The growing popularity of NFTs has prompted many discussions surrounding the topic of safety. Collectors want to know how to make sure their assets are protected. As with any activity transacted online, there are security risks associated with selling and collecting NFTs.
Voice takes security very seriously and uses Two-Factor Authentication (2FA) to protect our users against hackers and cyber-thieves. 2FA is an extra measure of security for your online accounts, beyond simple password protection. With 2FA, two factors are employed: your password and a One-Time-Passcode (OTP). If a hacker wanted to gain access to your account, they would have to circumvent both your password and the authentication measure. In 2019, Microsoft released a report concluding that MFA and 2FA make an account 99.9% less likely to be compromised.
Aside from hackers, the biggest threat to creators and collectors alike is scammers.
As more and more money flows into the metaverse, so do scammers hoping for an easy cash grab at the expense of true creators and well-intentioned collectors. Minting a piece of artwork as an NFT is not the same as having intellectual property (IP) ownership of it. Scammers can easily mint an NFT, open a fake account, and sell the plagiarized artwork to unsuspecting collectors. In this situation, the NFT that was minted is valueless once the community discovers the ruse and if this happens, there’s no way to get your money back and your investment is worthless on the secondary market.
There’s one major recommendation that everyone in the web2/web3 community recommends – Do Your Own Research (DYOR). This is so important.
Before buying an NFT from any marketplace, DYOR. On Voice, we encourage creators to link their social media profiles to their Voice accounts for this very reason. As a collector, you should always click on these links and make sure they direct you to the appropriate creator IG/TW/FB account. You can DM them directly to ask if the NFT you want to buy is theirs. The Voice Discord is also a great resource for speaking directly with Voice creators and other collectors – they can help you verify the authenticity of the NFT you’re looking to purchase.
Go forth, DYOR, and happy collecting!