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Why you should care about the security of your NFTs
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Glossary
NFTs

Why you should care about the security of your NFTs

Shot at NFT.NYC 2022, this video describes why you should care about the security of your NFTs, everything you need to care about as a collector, and also some additional things that creators should be aware of.


Welcome to NFT.New York!

We're excited to celebrate the amazing diversity and technological innovation that is the NFT community.

We wanted to outline some critical points when dealing with NFTs that everyone should be aware of, and open up avenues for further education and discussion.

Ownership: One of the things that Web3 enables is direct ownership of assets. Examples of various assets can be a cryptocurrency, NFT, piece of artwork, or your inventory and royalty wallets (if you are a creator).

Security: The ability of ownership thus leads to the question of security and protection of your assets (as well as inheritance). Why should you think about the security of your assets, and how can you ensure your assets can be passed on in the future?

Collectors: As a collector of NFTs, you are collecting them from a number of different blockchains. This ultimately means that you will have a number of different wallets to store them in. These wallets need to be backed up - even if you keep them in cold storage or a hardware wallet.

Risks: There are risks from all fronts when dealing with cryptocurrency. These can include using bad software (such as vulnerabilities from Metamask), theft from online exchanges or marketplaces, and theft of physical cold storage wallets. But the most likely scenario many face, is that you didn’t write down your seed phrase (and your computer died)!

Simple accidents can lead to huge disasters.

Backing up the wallets that your NFTs and artwork are stored in is vitally important. Over 50% of NFT collectors have lost access to the media associated with their NFTs.

Creators: For creators, there are some additional things that should be backed up. Not only do you need to back up your original art, but very importantly your Royalty wallet as well. Your Royalty wallet is the designated wallet into which residuals and royalty payments will be deposited.

There are lots of reasons to consider how you will protect your ever-expanding collection of NFTs and digital artwork. Head over to securemycrypto.org to learn more about all the different ways you can protect your assets.

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NFTs

Why you should care about the security of your NFTs

Shot at NFT.NYC 2022, this video describes why you should care about the security of your NFTs, everything you need to care about as a collector, and also some additional things that creators should be aware of.

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Wasim Ahmad

Wasim is a serial entrepreneur and an advisor in the fields of AI, blockchain, cryptocurrency, and encryption solutions. At Vault12, he led the private and public fundraising efforts and focuses today on expanding the Vault12 ecosystem. His crypto experience began with AlphaPoint, where he worked with the founding team to launch the world's first crypto trading exchanges. Previously he was a founding member of Voltage Security, a spinout from Stanford University, that launched Identity-Based Encryption (IBE), a breakthrough in Public Key Cryptography, and pioneered the use of sophisticated data encryption to protect sensitive data across the world's payment systems. Wasim serves on the board of non-profit, StartOut, and is a Seedcamp and WeWork Labs global mentor.

Wasim graduated with a Bachelor of Science in Physics and French from the University of Sussex.

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Vault12

Vault12 is the pioneer in crypto inheritance and backup. The company was founded in 2015 to provide a way to enable everyday crypto customers to add a legacy contact to their cry[to wallets. The Vault12 Guard solution is blockchain-independent, runs on any mobile device with biometric security, and is available in Apple and Google app stores.

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Backup and Inheritance for Bitcoin

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You will lose your Bitcoin and other crypto when you die...

You will lose your Bitcoin and other crypto when you die...

...unless you set up Crypto Inheritance Management today.

It's simple—if you don't worry about it, nobody else will—not your software or hardware wallets vendors, not your exchanges, not your wealth managers. So you have to think about how to protect the generational wealth you have created and reduce the risks around passing that wealth on to your family and heirs. What are the challenges with crypto inheritance?

  • Crypto Wallets are difficult to use and do not offer crypto inheritance management. In fact, most of them tell you to write down your seed phrase on a piece of paper which is practically useless.
  • Some people back up their wallet seed phrases or private keys on paper, local devices like hardware wallets or USBs, or in the cloud - all of these options have severe drawbacks from hacking, to accidental loss, to loss of cloud services. No one wants that to happen to their crypto generational wealth.
  • Software wallets operate on specific blockchains, yet your crypto assets span multiple blockchains, for inheritance to work, you must be able to manage inheritance across every blockchain - now and forever.
Vault12 is the pioneer in crypto inheritance management, watch our explainer video or Inheritance demo today.

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Crypto Inheritance Management: Get ready today

Vault12 is the pioneer in Crypto Inheritance Management that delivering an easy-to-use and secure method for assigning a legacy contact to your crypto wallets. This enables you to pass on your wallet seed phrases and private keys — including Bitcoin (BTC), Ethereum (ETH) — to future generations. Designed for everyday people, and strong enough for Crypto OGs.

This innovative, decentralized system enables users to appoint a person or mobile device as Guardian. The designated guardian is entrusted to protect the user's comprehensive collection of wallet seed phrases and private keys, safely stored within a decentralized digital Vault. No information is stored on cloud servers, or Vault12 servers and nothing is stored on local devices making it less of a target.

The Decentralized approach reduces points of failure and removes the necessity for regularly revising wallet inventories or modifying instructions for your lawyers, often leading to privacy breaches. It is the best way to preserve crypto generational wealth.

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Take the first step and back up your crypto wallets.

Designed to be used alongside traditional hardware and software crypto wallets, Vault12 Guard helps cryptocurrency owners back up their wallet seed phrases and private keys (assets) without storing anything in the cloud or any single location. This increases protection and decreases the risks of loss. Making sure you have an up to date back up is the first step in crypto inheritance management.

The Vault12 Guard app enables secure decentralized backups and provides inheritance for all your seed phrases and private keys across any blockchain, including Bitcoin, Ethereum, ERC-20, and other crypto wallets.

Note: For anyone unfamiliar with cryptocurrencies, Vault12 refers to wallet seed phrases and private keys as assets, crypto assets, and digital assets. The Vault12 Guard app includes a software wallet that works alongside your digital Vault. The primary purpose of this is to guard your Bitcoin (BTC) or Ethereum (ETH) wallet seed phrases, private keys, and other essential data, now and for future generations.

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