Purchasing NFTs and keeping them secure from prying eyes are totally different tasks. Scammers and hackers have been invading the NFT space looking for opportunities to steal your NFTs. If you are looking for ways to secure your NFTs, and also want to know the process of selling and buying your digital NFTs, then you have landed on the right article.
There are many ways that can be opted for to keep your NFTs secure and you can also take help from an NFT development company, in this article, we will help you to know the process of selling, buying, and securing NFTs.
Before diving into the process, let’s know about NFTs, Blockchain, and its working process.
What Are Non-Fungible Tokens (NFTs)?
NFTs are unique digital assets that can be in any form and work on a blockchain. NFTs can be in any form like paintings, images, videos, artworks, domain names, tweets, video games, digital assets, in-game items, and many more.
To know more about NFTs, you can take an example of the dollar and any other currencies that can be swapped with another that is called fungible, or interchangeable assets. But NFTs cannot be exchanged or replaced with each other because they have unique values, and no one can make a copy of them.
Basically, NFTs records are kept on a blockchain that ensures trades are verifiable. There are many blockchains like Tezos, Binance smart chain, Solana, and Ethereum that support NFTs but most NFTs are based on blockchain.
What Is Blockchain and How Does It Work?
A blockchain is a digital ledger that is open and enables transactions between various channels in a secure manner. Blockchain is highly secure and no one can hack, edit, or change the ledger unless they own over 50% of all nodes. Blockchain is public to every user on a specific network and it is immutable.
A blockchain world in a multi-step process. When an authorized person on the system makes a transaction, the blockchain verifies the transaction and creates a new block for it and that block represents and keeps all details of that transaction.
In this whole process, all the nodes in the network double-check the transaction and verify it and add it to the blockchain. When any kind of change occurs in a particular block, then it will be updated in all blocks simultaneously. You can easily verify any record.
As we all know that Ethereum is counted as the most popular blockchain for NFTs and it comprises the best marketplace, projects, and artists. But it is quite costly and consumes a lot of energy and time. There are also other cheaper blockchains like Solana, Flow, and Tezos but there, you will not get marketplaces as Ethereum offers.
Can NFTs Be Stolen?
Yes, if you don’t follow the necessary security steps. In most cases, hackers use a phishing attack to collect your information, and if you click on a malicious link and enter your login credential, then a hacker can access your login information. And then, they can easily steal your assets.
There are also many ways that hackers are used to make a scam with you: deceptive NFT projects, social media platforms, bidding scams, pump-and-dump schemes, and plagiarized NFTs. So, always be careful to secure your NFTs.
How to Secure Your NFTs?
As we all are aware of NFT scams, then we are going to share some helpful tips that will surely help you to make your NFTs secure. You can easily adapt these tactics.
Always use a VPN (Virtual Private Network) to encrypt and secure your traffic. There are a lot of VPNs that can be chosen by you according to your needs.
- Never share your login credential with anyone and never share on social media platforms.
- Be far from suspicious and dodgy links because they may be phishing attacks.
- Do proper research before investing in any NFT project. Know if it is trustable or not?
- Choose a reputable and reliable marketplace and always give priority to a safe digital wallet.
- Use two-factor authentication to make your crypto wallet more secure.
- Stay away from fake minting sites.
- Change your passwords frequently and you can also use a password manager.
- Limit smart contract approvals
As we have discussed the ways to secure your NFTs, now let’s know the buying and selling process of NFTs. You can also take the help of an NFT development company to secure your NFTs.
How to Sell or Buy NFTs?
When you are going to sell and buy your NFTs, then at first, it might look complicated but the process is very simple. Once you become familiar with the process, then it will be quite easy for you. Here, we are going to explain to you the step by step process for selling NFTs.
Choose an NFT Marketplace
When you are planning to sell your NFTs, then choosing the platform will be your first task. There are various platforms like OpenSea, Rarible, Binance, and Shopify and you can choose one of them. Each platform has its own rules and transaction fees and you can choose the one that suits best your needs.
Make a Crypto Wallet
After choosing the right platform, you need to have a cryptocurrency wallet for selling your NFTs. Trust Wallet, Coinbase Wallet, and MetaMask are counted as popular crypto wallets.
Price Your NFT
There are many factors that decide the price of NFT like how rare it is, the total number of it, and the demand for your NFTs. The main factors that are playing a vital role in deciding the price are as:
- Creator Rapport
Create a listing
After deciding the price for your NFT, the next step is to create a listing. Now, log into your NFT platform and create a list by choosing from either a single or multiple collectibles that are totally based on the supply of your NFTs. Make an appealing title that defines your digital asset. You can also include the rarity, utility, and other specifications of your NFTs.
Accept an Offer
When you have done listing your NFT, then pay attention to offers from your possible buyers. From most platforms, you get a notification when someone shows their interest in your listing. So, it will be better to check offers at regular intervals to ensure you don’t miss any offers.
If you have decided on a fixed price and someone shows their interest to buy your NFT for that price, it will be considered a public sale. You will be notified when such things happen and your account will be credited with cryptocurrency or fiat currency.
But, if you opt for an auction, then you will be notified about the different bids being placed on your NFT. Besides, buyers may also send you private offers where they can offer you a certain figure for buying your NFT tokens.
So, by following the above-given process you can easily sell and buy the NFTs in an easy manner.
After reading this article, you can easily know how to secure your NFTs and what is the process of selling and buying NFTs. Here, a step-by-step guide helps you to know each aspect of NFTs. As NFT has become perfectly profitable for both users and owners, then you can also go for an NFT marketplace development, and the right approach and marketing strategy can help you to make it a profitable business that will churn huge revenue for you.