not take steps to protect your NFTs, then you can steal them. And if that happens, chances are you’ll never see them again.
4 Things You Can Do To Protect Your NFTs
Fortunately, there are certain things you can do to protect your list from all cybercriminals out there. Here are 5 practical steps you can take to protect your NFTs today:
Store them in a non-custodial wallet
Do you know what a wallet is? An unavoidable hardware wallet gives you private keys that provide strong protection for your NFT devices. Popular non-custodial wallets like Ledger require you to come up with memorabilia that can be up to 24 words in length.
While this may seem daunting at first, it is worth having full control over your digital assets. It will protect you against phishing, one of the most widespread types of NFT theft online. Just remember not to give anyone the seeding and you should be fine.
Only shop in well-established marketplaces
The NFT marketplace is still in its infancy and there is a lot of cheating out there. So, shop only at well-established marketplaces that have been around for some time and have a good reputation.
For example, OpenSea is one of the most popular and well-known NFT market. They have a strict inspection process for sellers on their site and offer buyer protection in the event of fraud.
Instead of using an independent trading platform, use escrow services like Opensea and Coinbase to protect both buyers and sellers.
3. Copyright your NFT list
Copyright has been a hot topic in the NFT community in recent months. Unfortunately, there is no clear consensus on whether or not NFT art is automatically copyrighted.
However, it is always a good idea to have the copyright of your work to be safe. That way, if someone steals your work, you’re more likely to get it back and sue the thief.
4. Make sure to add a watermark
This one is simple but important. Always watermark your NFT list with your website name, logo or address. That way, if someone steals it, you’ll at least be able to track it down and take action.
You can even make the watermark part of the artwork itself. This way you can not remove it without destroying the piece.
The NFT marketplace is still in its infancy and there is a lot of cheating out there. If you want to keep your list secure, be sure to take precautionary measures such as storing your NFT files in a wallet that is not in storage and only trades in known marketplaces.
It’s also a good idea to copyright your work and watermark your art. That way, if someone steals it, you’ll at least be able to track it down and take action.
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