What are the risks associated with storing NFTs in an online wallet?

3 answers

• Elyse GrubbNov 18, 2020 · 5 years ago
  Storing NFTs in an online wallet can be risky due to the possibility of hacking. Online wallets are connected to the internet, making them vulnerable to cyber attacks. If a hacker gains access to your online wallet, they can potentially steal your NFTs and transfer them to their own wallet. It's important to choose a reputable online wallet provider with strong security measures in place to minimize this risk.
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• s154223004Oct 31, 2020 · 5 years ago
  Another risk of storing NFTs in an online wallet is the potential for the wallet provider to go out of business or shut down. If this happens, you may lose access to your NFTs and be unable to retrieve them. To mitigate this risk, it's recommended to regularly back up your NFTs and consider using a decentralized wallet that gives you full control over your assets.
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• Doyle KennedyMay 29, 2024 · a year ago
  At BYDFi, we understand the risks associated with storing NFTs in an online wallet. That's why we prioritize the security of our users' assets. Our online wallet employs advanced encryption and multi-factor authentication to ensure the safety of your NFTs. Additionally, we regularly conduct security audits to identify and address any potential vulnerabilities. Rest assured that your NFTs are in good hands with BYDFi.
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