Learn how to create an NFT vault to protect your assets

You may have spent a lot of time recently to accumulate some very cool NFT collectibles.

What about now?

Well, if you haven’t, I suggest you start serious preparations to protect your NFT assets. One way is to create a “NFT vault” system to safely store your carefully selected NFT assets.

However, if you don’t know where to start using such a vault, please don’t worry, I will show you all the basics today!

NFT Vault 101

The so-called NFT vault refers to an address that is set up for long-term secure storage of NFT assets.

There is no universal solution when creating your own NFT vault, because any vault can rely on different combinations of resources and defense strategies. But generally NFT vaults will share some core elements, they are:

1. Redundancy

Suppose something bad happens, such as your house is burned down, which will cause the main paper backup of your NFT vault’s private key to be burned. The key backup in other places can ensure redundancy, so as to ensure that your NFT assets can be restored in the face of disasters and other situations.

2. Privacy

Your NFT vault is only as secure as the private key supporting it. Therefore, it is essential to establish a NFT vault system for storing keys that only you or other trusted persons can access.

3. Accessibility

Accessibility brings some privacy challenges, yes, but in the NFT ecosystem, a lot of things can happen in 5 days, and even more so in 5 years. You may not need to interact with your NFT vault on a regular basis, but if your vault is set up properly and is able to conduct transactions and transfers when needed, this will provide you with greater flexibility.

5 tips for creating an NFT vault

  1. If you store the backup of the private key of the NFT vault at home, please use a fireproof + waterproof storage container. This will protect your key backup from basic flood and fire accidents. Also consider using these containers for other backups, such as key backups you store at relatives’ homes.
  2. Store the key backup of the vault offline in a location with strong security guarantees. Using a safe is the lowest feasible option.
  3. You can use hardware wallets from providers such as Ledger as the secure endpoint of the vault. These “cold storage” wallets alleviate a series of attack vectors for hackers to steal NFT assets from online “hot wallets” and make it easy for users to safely interact with NFTs.
  4. You can also consider using multi-signature solutions such as Gnosis Safe to protect your vault. In this way, any outbound NFT transaction needs to be confirmed by multiple addresses.
  5. Consider using Ethernet Square Domain Name Service domain setting your vault address (for example yourvault.eth), then you can enter the ENS ENS application and your domain name and your e-mail, Twitter and other personal information associated. This will make it easier for you and others to interact with your NFT vault, and make it easier for people to contact you for potential NFT transactions (remember, only trade through P2P DAPP)!


Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/learn-how-to-create-an-nft-vault-to-protect-your-assets/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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