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.
Next Up From Vault 12
Inheritance and self-custody for CryptocurrencyVault12 Explainer
Vault12 Product Demo
Vault12 Digital Inheritance is the first solution to offer a simple, direct, and secure way to ensure cryptocurrency, NFTs and other Web3 digital assets can be inherited by future generations.
Digital Inheritance enables investors to designate an individual or a mobile device as a guardian that will inherit their entire portfolio of digital assets inside a secure digital Vault once the time comes, eliminating undue risk and the need to continually update an inventory or issue updated instructions which result in privacy leakage.
Designed to be used alongside traditional hardware, software, and online wallets, Vault12 helps cryptocurrency owners, professional crypto traders, and high-net-worth investors safeguard their digital assets without storing anything in the cloud or in fact, any one single location. This increases protection and decreases the risks of loss.
(Note: The Vault12 app is not a crypto wallet and does not hold cryptocurrency. It is a Vault that safeguards your wallet seed phrase and private keys, associated files for NFTs, and digital art).
The Vault12 app helps you self-custody, backup, and provide legacy inheritance for all your web3 digital assets, including NFTs, wallet seed phrases, secrets like keys, PIN codes, DAO project keys, and digital art.
Whether your digital art is suitable for a phone, or represents much higher resolution multimedia, make sure that you have backed up a copy in case the resource link is disrupted in the future. Digital art can easily be added to the Vault either via the mobile app or via the desktop utility. Once you have stored your artwork in your Vault, it will also benefit from inheritance once you activate that in your app.
As a creator you can use Vault12 to safeguard not just your NFT and crypto wallets, but also original digital artwork. Project creators will always have to deal with multiple wallets - inventory, treasury as well as future royalty wallets.
Vault12 safeguards your project assets, increasing protection and decreasing the risks of loss, whilst ensuring that everything is ready to go to be passed onto future generations, when the need arises.