NFT’s are highly valuable to their owners. And why wouldn’t it be when you’ve spent thousands of dollars or even more to be the rightful owner of an NFT? As much as these NFTs represent materialistic and sentimental value for the owners, it also is an investment of all hard-earned money. Sure, you’d definitely not want to lose the most expensive possession of yours, and hence, you need to store your NFT’s securely.
Instead of having to regret it later on, you should know the proper steps to take to securely store your NFTs and remain relaxed. But where and how should you store your NFTs? Our NFT experts have shared their personal tips and some great insights for all, whether you’re a beginner or a pro-investor. Our guide will help you to realize the importance of storing NFT. It will shed light on how to store NFT and some useful tips and tricks.
What Is an NFT?
NFT’s are digital assets stored in the blockchain like other digital assets. They stand for Non Fungible token, which means they are unique. Here, uniqueness implies that they cannot be interchanged.
NFT’s are vast in number irrespective of shapes and sizes. And their demand differs from one to another. Based on their features, they are recognized worldwide. NFT has a great demand in today’s world.
Related: The Ultimate Guide on NFTs
So What Is the Purpose of Having an NFT?
NFT gives you a sense of ownership. It is a certificate that proves you are the owner of a certain asset. You can have everything in the marketplace under your ownership as long as it is relevant to your token. And this right of yours is stored in the blockchain.
You can earn money for your physical and digital artworks with the help of NFT. Your art might not get recognition somewhere else. But here, as long as your work is unique and acceptable, you can get a name. And you get profit along with fame.
The purpose of NFT is not limited to this. You can issue any kind of ticket with the help of this token. You can even book a plane ticket for yourself with the help of an NFT. In fact, you can buy or sell tickets with the help of this asset.
You can grab any kind of limited edition assets with the help of an NFT. For instance, you are fantasizing over some baseball cards. You can get a hand on it with the help of this token. You can trade and register any unique item you want with the help of NFT.
And you need to know that NFT’s are not limited to the virtual world. You can trade the physical assets of our real world with the help of an NFT. If you have proof of your ownership, you can even grab diamonds from the real world through NFT. You can trade real-life assets on the global markets owing to your ownership.
Why Create an NFT?
Knowing so many advantages of NFT, you might be interested in creating one. Since you have no idea how to create one, let’s get some ideas.
It would be best if you went for a blockchain network in order to create an NFT. Most people choose Ethereum as a blockchain to create their NFT. However, it is not limited to this. There are many other options for you.
The choice you make determines your exchange and crypto wallet for your NFT. If it is Ethereum, you need a crypto wallet. And this blockchain costs you a gas fee. There are many platforms where you can create your NFT.
You need to connect your crypto wallet to your chosen platform. Hit the create button you see there. Make room for uploading your unique piece of work. When your NFT gets signed to your wallet, your NFT gets listed.
Why Buy an NFT?
No problem if you choose to buy an NFT. There already are lots of platforms for you to purchase an NFT. And over time, more are coming for you. So, here are some steps for you to buy an NFT.
- Get Ethereum in exchange for any cryptocurrency you have.
- Grab onto a crypto wallet.
- Transfer the Ethereum to your wallet.
- Follow up by syncing your NFT in the marketplace.
- Finally, get yourself NFT with the Ethereum you have on your wallet.
The seller can name a fixed price for NFT. If you want to buy with the demanded price, just follow the ‘buy now’ given option instructions. However, you need to pay a gas fee. You need to have enough Ethereum to buy NFT.
If you feel there’s a probability of the seller to change the price, make an offer. What’s the loss with taking a chance? The seller might find your offer exciting and accept it. However, he pays the gas fee this time.
You can face a type 3 seller who likes to bid for their artworks since they find them valuable. Name a fair price. If you win the bid, it means you named the highest price.
Also, some sellers don’t publish their works for sale. But, you can still go on with an offer that might make them reconsider their decision. After all, you lose nothing if they don’t accept your offer.
Is It Important to Store These NFT’s?
Yes, you must store NFT’s. NFT has created hype in the world for its outstanding market value. They are considered rare assets. And not only investors but also hackers are eyeing these assets.
Hackers are stealing assets having a value of thousands of dollars. They are hacking the marketplace NFT accounts. They eye the person not having a two-factor authentication as it is easier to steal. Another reason behind this is using third-party sites for your NFT.
How Can You Store Your NFT’s?
One of the commonplace people ask now is how to store nft? This question is not only for beginners but also for experienced ones. Because they can earn more knowledge through it regarding the process. And so, a piece of detailed information is given below for you.
You need enough free space for going on with the process. Also, you need a folder where you can save your desired NFT files. This will make the task easier for you. For instance, when you want to mint an NFT, create a ‘mint my NFT’ named folder.
However, your choice is not limited to that. You can go for the database too. And the pros for that are that you can gain easy access to it. But, when you choose a database, you need to know that it requires other resources.
The additional resources are memory, CPU power, etc. And if you do not have unlimited resources, you should refrain from database usage.
Surprisingly, there is another way of storing your NFT. And this method says you can choose to store NFT’s into the text files. Conversely, this option has some pros and cons you need to know.
- As you know, a database requires a vast number of resources for storing your NFT. However, you need to have a smaller number of resources for this method than that of the database.
- Isn’t it hectic to install software for opening any files? This is where you gain benefit from this method. You require no special software to open the file. You can automatically go through the file without installing any software.
- Lastly, you have some benefits regarding editing too. You need no special requirements for editing your file’s contents. You can edit it whenever and however you wish to.
Well, there are not a lot of disadvantages. But one thing you need to know is that you are incapable of querying your information.
When you save your NFT directly into the text file, your information query option stored in the file is unavailable. So, you can instead go for retrieving them manually.
Where Can You Possibly Store NFT?
It is amazing if you know the process of storing an NFT. But you need to know where you can store them. So, let us get into it.
Storing in the blockchain
You can store your NFT’s in the blockchain. Do you know what a blockchain is? It is a public ledger field where you can store your NFT’s. Blockchain holds a record of every transaction made by its users. There are blocks in it responsible for keeping these records.
It is said to be a distributed database. And this helps you to store your data in blocks. Also, it interlinks with cryptography. However, it doesn’t provide you with tight security to protect your assets.
Blockchain has complex codes which are pretty tough to be cracked. And the legitimacy of your tokens requires private keys for the verification process. They are stored in virtual locations. And these virtual locations have weak security.
Choose smart contracts program
It is a computer-based program. And it has access to decentralized networks. However, it is stored in the blockchain having a code writing style. As you know, when you are doing transactions, they get recorded on the blockchain.
There are some contract conditions. When you agree to its terms and conditions, it automatically concludes the instructions you send to it. And these instructions help in the transactions of funds as well as creating a token.
Choose wallets to store your NFT
You can use an Ethereum Wallet to store your NFT. It is software that helps you to store Ether. You can also send or receive Ether through it as you prefer.
Do you want to know the purposes of using an Ethereum wallet? Two purposes of this wallet are already mentioned above. Also, you can gain access to interact with other wallets out there.
How Can You Store NFT Files?
You have two options for this process. And they are given below.
- Store files directly in blockchain
This process is quite similar to other file storing systems. Firstly, we have to download the desired file on our computer. After that, we need to upload this file into the cloud service. Cloud services are google drives, dropbox, etc. Finally, we have to copy this link. Place it in your Ethereum wallet.
- Store files in the smart contract
It requires no special process like the previous one. In fact, when you upload your NFT in the Ethereum blockchain, it automatically becomes a part of your smart contract.
What’s the Process of Storing NFT Images?
The process of storing NFT images is quite similar to storing files. And here’s how you can store the images.
- Firstly, you need to download the desired image. Download it into your computer, of course.
- You need to choose the cloud service you want following the previous steps. Upload your selected image in the cloud service.
- After this, you have to copy the link to that image. Finally, transfer it to the Ethereum wallet.
Can Your NFT Get Stolen?
Yes. Your NFT can be stolen like those of cryptocurrencies. NFT’s have become a huge profit for the world. People are earning a lot of money through it. Digital works are sold within minutes.
It is not surprising that hackers have their eyes on NFT’s. Because NFT has become a highly valued asset worldwide now, this made the probability of NFT getting stolen. And it is increasing with time.
How Can You Protect Your NFT from Hackers?
Hackers are always waiting for you to make a single mistake, and they can cause a downfall to your entire system. If you give them even a single opportunity, you will likely lose your NFT. And is there any way to save your NFT from hackers? Apparently, yes, you can protect your NFT with the help of software wallets, NFT cold storage wallets, and Interplanetary File systems.
What Is NFT Cold Storage?
This is a process by which you can take your valuables offline. And it consists of paper wallets backdated physical safes and hardware wallets. You can store your NFT in cold storage hardware wallets.
It has tight security to save your NFT. And the reason behind this is you save your files offline through it. In fact, it is not just NFT; you can store cryptocurrencies and digital assets with the help of this physical device. And it stores your assets in a non-block chain-dependent format and is free from third-party apps.
You can simply upload your NFT’s here. And you can store it anywhere you feel safer for you. Keep it somewhere. You can find it easily, but others can’t gain access to it. This will make your work easier.
The plus point of a cold storage system is that you can keep your private keys away from the internet world. Not only that, you use hot wallets, which help you to trade online like that of software wallets. Doesn’t this sound quite amazing to you?
This storage can help you to retrieve your stolen contents. Not only that, you can recover assets that you lose owing to your device malfunctions. And this feature gives them the specialty of a built-in insurance policy like no other system.
If someone wants to play wrongly with your assets, they have to locate the position of your assets first. Unless they find out where you kept your device, they cannot harm your valuables. They cannot just carry away your device. Thus, you stay in a safe zone.
These are why a cold storage system is the best option for you. Their superior storage strategies make them a cut above everything. Thus, you can find no better alternative than this to store your assets.
What Are Software Wallets?
They are also known as crypto wallets. They are used to store online assets. You can store crypto assets and NFT arts with the help of these wallets.
You can store your NFT conveniently with the help of this program because it offers you a satisfactory way of organizing and flexing your token. They will automatically connect your assets to the marketplaces. Also, your assets get connected with crypto exchanges.
Crypto wallets contain a centralized hub. And they manage your NFT collections in that hub. However, they have no special security. And the reason behind this is that they have a web-based format. They are a good place to store your assets but a less secured place where hackers can stumble upon them.
Thus, if you have low-value assets collections, you can choose this option to store your NFT. Also, if you do not plan to keep your assets for the long term, you can go for this option. Otherwise, you should avoid this program because it can be quite risky for your assets.
Is the Interplanetary File Reliable?
This system is more reliable compared to that of the crypto wallets. This is also a system for storing token assets. It has the off-chain feature, which makes it secure because it has the capability to store your assets in other places rather than the blockchain infrastructure.
You get a log for entering through this program. It doesn’t keep your information as a whole. Rather it breaks them into hashes of a CID (Content Identifier). And the program stores this CID on the computer of the collector. And it makes your asset anti-hacker-prone. You cannot gain access to you unless the program verifies the NFT is the same as that on your computer.
This system is a great way to save your assets from hackers. It is suitable for every NFT lover to store their collections. However, it doesn’t outshine the cold storage system in case of strong security.
Above all, playing with crypto assets is a risky practice, but you cannot give up on your craze for digital art collections. The mentioned three ways are quite acceptable for you to store your NFT’s. They can help you hide your assets from frauds and swindlers.
Are There Any Tips That You Can Follow?
Undoubtedly there are so many tips that you can follow in order to keep your NFT safe. Whether you decide to keep your assets, you can keep them safe when you follow certain tips and tricks. And there are some simple tips you can focus on to protect your stored NFT perfectly. These are given below for you.
- The 12-24 word seed phrase is a very important part of your NFT. And only you need to have that. Hackers try to hack your system by asking for this. Do not fall into their trap. Remember that you should never give anyone your 12-24 word seed phrase.
- Passwords are the life of any social site. And the more complex password you set, the safer your account becomes. So, how to set a complex password? Just add some numbers and symbols along with alphabets.
- Login credentials are very personal things. You should never let anyone have access to that. Otherwise, you can put your tokens at risk.
- Avoid saving passwords on computers. Rather save them in physical forms. The same goes for phrases. Keep them locked for safety purposes.
- There are various types of fraud sites available. They excel in hacking your system in a very convenient manner. So avoid such sites having malicious intentions. Recognize them well.
- It is better to avoid storing your assets online, especially those you plan to keep for a long-term basis. You better save them offline.
- VPN is never disappointing. You should choose a VPN network system as it is private because it keeps your IP address hidden. Also, it helps you to encrypt traffic from your internet.
Hopefully, this writing helped you to know how to store nft. Also, you might have realized it is your loss if you fail to secure your NFT. As you put a lot of effort into your asset, you should cherish them as much as you can. You need to take every risk of securing your tokens.
As long as you try hard and proper ways, your NFT’s are likely to stay safe. Pay attention to every little detail. You should not compromise at any cost with the security of your NFT.
To be more precise, knowing the right process to cope with the security of your NFT can save you tons of assets.